Net balance increase is Dec 31 amount minus Jan 1st amount. This is for income tax deductible.

Dividend is separate. Those who only targetting income tax deductible will do this. Also historically SSPN has outperform 'normal' FD, and mostly more comparable to promotional FD rate.

For question 3 is simple, in 2018 Dec 31 you have 8k balance, meaning your 2019 Jan 1 balance is 8k also. If you want to claim for 2019 as well (not just for 2018), you need to have put another 8k into the account by 2019 Dec 31.

So some will just +8k (actual balance on Dec 31 is more than 16k due to dividend/reward) within the whole 2019. They will get whatever dividend for the months their money in and they will also get to claim for 2019.

Some will withdraw the 8k, but at end of the year they still need to put in 16k to get 8k worth of deductible. This group will not get dividend (or very little).

Some others will ignore for 2019. Just withdraw 8k, don't claim for 2019, then in 2020 put in 8k again.

Depends on your intention/target. For the one who asked above - in my case I actually balance increasing by 16k a year (me and wife both got accounts for our kids). Actually increase by more than 16k because every year also get few thousand in dividend/ganjaran. If the tax deductible not extended then need to headache later in the year, see where to put the money long term.

Count the money YOU put in and take out. Don't count from total only. Then it will be easy. Everything you got from PTPTN (dividend, ganjaran whatever) will not be considered toward the 8k net increase.

That's what I said. Except you need to +8000.

1. Yes
2. Yes
3. Don't think SSPN savings have anything to do with PTPTN loan. The loan is between student and PTPTN, the savings is between you and PTPTN. Students will have to open their own account (own name not your name) for PTPTN loan purpose.

If you expect a run on the bank, don't you want to be first rather than last out the door?

Users who deposit in order to gain tax relief, if no more tax relief for 2023 and interest rate is lower than FD, why would they leave anything inside (including funds previously deposited 8k per year etc)? FD is generally PIDM assured, currently promo rate 4% or slightly more.

This statement is false. T20 never met anyone from outside your bubble?


Private also can cover 100% with some institutions (except medicine etc). Engineering in UTAR for B40 is 100% cover with a bit extra. Of course if taking Sunway Uni and family income within T20 bracket then very different situation.

Uh... terang2 show ganjaran kesetiaan there?

Take a few days to do it. Easiest if you have for e.g. a joint account in that bank, each holder has separate FPX limit. Some banks got higher than 30k limit (I think 50k for some of the foreign banks).

Do you read about changes in features of card? Visa Signature has not given ewallet cashback for years at this point.

If all document ready should be can get done same day (a few hours). Is an additional step to link SSPN account ya, not automatic.

Withdrawal is only limit to BI account, from there you can transfer to other bank. If online, withdraw and transfer out same limit (50K) so you can either withdraw 50k today, transfer out 50k tomomrrow, or withdraw 25k today and transfer out same day. ATM no such limit.

Can. Need to visit counter twice, once to open account once to link. So don't forget to link, later need to come back.

Total transfer limit per day is 50k for online.

Which means from SSPN to savings 50k OR 25k from SSPN to savings then to another bank account.

One other family member enough right?

Your own account transfer to family member account 50k, then that family member can also transfer out 50k to some other bank account.

Not true, why would 50k be counted to your 'transfer out' amount? I can confirm can receive 50k and then transfer it out on same day.

The 25k SSPN to BI is your own BI transfer. Whereas if someone else transfer to you, it's not YOUR transfer, its THEIR transfer.

For online transfer yes. For ATM doesn't apply.

No, it means that tax relief is only on money you put in, not money generated by the capital already inside there (which is what dividend is). You put in 7680 so your tax relief is 7680.

No one said cannot withdraw, you can withdraw everything except RM20 (IIRC), but to get tax relief you need to put back everything you have withdrawn, then add 8k to that to max it out.

I believe this one the applicant must open their own account. What we parents open is an account in their name but under our own IC.

What advantage are you looking for? Criteria for PTPTN is quite clear, primarily based on family socioeconomic standing. The purpose of SSPN is to save up for your child's education, not to get some sort of tongkat when applying PTPTN (e.g. if your family income is T20, don't harap for 100% loan). The tax savings for T20 over the almost 2 decades of the child growing up is sufficient to pay hundred percent of local uni fees, for example.

As I have explained, it is a 'wajib' (everyone must have) for the STUDENT to open their own account.

This has nothing to do with parent opening a savings account for their child, like probably 12 years or more before the student even eligible for PTPTN loan....