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> SSPN, Skim Simpanan Pendidikan Nasional

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wongmunkeong
post Mar 23 2012, 03:23 PM

If U wanna criticize / bitch, pls bring some possible solutions.
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QUOTE(aeiou228 @ Mar 23 2012, 02:04 PM)
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.
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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 tongue.gif... yes yes i'm an IT fler.
aeiou228
post Mar 23 2012, 04:57 PM

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QUOTE(wongmunkeong @ Mar 23 2012, 03:23 PM)
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 tongue.gif... yes yes i'm an IT fler.
*
I tried but I can't get the 18 years annual confounded yield.
wongmunkeong
post Mar 23 2012, 05:32 PM

If U wanna criticize / bitch, pls bring some possible solutions.
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QUOTE(aeiou228 @ Mar 23 2012, 04:57 PM)
I tried but I can't get the 18 years annual confounded yield.
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er.. i think in yr Excel, U must add/activate the "AnalysisToolpack"
Note - analysis toolpack comes with Excel for free UNLESS U are using the watered down free-edition that comes with yr PC.
The home & student version pun ada "Analysis Toolpack"

Aiya - since i opened & checked the Excel, done and snapshot below tongue.gif
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mars1069
post Oct 27 2012, 04:39 PM

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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 tongue.gif)

Can I consider interest calculation as follows?
Assume I save RM6K on 1 Jan 2012
PTPTN int rate/year = 3.5% (Assume)
Tax relief = 11%
So can I say my total interest for my RM6K for 2012 is 3.5%+11%=14.5%?

Of course if I dun top up my saving, my int rate will remain at 3.5% per year, right?

Pls advise. Thanks.
ahad
post Oct 29 2012, 05:05 PM

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Now....please correct me if i am wrong.
I decided to use annuity calculator at
http://www.1728.org/annuity.htm

If one is in the income tax bracket ,where you have to pay 10% of your annual income as tax,than i would say you deposit RM 6000 in SSPN and you would get 10% of RM 6000 which is RM600 in tax refund .
Where else if you are in the higher income tax bracket,lets say 20% of annual income is tax.You will get RM 1200 in tax refund.
So for 10% bracket ..you deposit only (5400+600) annualy and if you are in 20% bracket ,you deposit only (4800+1200) annualy.
So to compare with outside investment,
We should deposit only 5400 (10% bracket) and/or 4800(20% bracket) and use different return rate to compare.

The higher income tax bracket you are..the more benefit you gain.

This post has been edited by ahad: Oct 29 2012, 11:46 PM


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prophetjul
post Nov 20 2012, 03:00 PM

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QUOTE(mars1069 @ Oct 27 2012, 04:39 PM)
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 tongue.gif)

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Bump*

Any answers to this?


w19
post Nov 20 2012, 09:14 PM

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LATEST INFO FROM PTPTN CUSTOMER SERVICE FOR SSPN FUND 2012!

*WITHDRAW ANYTIME!

*MIN FUND IN THE ACC IS RM20!

*RM6000.00 FOR TAX RELIEF!


wongmunkeong
post Nov 20 2012, 09:32 PM

If U wanna criticize / bitch, pls bring some possible solutions.
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QUOTE(w19 @ Nov 20 2012, 09:14 PM)
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?
w19
post Nov 22 2012, 07:56 PM

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QUOTE(wongmunkeong @ Nov 20 2012, 09:32 PM)
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!
wongmunkeong
post Nov 22 2012, 08:40 PM

If U wanna criticize / bitch, pls bring some possible solutions.
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QUOTE(w19 @ Nov 22 2012, 07:56 PM)
Please call customer service to check!
*
Oh.. they cakap je lar. Nothing in writing / website.
Ok thanks
w19
post Nov 22 2012, 09:03 PM

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QUOTE(wongmunkeong @ Nov 22 2012, 08:40 PM)
Oh.. they cakap je lar. Nothing in writing / website.
Ok thanks
*
Welcome!
mars1069
post Nov 27 2012, 08:53 AM

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QUOTE(prophetjul @ Nov 20 2012, 03:00 PM)
Bump*

Any answers to this?
*
Bro, still no answer for it... rclxub.gif
prophetjul
post Nov 27 2012, 09:05 AM

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QUOTE(mars1069 @ Nov 27 2012, 08:53 AM)
Bro, still no answer for it... rclxub.gif
*
Look up the website.......

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

QUOTE
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

mars1069
post Nov 27 2012, 09:36 AM

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QUOTE(prophetjul @ Nov 27 2012, 09:05 AM)
A.Savings Withdrawal - I saw somewhere, the amount that allow to withdraw is RM500 per year, true?

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

Thanks.
CSS
post Dec 1 2012, 01:09 AM

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Only info can find on the website is:

Starting 1 January 2012, students who wish to apply for PTPTN education financing MUST have an SSPN-i account with a minimum deposit of RM20.00.

Tax relief for current year's net savings of up to RM6,000 per annum.

Free insurance coverage for depositors with savings of RM1,000 and above.

Savings as low as RM20 at any time and guaranteed by the government.

Depositors may make withdrawals at any time subject to the regulations set by PTPTN from time to time.
(what are the regulations?)

So actually how long do we have to keep our money in SSPN before we can withdraw?

Came across this http://www.ptptn.gov.my/docs/FAQ%20SSPN.pdf:

Pengeluaran hanya boleh dibuat selepas 1 tahun menyimpan. Terdapat 2 jenis pengeluaran iaitu:-

i. Pengeluaran sekali setahun pada kadar 10% daripada baki akaun atau RM500 mengikut mana yang terendah; atau
ii. Pengeluaran 100% atau penutupan akaun SSPN sekiranya penerima manfaat memenuhi salah satu daripada kriteria berikut:-
a. Diterima masuk ke IPT ;
b. Terkeluar daripada sistem pendidikan secara sukarela atau diberhentikan atas sebab-sebab tertentu;
c. Sakit berterusan yang tiada peluang untuk sembuh dengan pengesahan doktor perubatan Kerajaan;
d. Keilatan kekal dengan pengesahan doktor perubatan Kerajaan;
e. Kematian penerima manfaat; atau
f. Kematian pendeposit.

This post has been edited by CSS: Dec 1 2012, 01:20 AM
Prophunter
post Dec 1 2012, 11:38 PM

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Tax relief only apply if you have kids right?
rayzel
post Dec 2 2012, 10:06 AM

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QUOTE(Prophunter @ Dec 1 2012, 11:38 PM)
Tax relief only apply if you have kids right?
*
obviously
ronnie
post Dec 5 2012, 01:18 PM

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QUOTE(mars1069 @ Nov 27 2012, 09:36 AM)
B.Closing of Account - Can we close account without any reason just in case we need money urgently?
Thanks.
*
Yes.... the SSPN account can be closed anytime after 1 year of opening.
ronnie
post Dec 7 2012, 10:21 AM

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QUOTE(thj1999 @ Dec 7 2012, 10:07 AM)
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?
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That's right.... RM6k Tax Relief effective YA2012 to YA2015
joyride997
post Dec 9 2012, 12:42 PM

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could I deposit 6k for YA2012 to reduce income tax and then withdraw in 2014 without reasons?
just want to confirm coz it doesn't sound logical.

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