The National Higher Education Fund Corporation (PTPTN) has announced a dividend of 3.6% for its National Education Savings Scheme (Simpan SSPN) for 2023. This will see a total dividend payout of RM357.65 million to 6.25 million depositors.
For comparison, the dividend for Simpan SSPN that was declared for 2022 stood at a lower 3.05%, with a total payout of RM266.17 million to 5.73 million depositors.
“The increase in Simpan SSPN’s dividend rate is in line with the increase in Bank Negara Malaysia’s overnight policy rate, which increased by 0.25% in 2023. Moreover, the rate of savings and fixed deposit accounts in local banks ranges between 2.05% and 3.45%. Therefore, this dividend is a more profitable rate of return, and maintains Simpan SSPN’s competitiveness and relevance in relation to other products in the market,” said Higher Education Minister Datuk Seri Dr Zambry Abdul Kadir during the press conference of the announcement.
The minister also stressed that the higher dividend payment points to PTPTN’s efficiency in managing savings funds to ensure optimal returns, adding that the investment profits for 2023 came up to RM446.22 million.
Datuk Seri Dr Zambry further shared that the total Simpan SSPN deposits that was collected for 2023 is recorded at RM3.15 billion, with 513,002 new accounts created. This brings the total accumulated deposits in Simpan SSPN from 2004 to 31 December 2023 to RM17.39 billion.
Simpan SSPN depositors can expect the dividend payments to be credited directly to their accounts starting tomorrow. They can check their statements online through the myPTPTN app.
(Sources: The Edge Malaysia, New Straits Times)
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