Save it for children's education, just like in past years. Name also is Skim Simpanan Pendidikan Nasional.

Which means every year kid will get +16k from own contribution +dividend +ganjaran, by the time they're 17/18 hopefully enough for a bit of the studies.

Different stage of life then. My kids still in primary school, so is build up warchest time.

Based on last round, Ganjaran only masuk 20+ of the month. I started taking out yesterday bit by bit

Online bank transfer (Bank Islam) limit is 25k per day (because you also need another 25k to send out from Bank Islam, 2 transactions, unless you're fine leaving the cash in Bank Islam).

But for the amount I put, gonna have to wait Monday to properly take out the whole thing. Otherwise will take more than a week to slowly pull out.

Possibly will do that, but lazy to find parking etc.

Was just gonna post this, I also withdrew at Bank Islam ATM. Limit per transaction 99999.99, but no limit number of transactions. Now lining up to do the bank transfer part out of BI savings account.

Yep, finally finished. Processing takes a while. Recommend those who are doing this, to be able to get the transactions done on same day come before 2pm, otherwise they will use IBG method and it will probably only show up in target account tomorrow (lose one day of interest, can be substantial if you're moving big amounts). So long since I had to fill in physical transfer form....

Will see the staff again next year as long as there's ganjaran =)

Charges is 50 sen per transfer. Not withdrawal ya.

We are not doing withdrawal of cash (why would you want more than 5k cash in hand?). Do a transfer from SSPN to your bank islam savings account (max per transfer is 99,999.99, and you get charged 0.50 so your SSPN account balance goes down by 100,000.49 as seen in previous screeenshots).

Then from there, you can either transfer it out online (50k limit per day), at ATM (I think another 50k limit a day, so you can do this + online for 100k in a day) or if you have more amount go to counter and do a manual transfer (50 cents for this).

Which ATM will give you that much cash, most are capped at 1.5k or 3k per withdrawal even from your own savings account.

The point of using ATM is no limit. When withdrawing from online limit is technically 50k (actually 25k because if you use 50k limit to withdraw then you cannot transfer the money out from Bank Islam).

Not sure why everyone so happy with 1 day transfer. In fact if everything is going well transfer will take one day (most of the time this is the case). But you never know if suddenly got a problem, search back this thread you will see people panicking because money didn't arrive for a week or slightly more. PTPTN do not promise one day.

What is their charge for cheque? RM1.50?

I can 'verify' that I have been claiming for the same child on my side and wife's side both 8k. But MUM is right, why you still wanna verify with random forumers you don't know in real life? Just because got a lot of star on the name? In the end you want to be sure just go to PTPTN or LHDN.

If you don't get replies (the agent I've dealt with for years has specifically told me not to pass contact to anyone anymore due to certain things happening within PTPTN), just check their website for agent list. Also when you open account, just ask the agent directly if they give rewards to those who deposit. Normally the branch manager will, at least, then ask for his/her number.

Over counter no limit, but charged 50 sen per transfer. I wanted to transfer to 3 different accounts same day, so when they told me got charge I did one transfer online and the other two over counter, 50 sen each.

Yeah. Small money only lah.

At your own risk I think. Not sure if anyone has tried before. Let me see what I did with previous ganjaran.

EDIT: Okay for 2020 and 2021 (the only years I have received ganjaran so far) I left the ganjaran amount in (counted it the same as interest/dividend payment).

So for example if I had started the year with 10k, received 300 interest and 1000 ganjaran in that year, I would end the year with 19300 in the account.

Theoretically I could have ended the year with 18300 and still claimed full 8k from income tax, but I never tested this so cannot tell you. This theory is based on the ganjaran amount being listed as "1010 Simpanan Tunai". Perhaps someone else has tested and can tell you that. For me I'm not interested to lose the income tax claim (plus saving a few k more for my kids actual education isn't a bad thing) at my current tax bracket.

This post has been edited by LostAndFound: Sep 16 2022, 09:07 AM

You are young, no harm to ask questions. Perhaps you have not yet filed income tax yet? Think carefully about this - when you file income tax, LHDN knows whether you're single or married, how many children you have. Do you think you will get away with claiming an income tax deduction which is based on having children?

All across the world, income tax is perhaps the 'best' run government department. When they wanted to take down Al Capone they used income tax fraud. Even Najib as ex-PM, LHDN got claim ongoing against him and children. There are other ways where you can cari lubang, don't play play with the LHDN.

LHDN looks at annual. If you earn a few million in 2020 and RM10k in 2021, will you be charged highest tax bracket for 2021 earnings? No difference.

Yesterday I can. Today trying again, but when click 'pay now' it sort of hangs? Seems like a bug.

Withdraw all but RM20 to maintain account. Then everything you deposit back when ganjaran period announced. It will earn because their time period for ganjaran is from day announced, not from start of year. But if you close your account then of course cannot.

That's the safest (100% sure will get Dec dividend for any amount which was deposited before 6th Dec 2022).

There is another forum member who posted before that withdraw on 1st of the month will still get the dividend for previous month. I am unable to verify, I play safe (also I have way too many transactions to calculate nicely whether got dividend or not for different withdrawal dates).