Shamsul said since it was introduced in 2004 till Dec 31, 2017, SSPN1M recorded a total of RM3.3 billion in deposits with a total of 3.2 million accounts.

He said in 2017, the amount of deposits in  SSPN1M was RM727.40 million, surpassing the original target of RM550 million, with 447,039 new accounts opened by depositors.

“This indirectly shows that the people have begun making early preparations for their children's education and depending less on loans for higher education,� he said.

Asked about the target for 2018, Shamsul said PTPTN was targeting a deposit collection of RM600 million with an increase of about 350,000 new accounts.

He added that the government through Budget 2018 will provide a Special Incentive Matching Grant which is a free deposit of RM500 for the first 500,000 accounts.

“Beginning Jan 1, 2018, parents or guardians who make total deposits of up to RM500, either through new accounts or banking into the accounts of children aged seven to 12 years, will get the deposit.

“We received encouraging response for the incentive since last January till now, with 41,900 new accounts eligible for the grants,� he said.

-- BERNAMA