CULTURE OF SAVINGS: Bank will be able to record RM2.5b, helped by SSP-SE campaign
BANK Simpanan Nasional (BSN), a wholly-owned subsidiary of the Ministry of Finance (MOF), is confident of hitting its RM2.5 billion target for Sijil Simpanan Premium (SSP) this year, on the back of its SSP-Special Edition (SSP-SE) campaign.
"Right now, we have about 1.8 million of SSP holders and about 600,000 of SSP-SE holders. And that contributes about RM2.2 billion, with SSP-SE contributing half of that, at RM1.1 billion," said its senior vice-president and head of Islamic banking Mohd Sofi Mat Jahaya in an interview recently.
"We're happy with the progress so far and quite confident that we will be able to achieve this target on the back of the SSP-SE campaign," he said.
The SSP-SE campaign is designed specifically for civil and government-linked workers in order to nurture the culture of savings among them.
"We are aware that civil workers have their yearly increment and bonuses. We intend to tap into that with the SSP-SE," he said.
The SSP-SE, which runs from July 1 to September 30, gives participating civil and government-linked workers the chance to win a myriad of luxury gifts that include BMW 320i, Toyota Camry, Proton Inspira, Perodua Viva and Proton Preve as well as the ultimate prize of RM1 million in SSP, all of which are tax- waived.
In order to be eligible for the SSP-SE, new SSP holders have to invest RM1,000 in six months or RM3,000 in 12 months; while existing SPP holders have to top up their accounts with either amount.
"This is the second year in a row we have hosted the SSP-SE. This year, we allocated RM16 million for the prizes, an increase of RM2 million from last year," he said.
Mohd Sofi said BSN will provide wealth management and investment advice for the winner of the RM1 million SSP grand prize.
"BSN has full suite banking that includes wealth management. We will provide wealth management and investment advice. Ultimately it is up to the winner whether he or she wants to go for it."
He also divulged that there will be something equally as special for the private sector soon.
"We do have something in the pipeline for the private sector once we have wrapped up this campaign. Similar, but not the same, as we like to continue being innovative in our offerings, and this next offering will not be a duplication of this campaign."
Indicative dividends for both the SPP and SSP-SE accounts are two per cent and 2.42 per cent for the six and twelve months, respectively.
The SSP-SE could be acquired over the counter, through Internet banking and bank agents with no transactional fees.