Nice work mungkeong,

26 % is the minority group. Can you take the majority average income group at 12% tax bracket and calculate the effective yield per annum over 18 years ? Assuming starting deposit is 1000 and annual incremental deposit is rm1000, dividend at 3.5%pa.

Bro - lazy lar i. The ZIPped Excel file already attached for fellow forumers to download and play with the % and other variables pertaining to their own specific "environmental configuration" to see the results %pa compounded ... yes yes i'm an IT fler.

I tried but I can't get the 18 years annual confounded yield.

Thinking to save total RM6000/annum every year for my 2 kids for tax relief. But my concern is withdrawal, if my kids are not applying PTPTN, can I just close the acct when they are 18 years old or when the time I retired coz that time no need to pay tax? (by the time I retire, my 2nd kid is still in secondary school )

LATEST INFO FROM PTPTN CUSTOMER SERVICE FOR SSPN FUND 2012!

*WITHDRAW ANYTIME!

*MIN FUND IN THE ACC IS RM20!

*RM6000.00 FOR TAX RELIEF!

Can share the link/URL?
I want to check on the impact on tax relief
eg.
Year 1 Put in $6K, get tax relief
Year 2 Put in $6K, get tax relief
Year 3 withdraw $12K
Year 4 do nothing
Year 5 Put in $6K, can get tax relief on $6K?

Please call customer service to check!

Oh.. they cakap je lar. Nothing in writing / website.
Ok thanks

Bump*

Any answers to this?

Bro, still no answer for it...

Depositors may make withdrawals at any time subject to the regulations set by PTPTN from time to time.

Conditions for Withdrawal / Closing of Account of the National Education Savings Scheme (SSPN-i) and Required Documents

Note: Please ensure that the depositor's signature is similar to the one on the SSPN-i Account Opening Form and Closing of Account Form / Deposit Withdrawal Slip / Matching Grant Claim.

Please click here to print the SSPN-i Depositor's (the deceased) Beneficiary Confirmation Form and click here to print the  Indemnity Bond Form.

Note: Details about SSPN-i savings must be listed or specified in the Letter of Administration or Grant of Probate to allow withdrawals from the SSPN-i account of the depositor (the deceased).
Should the depositor / beneficiary prefer that the amount from withdrawal / closing of account be credited directly into a bank account, please attach a copy of the front page of the savings account book / statement of account with the depositor's bank account number stated.


A.Savings Withdrawal


Documents to be enclosed are as follows:-

1. Deposit withdrawal slip / match grant claim;
2. Copy of depositor's MyKad / military card / police card; and
3. Copy of SSPN-i card.

B.Closing of Account

Documents to be enclosed are as follows:-
1. SSPN-i Account Closing Form;
2. Copy of depositor's MyKad / military card / police card;
3. Copy of SSPN-i card; and
4. Copy of death certificate (in the event of death of the beneficiary, if applicable)

Note: Copies of depositor's MyKad / military card / police card, SSPN-i card and death certificate (if applicable) must be certified by the relevant authorities.

Matching Grant Claim
Depositors must submit  supporting documents that have been certified for the purpose of matching grant claims as follows:-

C.  Letter of offer to pursue higher education; and fee payment slip to the institute or a letter confirming active student status at institute.



D.Closing of Account upon Death of SSPN-i Depositor

Documents required for closing the SSPN-i account in the event of death of the depositor are as follows:-
1. SSPN-i Account Closing Form;
2. Copy of depositor's MyKad / police card / military card;
3. Copy of beneficiary's MyKad / police card / military card;
4. SSPN-i card; and
5. Depositor's death certificate.


If the balance of the SSPN-i savings account is less than RM1,000, the beneficiary shall:-
1. Submit the Beneficiary to SSPN-i Depositor (the deceased) Confirmation Form which must be certified by the relevant authorities; and
2. Complete the Indemnity Bond Form provided by PTPTN with a revenue stamp of RM10.

For savings in the SSPN-i account totalling RM1,000 and above, the beneficiary must obtain a letter of administration or grant of probate by producing one of the following documents from any appointed body (the original and the copy certified by the party issuing the authorisation letter):-
1. Letter of administration / grant of probate (petition under the Probate and Administration Act 1959) issued by the High Court of Malaya; or
2. Letter of administration issued by the Land and District Office; or
3. Letter of administration issued by Amanah Raya Berhad Section 17 of the Public Trust Corporation Act 1995 (declaration / instruction).

Submission  of Withdrawal / Account Closure Slip

Completed forms can be submitted via the PTPTN service counter at the One-Stop Centre, KL Sentral or any PTPTN agents as follows:
1. Bank Simpanan Nasional;
2. CIMB Bank Berhad;
3. Agro Bank;
4. Bank Kerjasama Rakyat Malaysia Berhad;
5. Bank Islam Malaysia Berhad;and
6. Maybank.

Or

Mailed to PTPTN at the following address:-
National Education Fund Corporation (PTPTN)
Education Savings Department,
Level 6, Wisma Chase Perdana,
Off Jalan Semantan, Damansara Heights,
50490 KualaLumpur.
(Attn: Withdrawal and Claims Unit)
Tel:03-2080 4455Fax: 03-2098 6589

Look up the website.......

http://www.ptptn.gov.my/web/english/savings/statement

Tax relief only apply if you have kids right?

B.Closing of Account - Can we close account without any reason just in case we need money urgently?
Thanks.

hi all, i have 2 kids, if i put in 6k for 1 kid and my spouse put in another 6k for 2nd kid, am i right both of us also can get tax relief of 6k since we file income tax separetly?