What is BSN Sijil Simpanan Premium?
BSN Sijil Simpanan Premium (SSP) is a Shariah-compliant savings certificate from Bank Simpanan Nasional (BSN). It’s open to everyone aged 12 and above for the chance to win attractive prizes with BSN SSP while saving money at the same time! Every RM10 you save counts as one SSP unit, and your savings are automatically entered into the BSN SSP prize draw.
You can apply if you’re a Malaysian, a permanent resident, or a non-Malaysian with a permanent address in Malaysia. That’s not all, your savings money will be guaranteed by the Government of Malaysia.
What’s The Difference Between BSN SSP Mudarabah And Tawarruq?
BSN SSP comes in two types. With Mudarabah, you can take your money out at any time. With Tawarruq, your money stays in for 12 months and you get a higher fixed rate. Both types are entered into the BSN SSP draw.
| BSN SSP (Mudarabah) | BSN SSP (Tawarruq) | |
| Minimum savings | RM10 | RM5,000 |
| Savings period | None. You can withdraw in full or in part at any time. | 12 months. It renews automatically at the profit rate on the renewal date. |
| Profit rate | Indicative rate based on a profit-sharing ratio: 0.05% p.a. for RM10 to RM50,000, and 0.11% p.a. above RM50,000 | Fixed rate from 1.80% to 2.50% p.a., depending on how much you save (see below) |
| How profit is paid | Calculated monthly on your lowest balance in the month, and paid once a year | Calculated daily and paid when the 12 months end |
| Early withdrawal | If you withdraw before a full month (the 16th to the 15th of the next month), you get no profit for that month | Within 30 days, you get no profit. After 30 days, your profit is calculated at the Mudarabah rate instead. |
BSN SSP (Tawarruq) profit rates:
| Amount saved | Profit rate |
| RM5,000 to RM10,000 | 1.80% p.a. |
| RM10,010 to RM20,000 | 2.20% p.a. |
| RM20,010 to RM50,000 | 2.30% p.a. |
| RM50,010 and above | 2.50% p.a. |
What Are The Benefits Of BSN Sijil Simpanan Premium?
These benefits apply to both Mudarabah and Tawarruq unless stated otherwise.
- You can choose a flexible rate with Mudarabah, or a fixed rate of up to 2.50% p.a. with Tawarruq.
- The minimum amount is RM10 for Mudarabah.
- Your savings are automatically entered into the BSN SSP prize draw.
- BSN doesn’t charge any fees on SSP.
- You can save and withdraw at any BSN branch.
- You can buy and withdraw SSP through myBSN internet banking or the myBSN app.
- Mudarabah SSP can also be bought at BSN ATMs, cash deposit machines and BSN Agent Banks.
- SSP can be used as collateral for selected BSN financing products.
How To Apply For BSN Sijil Simpanan Premium?
You can apply at any BSN branch, through myBSN online banking, or on the myBSN app (Google Play Store or Apple App Store). You’ll need:
- Your MyKad or another identity document, if you’re applying at a branch
- A BSN savings or current account for your profit to be paid into
- At least RM10 for Mudarabah, or RM5,000 for Tawarruq
SSP is for individuals only, so you can’t open a joint or trust account. Children under 12 can’t hold SSP.
