When I share this sspn thing, that's what the first reaction from people. You guys are over thinking. Instead of procrastinating it, why don't worry and do it first year first? It's not like insurance,where you commit for 10 20 years. Do it in dec 2019, 8k take out in 2020 Jan. One month only. No 16k on Dec 2020? Fine. Ignore it. Bank in 8k in Dec 2021. Take out in Jan 2022.

One at a time.

Too much trouble for one time? Then don't bother. For me. That  effort even one time is worth more than 1k for me.

yup, overthinking
tomorrow roadshow in my office area, just open account first
once have an account, can top up for tax relief anytime 

Entitled, but what people are talking about is withdrawing for liquidity purposes. Deposit 6k in 2015, withdraw 6k at start of 2016. If still want to claim for 2016, by end of the year must deposit 12k. Then start of 2016 withdraw all, means by end of 2016 you need to deposit 18k.

Too much overthinking really. 4% or so is a good interest rate (not even taking into account tax benefits) for something which is pretty much guaranteed. You can't (shouldnl't) put ALL your money into those high return things like stocks or business, so why not just leave that 6k/8k a year in SSPN rather than trying to roll it yearly and get headache. It's better than savings accounts and most FDs.

Agree with cempedaklife, don't think too much, just start it. Immediately you can get back money from government via tax deduction.

Entitled, but what people are talking about is withdrawing for liquidity purposes. Deposit 6k in 2015, withdraw 6k at start of 2016. If still want to claim for 2016, by end of the year must deposit 12k. Then start of 2016 withdraw all, means by end of 2016 you need to deposit 18k.

Too much overthinking really. 4% or so is a good interest rate (not even taking into account tax benefits) for something which is pretty much guaranteed. You can't (shouldnl't) put ALL your money into those high return things like stocks or business, so why not just leave that 6k/8k a year in SSPN rather than trying to roll it yearly and get headache. It's better than savings accounts and most FDs.

Agree with cempedaklife, don't think too much, just start it. Immediately you can get back money from government via tax deduction.

u mean to be entitled for relief every year u have to topup money? meaning if 2015 deposit 6K and take out early 2016 then end of 2016 put 6K is not entitled? must be 12K and so on ?

Do you still get the 4% interest doing it this way? Is it a daily interest?

Yes. It takes the amount on 31st dec minus 1st jan.

Hi, I would like to ask, if I use my nephew name to open SSPN account, can entitle for tax relief?

Hi, I would like to ask, if I use my nephew name to open SSPN account, can entitle for tax relief?

Entitled, but what people are talking about is withdrawing for liquidity purposes. Deposit 6k in 2015, withdraw 6k at start of 2016. If still want to claim for 2016, by end of the year must deposit 12k. Then start of 2016 withdraw all, means by end of 2016 you need to deposit 18k.

Too much overthinking really. 4% or so is a good interest rate (not even taking into account tax benefits) for something which is pretty much guaranteed. You can't (shouldnl't) put ALL your money into those high return things like stocks or business, so why not just leave that 6k/8k a year in SSPN rather than trying to roll it yearly and get headache. It's better than savings accounts and most FDs.

Agree with cempedaklife, don't think too much, just start it. Immediately you can get back money from government via tax deduction.

Any idea how is the interest from SSPN calculated? If we deposit end of Dec and withdraw beginning Jan, we shouldn't entitle for full yearly interest am i right?