Over 60 years and children younger than 29 means the child born to you in your mid to late 30s. Relatively short window I think. Mostly kids born in late 20s early 30s, so by the time you can access EPF in this manner your kids should be late 20s or 30s di.

Of course if 1 million in EPF then anytime can, congrats to you.

OCBC also same, 10k per transfer. With PTPTN website so slow, like pulling teeth only.

Uh ganjaran 1% have to deposit latest April 30th ya....

No one knows would this change later.

But more important question is - why should it ever be a problem to accept money from other account? Does your other bank savings account only accept transfer from account in your own name?

Not sure if anyone noticed the words "savings account". Neither of your examples are savings accounts or even current accounts. Investment accounts have different requirements.

Literally the same paragraph and point though. SSPN is Skim Simpanan Pendidikan Negara. It is a savings account, simllar to your bank CASA (and not the same as your FSM or investment accounts). So why should it be a problem to accept money from other account? The question is not a separate point.

Past performance is no guarantee of future results. Same time last year people were going around saying "never been lower than 4% before".

That being said there are significant advantages with SSPN compared to FD, which lovelyuser has summarised. I'll add that when you deposit to SSPN using alternative channels (ewallet etc) you may even get some benefits from those channels for doing so (most of them are reducing/eliminating though).

Flip side is SSPN has no guaranteed rate. Some day in the future may be lower than FD (not sure). Their business model doesn't make sense, because the monies they lend out (PTPTN) are very low interest and long repayment period, but they're giving higher interest (+ promo gifts/ganjaran) to depositors. Not sustainable at all. And it is not under PIDM so theoretically you could lose everything in there (practically should be government-backed though).

I've been building 16k per year (2 accounts) for my kids so far. But once cross 6 digit I think have to think really hard about giving up one year tax benefit to reduce my exposure to PTPTN failure.

You would need to keep that liquidity around somewhere throughout the year (can't really be coming up with 100+k from scratch at end of the year) though. For now mostly I just leave in SSPN, but have to keep a close eye on PTPTN (and politics). Don't want to be left holding the bag.

50k is total limit. So if you need the money today (and not from bank islam) then you can only do 25k SSPN withdrawal, because you still need 25k 'quota' to transfer that money to your other account or vendor or whatever.

Supposedly at ATM got higher limit but I haven't checked. For me 25k one go is okay

If got multiple different IC account then yeah possible. But I think ATM way is also possible, when this ganjaran period finish I will try.

This is actually really good information thanks. Last year I spent like 4 days or so to get all the money from ganjaran kesetiaan out. This year should be easier, definitely one trip to the mall with Bank Islam ATM is faster.

Lol if you think this is the first year for that.

Not sure if you being a bit too sensitive, did you have driver's license with you? Because based on your account i called their phone CS before the story below, and they confirmed need IC and lesen only. Definitely any bank account needs company/income information, which for salary earners should be damn simple to get. When I was chatting with phone CS they said not asking for paper documents also, things like company name card etc. also accepted.

Update on my wife case, we made appointment on website for this morning. Got there and filled up form, they requested just IC and driver's license only. Some kid came (no driver's license) and they said wajib to have birth cert in that case, so he had to turn back. The form did ask for company details and annual salary, which we just filled in.

The lady asked the purpose, we said want to link to SSPN then she faham already. Opened BSA, RM100 cash deposited to ATM, then go back to counter and she give the debit card. With that debit card can go ATM and link to SSPN. Now just need to create the online account (haven't done that yet). But overall less than an hour settle all. No cross selling of investment account etc.

Perhaps, do recommend (if convenient) to try another branch. Also I think that can just answer their query, these banks aren't begging for you to sign up (unlike some other commercial banks), so I find its easiest to treat them like government department. If I want this done then I just do what I'm asked. Matters of income/salary/emplyement are not polite to ask by some random guest at a dinner part, but is very relevant for bank and banking products anyway.

IMO higher than chances of your ATM card being stole AND pin number being known.

Malaysian economic/financial management not good. PTPTN itself is unsustainable (interest rate on our deposits is higher than interest rate on their 'investment' which is those students, without even counting their promo). We provide cashflow for promise of interest rate return, but in the end they will need government bailout. And at some point government won't be able to afford those bailouts. Prasarana debt, possible EPF hole, pension continue to pay out....

Why 'should be'? What is PTPTN main business? Its loan for students to study. They charge 0% interest and after graduate is like 1% or so interest only.

SSPN cash helps for that cash flow to prevent government from having to pay first. Even if they invest (I guess will have some) the cash, it will only be a fraction of the total deposit. How much return they need from that to pay the 4%/3% returns they give to depositors? Again, not counting ganjaran kesetiaan, promo gifts etc.

Compare to EPF, where almost 100% of funds deposited is invested, and gives 6-7% return. Maths doesn't check out. Long term unsustainable.

Worst case its a slow-moving ponzi scheme with government backing. The money comes from depositors of course, government SSPN tax deduction guarantees growing overall deposits.

Yeah, meaning if everything goes to hell we rely on the government to pay us back our deposits. Hopefully at that time government still got money. And not totally Sri Lanka style bankrupt. Government has huge off-book debts after all, 1MDB is just the most famous only.

The lack of transparency is exactly the issue which causes all the speculation.

Connecting the dots, PTPTN loan existed before SSPN was created. And the drain on government budget for PTPTN was continually rising (which is why eventually it was limited by amount and full loan only extended to B40 etc).

Then SSPN was created with the stated reason of encouraging savings for higher education. With no transparency on fund allocation, no annual report beyond "this year return is X%". And effective rewards to depositors a bit higher than that (ganjaran, lucky draw). And every year recently newspaper will trumpet about how much has been deposited in SSPN.

Comparison to ASNB is actually quite accurate. Perhaps everything is above board. But generally the 'smooth'-ness of the returns every year, whether good times or bad (and the fact that politicians like to boast about the good returns) suggests that in the Malaysian context some hanky-panky is happening behind the scenes. This is of course a statement without proof, and based solely on what a regular Malaysian expects from his/her government and politicians. If there was more transparency then these speculations would be less.

Agree with the initial part, especially that time cannot wait, we need to continue with non-ideal situation. Make the best we come.

But that last sentence... our armed forces are still on alert in Sabah yah. Country-wide flooding over the last year. Almost every country feels safe until its not. E.g. Syria before all the chaos.

Yes, same forumer claimed to have done their calculations based on previous balances, safe to withdraw on 1st.

For what its worth, I tried to replicate those calculations on my own accounts but could not. I couldn't even replicate for 5th/6th cut off dates, always off by some amount.