If you are a parent of a child aged 7 to 12, then you need to see this.
Image via TheMalayMailOnline.com
Your kid is now eligible for RM500 savings incentive scheme (GS500) offered by the government
During the last year 2018 annual budget announcement, government has allocated RM250 million for Insentif Geran Sepadan Percuma (GS500) with RM500 allocated for children aged 7 to 12.
This scheme is basically trying to help student save up and finance for their college or even university payment
So what’s do you need to apply for this GS500 scheme?
You basically need to have a child aged 7 to 12 and you need to open a SSPN1M account with minimum deposit of RM500. You can open a SSPM1M account online via the PTPTN website or at designated banks.
After you opened the SSPN1M account, parents don’t need to make another application for the incentive. The RM50 will be automatically deposit (within a month) when the account achieves RM500 in net savings
Image via Tv14.my
The GS500 incentive can’t be withdraw until the children is 18 years old.
Make sure you act fast as the incentive is only available for the first 500,000 students to fulfill the requirements.
For more information on the GS500, you can check out the FAQ on the PTPTN website