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> SSPN Saving rate, PTPTN

alexkos
post Apr 3 2011, 01:39 PM


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anyone know anything about this?

QUOTE
@croco_2002
2. Skim Simpanan Pendidikan Nasional (SSPN) dividend for 2010 on 3.25% rate has been credited to SSPN depositors account on 10th March 2011. Depositors can check their account through e-SSPN.

sos http://www.ptptn.gov.my/web/english/home


Yearly dividend @3.25% at 2010

Saving rate=2.5%

This post has been edited by alexkos: Apr 3 2011, 02:21 PM
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croco_2002
post Apr 3 2011, 01:52 PM


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about 2.5 percent if i`m not mistaken
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alexkos
post Apr 3 2011, 01:54 PM


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with 4% dividend every year?
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croco_2002
post Apr 3 2011, 02:01 PM


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2. Skim Simpanan Pendidikan Nasional (SSPN) dividend for 2010 on 3.25% rate has been credited to SSPN depositors account on 10th March 2011. Depositors can check their account through e-SSPN.

sos http://www.ptptn.gov.my/web/english/home
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alexkos
post Apr 3 2011, 02:04 PM


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thx man! still need to know about the saving rate.
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MNet
post Apr 3 2011, 02:17 PM


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2.5%pa
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NelsonBoy
post Apr 3 2011, 09:07 PM


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ASM 6.68% last year.

credited to my acc.
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MNet
post Apr 3 2011, 09:13 PM


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QUOTE(NelsonBoy @ Apr 3 2011, 09:07 PM)
ASM 6.68% last year.

credited to my acc.
*
u blind?

people ask for SSPN Saving rate not ASM
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NelsonBoy
post Apr 3 2011, 11:04 PM


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QUOTE(MNet @ Apr 3 2011, 09:13 PM)
u blind?

people ask for SSPN Saving rate not ASM
*
duhhh shakehead.gif shakehead.gif

i am informing ppl here about one of the highest interest rate available


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property101
post Apr 3 2011, 11:13 PM


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the most attractive part is the tax rebate isnt it wink.gif
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Ken.B
post Apr 4 2011, 02:00 AM


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Well, this might be a bit off topic but, comparing SSPN with mutual funds, which should I choose as a student because the tax reduction is only applicable for parents/guardian?

This post has been edited by Ken.B: Apr 4 2011, 02:19 AM
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Nepo
post Apr 4 2011, 08:21 AM


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QUOTE(property101 @ Apr 3 2011, 11:13 PM)
the most attractive part is the tax rebate isnt it wink.gif
*
Tax rebat only for one year, but u have to tie your fund for many years.
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ronnie
post Apr 4 2011, 02:57 PM


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QUOTE(property101 @ Apr 3 2011, 11:13 PM)
the most attractive part is the tax rebate isnt it wink.gif
*
It's TAX RELIEF lah.... cool2.gif

It used to be 4% evey year ;-)
user posted image
http://senseofmoney.blogspot.com/2009/09/s...idend-rate.html

The dividends drop because MOST PTPTN loans are not being paid back....

This post has been edited by ronnie: Apr 4 2011, 03:01 PM
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jeffwkh
post Apr 5 2011, 09:58 AM


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QUOTE(MNet @ Apr 3 2011, 02:17 PM)
2.5%pa
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i dunno how they calculate. i deposit rm 500 in 2010 and in march 2011 i get the dividen rm12 onli!!! now my acc, is rm 512
maybe this sspn is not a got place to put $$$

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xuzen
post Apr 5 2011, 05:13 PM


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QUOTE(jeffwkh @ Apr 5 2011, 09:58 AM)
i dunno how they calculate. i deposit rm 500 in 2010 and in march 2011 i get the dividen rm12 onli!!! now my acc, is rm 512
maybe this sspn is not a got place to put $$$
*
Most probably they calculated based on daily rest. Most financial institution do that nowadays.

So if your tax rate is at say 19% and you saved RM 3,000.00, your net ROI is 19+3.5% = 22.5%.

If you think that is not good, pls shoot yourself with a 0.50 Baretta.

