SSPN Account For PTPTN Applicant | Cosmopoint College KK

SSPN Account For PTPTN Applicant


To all new students / Cosmopoint Students- to be, especially for those who are applying or wish to apply for PTPTN Education Loan, starting from 1 January 2012, all students who decided to be part of Cosmopoint College – Sabah Campus MUST have an SSPN account with a minimum deposit of RM20. An Additional savings can be made ​​as soon as the SSPN card is received or any other form of verification of membership in the National Education Savings Scheme. SSPN or also known as The National Education Savings Scheme was designed by the National Higher Education Fund Corporation (PTPTN) for the purpose of higher education.

Upon student registration in Cosmopoint KK, student will be provided a copy of PTPTN Application Form to be filled and usually will given times by the registrar to fill the form, in the same time to provide all supporting documents needed to support the loan application. 

The supporting documents needed including a copy of student’s identification card, a copy of parents identification card, a copy SPM slip or certificate, copy of CIMB Acc No (Information enquiry) and SSPN Acc No. All these documents are stated in the PTPTN Application Form (refer to the first page of the PTPTN form). 

Therefore, for the SSPN Acc, students may open a SSPN account in Maybank, Bank Islam Malaysia Berhad, CIMB, BSN and also few more financial institutions. However, for Cosmopoint KK Campus, student are required to open the account in Maybank only since SSPN account balances can be checked directly / next day PTPTN website for opening an account at Maybank. SSPN opening account form can be download from PTPTN official website or from the financial institutions counter.


There are 3 age categories for opening of SSPN account:

Account opened by the parents / guardian or other Malaysian citizen for any Malaysian citizen aged 18 years and below and may be maintained up to the age of 28

Malaysians aged 18 and above have an option of opening their own accounts or have it opened by their parents / guardian.

 Malaysians aged 29 and above have to open their own accounts

Documents required for this purpose are:

i. Copy of MyKad / military card / police card of the applicant;
ii. Copy of child's birth certificate / MyKid / MyKad; and
iii. Testimonial / Certificate of Adoption (for parents intending to open an account for the adopted child under their legal custody)

For more information on the opening of SSPN account, students are encouraged to refer to the registrar of Cosmopoint College upon students’ registration process.

Students may also log on to www.ptptn.gov.my for more information on SSPN opening account.

Making the First Step: Your Complete Guide to Setting Up an SSPN Account in Maybank

Welcome to your complete guide to setting up an SSPN account in Maybank. Whether you're a parent looking to secure your child's future or a student planning for higher education, the SSPN (Skim Simpanan Pendidikan Nasional) account is here to help you achieve your financial goals. In this article, we will walk you through the process step by step, ensuring that you have all the information you need to make the first move towards setting up your own SSPN account.

Setting up an SSPN account in Maybank is a simple and convenient process. With its user-friendly interface and comprehensive features, Maybank provides you with a secure platform to manage your education savings effortlessly. From opening your account to exploring the various investment options, we will cover it all.

Whether you're a Maybank customer or new to the bank, we've got you covered. Our expert tips and guidance will ensure that you have a smooth experience from start to finish. So, let's dive in and get you started on your journey towards securing a brighter future with your SSPN account in Maybank.

Benefits of having an SSPN account

Having an SSPN account comes with a range of benefits that make it an attractive option for anyone planning for education expenses. One of the key advantages of an SSPN account is its tax-exempt status. Contributions made to the account are eligible for tax relief, allowing you to save on your income tax. This tax benefit can significantly reduce your financial burden and make it easier to save for your education goals.

In addition to the tax benefits, an SSPN account also offers competitive interest rates. The account is designed to help your savings grow over time, ensuring that you have enough funds to support your education expenses. With Maybank as your partner, you can be confident in the stability and reliability of your SSPN account, allowing you to focus on your education without any financial worries.

Eligibility requirements for opening an SSPN account

Before you can open an SSPN account in Maybank, it's important to understand the eligibility requirements. The account is available to Malaysians and permanent residents of Malaysia, making it accessible to a wide range of individuals. For students below 18 years old, a parent or guardian would need to open the account on their behalf.

To open an SSPN account, you will need to provide your identification documents, including your MyKad or MyPR card. Maybank may also require additional documents, such as proof of address and income, to complete the account opening process. It's essential to have these documents ready to ensure a smooth and hassle-free account setup.

How to apply for an SSPN account online

Applying for an SSPN account in Maybank is a straightforward process that can be done online. Maybank's user-friendly interface makes it easy for both existing customers and new users to navigate through the application process. To get started, visit Maybank's website and click on the SSPN account section.

