How To Cancel BSN SSP

Are you one of the depositors who never win a draw in BSN SSP? If yes, you may want to consider canceling it.

After years of deposit of BSN SSP, with a firm decision and without regret, please read this quick guide on how to cancel BSN SSP.

What is BSN SSP?

BSN SSP stands for Bank Simpanan Nasional Sijil Simpanan Premium. It is a savings certificate scheme in Malaysia that encourages individuals to save money.

The unique aspect of BSN SSP is that, apart from earning interest on their savings, certificate holders also stand a chance to win cash prizes through regular draws conducted by the bank. The more you save, the better your chances of winning.

How to cancel BSN SSP?

To cancel your BSN SSP (Sijil Simpanan Premium), you’ll need to follow these steps:

1. Visit the nearest Bank Simpanan Nasional (BSN) branch.
2. Bring along your Identity Card (IC) for verification purposes.
3. Inform the customer service representative that you wish to cancel your SSP. They will guide you through the process.
4. You will likely need to fill out a withdrawal form or cancellation form.
5. Once you’ve submitted the form and it’s been processed, the balance of your SSP account will usually be transferred to your BSN Savings account or given to you in cash, depending on the branch’s policies.
6. Please note that once the SSP account is cancelled, you will no longer be eligible for the SSP monthly draw.

Remember to check the terms and conditions related to SSP withdrawal or cancellation, as there might be penalties or charges for early withdrawal.

If you have any questions, don’t hesitate to ask the customer service representative for clarification.

Can I cancel my BSN SSP online?

Yes, you can cancel your BSN SSP account online through BSN’s Internet Banking or Mobile Banking services.

However, it is recommended to check with your local branch or contact BSN’s customer service for detailed instructions and assistance.

What are the reasons people cancelling BSN SSP?

Here are some reasons people no longer interested with BSN SSP and ending-up cancelling it:

1. Financial Difficulties: Some people may need to liquidate their BSN SSP due to financial difficulties. The money may be needed to pay for unexpected expenses like medical bills or debt.
2. Better Investment Opportunities: Some individuals may cancel their BSN SSP to invest in other financial products that offer a higher return on investment.
3. Dissatisfaction with the Service: If a customer is not satisfied with the customer service or experiences any issues with the management of BSN SSP, they may decide to cancel their investment.
4. Change in Financial Goals or Strategy: If an individual’s financial goals or strategy change, they may decide that the BSN SSP no longer aligns with their financial plan and may choose to cancel it.
5. Need for Immediate Cash: BSN SSP is a long-term investment product. If someone requires immediate cash for an emergency, they may need to cancel their SSP.
6. Low Chances of Winning: BSN SSP is not just a savings product, but also a contest where savers stand a chance to win cash prizes. Some people might cancel their SSP if they feel that the chances of winning are low.
7. Misunderstanding of the Product: Some people may have misunderstood the product when they first purchased it. Upon realizing that it doesn’t suit their needs, they might choose to cancel.
8. Retirement or Migration: People who are retiring or migrating to another country may decide to cancel their BSN SSP.

Please note that every person’s financial situation is unique and reasons may vary.

It’s also worth noting that early cancellation of BSN SSP might result in penalties or loss of potential gains.

Can I withdraw BSN SSP?

Yes, you can withdraw from your BSN SSP (Sijil Simpanan Premium) account.

However, if you withdraw your funds before the draw date, you will not be eligible for the draw, even if your certificate has been issued.

This is because the draws are based on the balance amount in your account. So, it’s usually advisable to wait until after a draw date to withdraw, if possible, to maximize your chances of winning.