Xuzen
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MNet
post Apr 5 2011, 06:14 PM


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if simpan wif them how to draw the money?

atm can?
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xuzen
post Apr 6 2011, 04:42 PM


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QUOTE(MNet @ Apr 5 2011, 06:14 PM)
if simpan wif them how to draw the money?

atm can?
*
Withdrawal form obtainable from Maybank branch. The processing is still done by PTPTN HQ.

Xuzen
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numbertwo
post Apr 7 2011, 11:23 AM


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From: PJ lamansara... :D


excuse me , but this dividend payout is merely following FD rates IMO...

But, dividend isn't the attraction it gets, the tax relief is! So, pls don't put money here if you are thinking to get some good dividend out of it..
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CKKwan
post Apr 25 2011, 08:46 PM


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Today I received a statement.

SSPN pay only 0.8% last year..... sad.gif
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500Kmission
post Apr 25 2011, 09:40 PM


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QUOTE(CKKwan @ Apr 25 2011, 08:46 PM)
Today I received a statement.

SSPN pay only 0.8% last year..... sad.gif
*
When are you deposit? How much do you get? and How much do you deposit?
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aeronlim
post Apr 25 2011, 10:31 PM


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forget about SSPN, even when I need to withdraw, I need to wait for 10 working days for withdrawal to get the money.

Btw, it was a good choice for saving RM3k for income tax relief
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hyzam1212
post Apr 26 2011, 09:35 AM


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QUOTE(numbertwo @ Apr 7 2011, 11:23 AM)
excuse me , but this dividend payout is merely following FD rates IMO...

But, dividend isn't the attraction it gets, the tax relief is!  So, pls don't put money here if you are thinking to get some good dividend out of it..
*
QUOTE(aeronlim @ Apr 25 2011, 10:31 PM)
forget about SSPN, even when I need to withdraw, I need to wait for 10 working days for withdrawal to get the money.

Btw, it was a good choice for saving RM3k for income tax relief
*
I agree with you guys. SSPN is not an attractive place to put your money savings-wise. Its purpose in the first place is for your children education in the future. Education insurance or takaful is the better way to go to be honest. But the tax relief is the major criteria in order to get some exemption. They should put some tax relief on PTPTN payment though, then everybody will pay ma laugh.gif
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CKKwan
post May 1 2011, 08:51 AM


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QUOTE(500Kmission @ Apr 25 2011, 09:40 PM)
When are you deposit? How much do you get? and How much do you deposit?
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I started to deposite 3 years ago, now have 9k in account.
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Cowhide
post May 1 2011, 03:30 PM


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QUOTE(CKKwan @ May 1 2011, 08:51 AM)
I started to deposite 3 years ago, now have 9k in account.
*
No interest?
Should it be

2008 = 3000
2009 = 3000 + (3000 x 2.5%) + 3000 (new deposit) = 3000 + 75 + 3000
2010 = 6075 + (6075 x 3.25) + 3000 = 9287

Where is your RM287?

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echoesian
post Sep 29 2011, 10:44 AM


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Withdrawal only can be done after the child get to enroll in a higher education approved by the government? What if I want to withdraw voluntarily?


Added on September 29, 2011, 11:08 amSSPN cannot simply withdraw out the money right?

This post has been edited by echoesian: Sep 29 2011, 11:08 AM
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hyzam1212
post Sep 29 2011, 11:15 AM


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QUOTE(echoesian @ Sep 29 2011, 10:44 AM)
Withdrawal only can be done after the child get to enroll in a higher education approved by the government? What if I want to withdraw voluntarily?


Added on September 29, 2011, 11:08 amSSPN cannot simply withdraw out the money right?
*
Precisely, its not investment-driven but long term gain for your children especially for their education, P is for Pendidikan...there is some penalty I think if you want to withdraw it outside the agreed terms, loss of benefits maybe
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echoesian
post Sep 29 2011, 09:08 PM


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QUOTE(hyzam1212 @ Sep 29 2011, 11:15 AM)
Precisely, its not investment-driven but long term gain for your children especially for their education, P is for Pendidikan...there is some penalty I think if you want to withdraw it outside the agreed terms, loss of benefits maybe
*
That means even in the future if my kid enroll to oversea university, I also can't take it back? If that the case, what is the point?


Added on December 8, 2011, 10:02 pmSo can anyone confirm that we only can get back the money only if our children enroll to the local universities?

