Bank Simpanan Nasional or better known as BSN is an organisation that was incorporated to replace the Post Office Savings Bank, back in the old days. BSN was incorporated under the Ministry of Finance.
Talking about BSN, a product that the Malaysian public is really familiar with is Bank Simpanan Nasional’s (BSN) Sijil Simpanan Premium (SSP).
Sijil Simpanan Premium (SSP) is a certificate-based savings product. That means, to save money under the Sijil Simpanan Premium (SSP) program, you’ll have to purchase the certificates in multiples of RM10.00.
The main attraction of Sijil Simpanan Premium (SSP) is that by joining, you’ll automatically be in the draw to win many prizes. It works like a lucky draw. i.e. every month, names will be drawn and prizes will be given out.
For balances of over RM2,000.00, dividends will also be distributed. However, I’m not too sure of the dividend rates of Sijil Simpanan Premium (SSP).
Below are some of the features of Sijil Simpanan Premium (SSP):
- Minimum savings amount is RM10 (1 unit of certificate). No maximum. Further certificates can be purchased in multiples of RM10.
- Savings are guaranteed by the Malaysian Government.
- Sijil Simpanan Premium (SSP) can be purchased through all Bank Simpanan Nasional (BSN) branches and also through ATM machines.
- You’ll be in the draw to win prizes like cars and other luxury items. All prizes are exempted from income tax. List of prizes can be found here.
- Malaysian citizens, permanent residents, or foreigners with permanent address are allowed to participate.
- You need to be over 12 years of age to participate.
- Dividends may entail your Sijil Simpanan Premium (SSP), provided that your balance is over RM2,000.00, and is at the discretion of Bank Simpanan Nasional (BSN). For further information and conditions of the dividend payments, refer to Bank Simpanan Nasional’s (BSN) website here.
Please refer to the Bank Simpanan Nasional’s (BSN) website or walk into one of their branches to learn further about Sijil Simpanan Premium (SSP).
Disclaimer: This article is not a specific nor general advice on managing or investing your money. This article does not constitute a recommendation nor does it take into account your investment objectives, financial situation nor particular needs.
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