Once you're on the SSPN account page, you will need to provide your personal information, such as your name, contact details, and identification number. You will also need to select the type of SSPN account you wish to open. Maybank offers different account options, including the SSPN-i Plus, SSPN-i, and SSPN-i Plus (Simpanan Pelajar).

After completing the online application form, you will receive a confirmation email with further instructions. Follow the steps outlined in the email to finalize your account setup. It's important to review the details provided before submitting your application to ensure accuracy.

Required documents for opening an SSPN account

To open an SSPN account in Maybank, you will need to provide certain documents as part of the account opening process. The specific documents required may vary depending on your individual circumstances, but here are some common documents you may need to prepare:

1. Identification documents: MyKad or MyPR card for Malaysians, or relevant identification documents for permanent residents of Malaysia.

2. Proof of address: Utility bills, bank statements, or any official documents that show your current address.

3. Proof of income: Payslips, employment letter, or any other documents that verify your source of income.

It's important to have these documents ready before starting the account opening process to avoid any delays or complications. If you have any doubts about the required documents, it's best to contact Maybank's customer support for clarification.

Understanding the different types of SSPN accounts

Maybank offers different types of SSPN accounts to cater to the diverse needs of its customers. Understanding the differences between these accounts can help you choose the one that best suits your financial goals. Here are the three main types of SSPN accounts offered by Maybank:

1. SSPN-i Plus: This account offers a higher potential return on investment and is suitable for individuals who want to maximize their savings. It comes with a range of investment options, allowing you to choose the one that aligns with your risk appetite and financial objectives.

2. SSPN-i: This account is designed for individuals who prefer a more conservative approach to saving. It offers a stable and secure return on investment, making it a popular choice for those who prioritize capital preservation.

3. SSPN-i Plus (Simpanan Pelajar): This account is specifically tailored for students pursuing higher education. It allows parents or guardians to save for their child's education and provides them with a reliable source of funding when needed.

It's important to carefully consider your financial goals and risk tolerance before selecting the type of SSPN account. Maybank's customer service team can provide guidance and advice to help you make an informed decision.

Setting up automatic monthly contributions to your SSPN account

To ensure consistent savings and maximize the potential growth of your SSPN account, it's recommended to set up automatic monthly contributions. Maybank offers a convenient option to automate your savings, allowing you to effortlessly build your education fund over time.

To set up automatic contributions, log in to your Maybank online banking account and navigate to the SSPN section. From there, you can input the desired monthly contribution amount and select the frequency of the contributions. Once set up, Maybank will deduct the specified amount from your chosen account automatically.

Automating your contributions not only eliminates the hassle of manual transfers but also helps you develop a disciplined savings habit. By consistently contributing to your SSPN account, you're building a strong foundation for your future education expenses.

Managing and monitoring your SSPN account

Once your SSPN account is set up, it's important to actively manage and monitor its progress. Maybank provides a user-friendly online platform that allows you to track your account balance, view transaction history, and make changes to your account settings.

Regularly reviewing your account statements and monitoring the performance of your investments can help you stay on top of your education savings. It's also a good idea to periodically reassess your financial goals and make adjustments to your savings plan as needed.

Maybank's customer support team is always available to assist you with any account-related inquiries or issues. Don't hesitate to reach out to them if you have any questions or require assistance with managing your SSPN account.

Tax benefits and incentives of having an SSPN account

One of the significant advantages of having an SSPN account is the tax benefits it offers. Contributions made to the account are eligible for tax relief under Malaysia's tax laws. This means that the amount you contribute to your SSPN account can be deducted from your taxable income, reducing the amount of income tax you need to pay.

The tax relief provided by an SSPN account can be particularly beneficial for individuals who fall within higher tax brackets. By maximizing your contributions, you can enjoy substantial tax savings while simultaneously building your education fund.

It's important to keep track of your SSPN contributions and obtain the necessary documents for tax filing purposes. Maybank provides annual statements that summarize your contributions, which can be used as supporting documents when submitting your income tax return.

Conclusion and final thoughts

Setting up an SSPN account in Maybank is a smart step towards securing a brighter future for yourself or your child's education. With its user-friendly interface, competitive interest rates, and tax benefits, Maybank provides a comprehensive platform to manage your education savings conveniently.

By following the steps outlined in this guide, you can confidently navigate the account opening process, select the right type of SSPN account, and start building your education fund. Remember to take advantage of Maybank's automatic contribution feature and regularly monitor your account to ensure you stay on track towards achieving your education goals.

Investing in education is investing in the future. With Maybank and an SSPN account, you have the tools and support you need to make your aspirations a reality. Take the first step today and embark on your journey towards a brighter and more prosperous future.