This post has been edited by echoesian: Dec 8 2011, 10:02 PM
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Denis
post Dec 31 2011, 08:37 AM


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QUOTE(ronnie @ Apr 4 2011, 02:57 PM)
It's TAX RELIEF lah....  cool2.gif

It used to be 4% evey year ;-)
user posted image
http://senseofmoney.blogspot.com/2009/09/s...idend-rate.html

The dividends drop because MOST PTPTN loans are not being paid back....
*
Assume your tax rate = 26% and tie your fund in SSPN for 10 years
=> 26%/10 years
=> 2.6% dividend earn per year.

Therefore, the average total return per year (base on historical data) is as follow:-

Year 2003 3%+2.6% = 5.6%
Year 2004 4%+2.6% = 6.6%
Year 2005 4%+2.6% = 6.6%
Year 2006 4%+2.6% = 6.6%
Year 2007 4%+2.6% = 6.6%
Year 2008 4%+2.6% = 6.6%
Year 2009 2.5%+2.6% = 5.1%
Year 2010 3.25%+2.6%=5.85%
Year 2011 ?% + 2.6% = ?.??%
Year 2012
---
---

Worth to do SSPN saving?
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twincharger07
post Dec 31 2011, 04:42 PM


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public mutual bond still de best .. too bad sold out...
http://www.publicmutual.com.my/application...formancenw.aspx

Select PUBLIC BOND FUND in fund name..
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popice2u
post Jan 2 2012, 05:42 PM


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i dump RM3k in dec for income tax relief
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Denis
post Jan 3 2012, 01:44 PM


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QUOTE(Denis @ Dec 31 2011, 08:37 AM)
Assume your tax rate = 26% and tie your fund in SSPN for 10 years
=> 26%/10 years
=> 2.6% dividend earn per year.

Therefore, the average total return per year (base on historical data) is as follow:-

Year 2003    3%+2.6% = 5.6%
Year 2004    4%+2.6% = 6.6%
Year 2005    4%+2.6% = 6.6%
Year 2006    4%+2.6% = 6.6%
Year 2007    4%+2.6% = 6.6%
Year 2008    4%+2.6% = 6.6%
Year 2009    2.5%+2.6% = 5.1%
Year 2010    3.25%+2.6%=5.85%
Year 2011    ?% + 2.6% = ?.??%
Year 2012
---
---

Worth to do SSPN saving?
*
SSPN is only worth to invest if the total return is over 6%. i.e. the return surpass the EPF dividend rate.
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leahcim
post Mar 8 2012, 12:38 AM


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wrong post

This post has been edited by leahcim: Mar 8 2012, 12:40 AM
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wongmunkeong
post Mar 8 2012, 01:33 PM


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QUOTE(Denis @ Jan 3 2012, 01:44 PM)
SSPN is only worth to invest if the total return is over 6%. i.e. the return surpass the EPF dividend rate.
*
A blanket statement that it's only worthwhile if >6%?
Well, it depends on one's goals/reasons to use SSPN too mar right?
If U compared head to head with EPF, might as well compared head to head with bond funds or even equity funds. What about REITs & Properties?

Personally, i'm just doing it as an asset-subclass diversification (with tax relief) + a choice to tap PTPTN for my daughter's education loan IF needed.


This post has been edited by wongmunkeong: Mar 8 2012, 01:35 PM
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kparam77
post Mar 8 2012, 03:27 PM


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QUOTE(wongmunkeong @ Mar 8 2012, 01:33 PM)
A blanket statement that it's only worthwhile if >6%?
Well, it depends on one's goals/reasons to use SSPN too mar right?
If U compared head to head with EPF, might as well compared head to head with bond funds or even equity funds. What about REITs & Properties?

Personally, i'm just doing it as an asset-subclass diversification (with tax relief) + a choice to tap PTPTN for my daughter's education loan IF needed.
*
ya, me too, i just open acc for both my kids. this is to get loan easyly if needed, not for the returns. im putting very minimal just to maintain the acc with SSPN.
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firee818
post Mar 8 2012, 04:20 PM


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QUOTE(wongmunkeong @ Mar 8 2012, 01:33 PM)
A blanket statement that it's only worthwhile if >6%?
Well, it depends on one's goals/reasons to use SSPN too mar right?
If U compared head to head with EPF, might as well compared head to head with bond funds or even equity funds. What about REITs & Properties?

