Whether this makes sense or not depends on your cashflow patterns IMO.

If you in and out very regularly you may end up earning nothing on the cash (because it's monthly lowest balance). In this case high-interest savings account more suitable (I think OCBC, SCB, and RHB have currently)

If you let it sit and accumulate then may make sense. But IMO the tax relief is the main purpose for SSPN, so if you allow a large amount to sit till Jan 1st until you can't fulfill the RM8k net deposit in next year's tax calculations then you have lost out on that tax relief.

Combining both above, if you're using this as a 'leave money in' account I think it's best to withdraw everything (except what you need for the tax relief) on 5th Dec. Because in order to not have to have large amount required for the NEXT year you will need to withdraw before Dec 31, meaning you won't earn any interest on that amount to be withdrawn anyway for Dec month.

CC is minimum 20 days to pay (if you time it right can be 40+ days) so should be no problem. Also those who play CC games are earning more from the CC than what the dividend will give you.

Simple example, if you hold RM1k in SSPN for one month (and assume 4% dividend per annum) you will earn RM3.33 dividend for it. That's 0.033%.

Credit card players, for it to be worth it, should earn at least 1% (e.g. SCB Liverpool FC). ~2% from SCB JOP, 3% from Affin's line of cards, 5%/6% from Public Bank's cashback cards. No matter what, 'losing out' on the dividend while gaining on the CC benefits is worth it. Cost for deposit is RM1 per RM999 (about 0.1%)

Everything is per year, no clawback. Not sure if any forumer has direct experience, but we have discussed before putting in for a few years and then one year just forego the income tax relief and withdraw down to RM20. Then the next year start again by depositing RM6k/8k.

Of course, this discussion was before the current low interest rate environment, now even got people want to use SSPN as savings for interest, unheard of before this

Definitely crash at some point. Be prepared =)

Wanna do survey, any more practical gifts you get from your SSPN agent rather than the umbrella/notebook/bag type of thing? Especially for this month April I'm planning to pump 6 digit amount.

I see ZERO reason to deposit at PTPTN branch using BigPay.

BigPay reload can be done via:-
1. Bank transfer
2. Debit card
3. Credit card (limit RM1k per month)

PTPTN online you can reload using:-
1. Bank transfer

PTPTN physical you can reload using:-
1. Debit card
2. Prepaid card (including BigPay)

The only channel which BigPay opens up is the possibility to use credit card to reload it, and then deposit to SSPN.

But BigPay currently still allows max RM2k withdrawal to bank account per month. Which is more than the limit for CC top-up per month.

Withdraw to bank account (RM0.50 charge) and then PTPTN online deposit (free) will definitely save time and probably money as well (petrol + parking).

Please la, the practice of having multiple sites on the same main subdomain for different purposes of the entity is so common, need to waste time complaining to PTPTN meh? Not sure if that poster is trolling also.

You don't need to email any proof to agent, money will go in.

Agent ask for the proof to claim it for their KPI.

Some agents will offer you gifts for that proof of deposit. If the agent doesn't, then don't waste your time. If you thick face can ask.

Depends on the agent. Better talk with your agent.

I think no one else has tested this situation here. Best you check with PTPTN directly.

You can have 20 children. You can put 1k for one kid, 2k for another kid, 4k for another kid.

The calculation is simple, based only on A, B, and C.

A - amount total you have at 1st Jan in all children's account
B - amount deposited in all children's account which is NOT from you (e.g. dividend, any lucky draw prize etc)
C - amount total you have at 31st Dec in all children's account.

Tax benefit is for the amount of C - (A+B).

No. Assuming you left the original RM8k in, when you withdraw RM100 you need to deposit RM8100.

At that age.... why wouldn't you just invest in EPF? Unless you're discussing the overflow after you maxed out the contribution there annually?

As your age is early 60s, I can assume you have some children with taxable income and possibly grandchildren. In that situation (if you trust them) you can invest in their account for your grandchildren instead. Side benefit is they get the 8000 tax benefit. Of course in matters of money not everyone can trust even family members la.

Also once you hit your 60s you should generally be more defensive, and EPF is a much more established and reliable organization.

SSPN if you look at their income (our deposits) and outflow (PTPTN loans) impossible to match. We're getting 4%, the students are getting charged less. It's effectively a Ponzi scheme.

For those of us younger and can play the in-out game maybe still worth it. For long term I would not use SSPN. My SSPN holdings actually reaching the point where I may have to bite the bullet and withdraw all (waste one year of tax rebates) just to reduce risk.

Everything is guaranteed by government. But if it comes to collapsing time which will government prefer to support? Voluntary contribution fund which is meant for future education needs (people who can't vote yet) or mandatory contribution fund which is the retirement funds for existing voters?

New campaign will be a problem for those who want to optimise tax rebate. Cannot withdraw before end December

When you withdraw then you confirm won't win the prize. That's all.

For those who have put in a large amount for the 1% ganjaran, this end year is super not attractive. That campaign also have no-withdraw clause till end of this month. To have ANY lucky draw at all for this campaign you need to end August with more than you currently have right now.

Mostly would be good for those serial withdraw/deposit people. So if last year 31st December you had let's say RM24k (3 years 8k each) and have withdrawn. Then now your account is RM20 only. You can deposit the RM32k++ amount and be in platinum category.

This is perfect example of 'diminishing returns'.

That's what they're counting on, that you have to maintain ever increasing amounts of cash to keep redepositing to them.

If currently you have 5 years (40k or so) deposit with them, based on +8k every year end of this year you need to hold 48k, then 56k etc.

But if they can convince you with this lucky draw to add 15k and hold it, this is added to EVERY YEAR total you need to maintain. So end of this year you are holding 55k, then 63k the next year etc.

All monies which are 'tied up' temporarily here aren't eligible for 1 year or longer investment options anywhere else, since no matter what you will need to bring it back (including whatever currency conversions) by Dec every year, and can only take out out Jan or Feb the next year.

For some no issue la, but everyone has their amount at which this becomes hard to maintain already. You will hit that amount faster by trying for this lucky draw.

And of course, no matter how many entries you get, firstly it's not confirm win, secondly PTPTN doesn't need to come out any extra than they've already committed.

Interesting situation, dunno if anyone here can advise or has similar situation before. You should directly ask someone at PTPTN.