fbpx
Connect with us

News

Kids Aged 7-12 Get FREE RM500 by Govt in Their Savings Account

Published

The Govt Is Giving Primary School Kids Free Rm500 In Their Savings Account - World Of Buzz 3
Source: Isaac Tan

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Parents, take note! It’s time to start a savings account for your kids and now, perhaps more than ever, is the best time to do so!

If you have a child that is aged between seven to 12 years old, then you should really consider opening a National Education Savings Scheme (SSPN-i Plus) account for them. That’s because if you do so, the government will give you free RM500 into the account! Where was this when I was at that age? T_T

The Govt Is Giving Primary School Kids Rm500 In Their Savings Account - World Of Buzz

Source: dino hauz

According to a press release by National Higher Education Fund (PTPTN), the government has allocated RM250million for this special initiative in the Budget 2018.

The starting date of the application is from January 1 to December 31 but the amount is only limited to the first 500,000 kids who open an account, so you better hurry!

The Govt Is Giving Primary School Kids Free Rm500 In Their Savings Account - World Of Buzz

Source: nst

Previously, the government only gave RM50 to kids who opened a SSPN-i Plus account but now, they are upping the ante to RM500. Rebranded as the 1Malaysia Education Savings Scheme (SSP1M), PM Najib had informed that contributors would have to save at least RM500 in the account and a matching grant of RM500 would be given to them. 

This move is to encourage children to start saving from young and to ease their financial burdens as they grow older.

The Govt Is Giving Primary School Kids Free Rm500 In Their Savings Account - World Of Buzz 1

Source: pharmalogik

Here’s what you need to know:

1. Open a SSPN-i/SSPN-i Plus here or at any PTPTN branch or bank

2. Only children aged seven to 12 years old are eligible for the grant

3. Make sure you have at least RM500 in the account

4. You don’t have to apply, the amount will be automatically debited into your child’s account

5. The matching grant of RM500 can only be withdrawn when the child is 18 years old

Sounds super easy right?

For more information, visit PTPTN’s website here or call their careline at 03-2193 3000 for further assistance.

Time to start encouraging your kids to save money!

 

Also read: If You’re a First-Time Home Buyer, Here’s How You Can Get the Govt to Pay Your Deposit

M'sians Can Buy Their First Home With This Government Deposit Scheme - World Of Buzz 5


Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.



Just In

Restaurant 2 Ft Restaurant 2 Ft
News6 hours ago

JUST IN: Restaurants, Convenience Stores & Petrol Stations Allowed To Open Till 12am Starting 23 Sept

In a press statement released today, 22 September, Prime minister Ismail Sabri Yaakob announced that restaurants grocery stores, mini markets,...

Ft Tengku 1 Ft Tengku 1
News7 hours ago

Man Loses Over RM500k After Being Scammed By ‘Tengku’ Royalty

Ever since the start of the Covid-19 pandemic, more people have been taken advantage of through “love scams” in which...

Ft Petrol Ft Petrol
News14 hours ago

Petrol Stations, Convenience Stores And F&B Allowed To Operate Till Midnight

With the recent announcement that more tourist destinations such as Perhentian Island, Genting Highlands and more will be reopening soon,...

80 80
News16 hours ago

80% Of The Adult Population In M’sia Has Been Fully Vaccinated One Week Before Target!

The government previously set a target to achieve herd immunity by October 2021, with 80% of the adult population being...

Nano Nano
News1 day ago

KKM: Nano Mist Spray Should Be Used To Disinfect Surfaces Only, NOT Humans

You might have noticed several posts on social media where people have been recommending nano mist sprays for the purpose...

Gunung Jerai Flash Flood Act Of God Gunung Jerai Flash Flood Act Of God
News1 day ago

Takiyuddin: Natural Disaster In Kedah Is An “Act Of God” & Not Due To Logging

Now that the parliament is up and running again, it seems like everything is back to normal with all the...

Home Quarantine Home Quarantine
News2 days ago

KKM: Fully Vaccinated Individuals Can Quarantine At Home Upon Arrival In Malaysia

Fully vaccinated travellers can now opt to quarantine at home upon arrival in Malaysia, provided they make an application 7-10...

Beach Park Ft Beach Park Ft
News2 days ago

Penang Beach Park Forced To Shut Down After Thousands Of Visitors Were Spotted

A beach park in Penang, Taman Rekreasi Pantai Robina (also known as Robina Eco Park), has been forced to shut...

Announcement

Latest Videos



TRENDING TODAY