Personally, i'm just doing it as an asset-subclass diversification (with tax relief) + a choice to tap PTPTN for my daughter's education loan IF needed.
*
I will only doing it for tax relief purpose, with the condition that my tax rate for the year fall into 26% categories.


Added on March 8, 2012, 4:24 pm
QUOTE(kparam77 @ Mar 8 2012, 03:27 PM)
ya, me too, i just open acc for both my kids. this is  to get loan easyly if needed, not for the returns. im putting very minimal just to maintain the acc with SSPN.
*
BTW, to maintain the account at least RM1000 in order to get the insurance.

QUOTE
Keistimewaan:

Premium dibayar oleh PTPTN.
Perlindungan RM ke RM (Dollar to Dollar) (insurans am) dan RM100,000 (insurans amanah).
Khairat/pampasan kematian untuk pendeposit (RM2,000) dan penerima manfaat (RM500).
Syarat:
Had umur pendeposit 18 tahun hingga 65 tahun.
Had umur penerima manfaat 1 hari hingga 28 tahun.
Pendeposit mempunyai baki akaun sekurang-kurangnya RM1,000 pada setiap masa.

Nota:

Perlindungan Takaful ini tertakluk kepada Peraturan Perlindungan Takaful Berkelompok PTPTN


This post has been edited by firee818: Mar 8 2012, 04:25 PM
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kevyeoh
post Mar 21 2012, 11:04 AM


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i am a bit lazy to find out more details through google/internet...
just wondering, if you save RM500, then you are qualified to apply for like RM17k loan or something like that?

or the loan is equivalent to the amount you saved?

if we can put a small amount of money to be eligible for PTPTN loan in future, i think dumping in RM500 is worth it also leh...
smile.gif


QUOTE(kparam77 @ Mar 8 2012, 03:27 PM)
ya, me too, i just open acc for both my kids. this is  to get loan easyly if needed, not for the returns. im putting very minimal just to maintain the acc with SSPN.
*
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PJusa
post Mar 21 2012, 11:29 AM


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actually the computation of the return should factor in your personal tax break.

assume your tax rate is 26%, you place 3k into the account - instant tax back of 780.

in other words: your investment is only 2220 BUT you get interest based upon 3000. i.e. the interest you get is much higher.

if you got 3.25% in 2010 it was for 3000 not the 2220 you actualy place. this means you get RM 97,50 for the entire year for a placement of 2220 which means the effective interest rate was actually: 4,39 percent. in other words the interest you get might not be much but it surely is better than a FD placement and it *will* better if you actually pay tax.
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firee818
post Mar 22 2012, 08:44 AM


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QUOTE(PJusa @ Mar 21 2012, 11:29 AM)
actually the computation of the return should factor in your personal tax break.

assume your tax rate is 26%, you place 3k into the account - instant tax back of 780.

in other words: your investment is only 2220 BUT you get interest based upon 3000. i.e. the interest you get is much higher.

if you got 3.25% in 2010 it was for 3000 not the 2220 you actualy place. this means you get RM 97,50 for the entire year for a placement of 2220 which means the effective interest rate was actually: 4,39 percent. in other words the interest you get might not be much but it surely is better than a FD placement and it *will* better if you actually pay tax.
*
OK, another way of looking into it.

Nevertheless, it was still lower than EPF (5.xx%) and PNB fund (6.xx%).
Indeed, it is a good choice to put into it if u don't have any other sources for saving your fund....but not one of the best.
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aeiou228
post Mar 22 2012, 07:38 PM


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Pls take note that the tax relief is based on ANNUAL INCREAMENTAL DEPOSIT. Ie the net fresh deposit for this year total deposits/withdrawals minus last year total deposits/withdrawals.
If year 2000 opened new account and placed deposit rm3000 and no more fresh deposit thereafter till now, then only year assessment 2000 can claim rm3000 relief. Year 2011 can not claim any tax relief.
If want to claim 2011 tax relief, one must deposit fresh fund in 2011 but only the fresh fund is entitle to tax relief.


Added on March 22, 2012, 7:39 pmThis calculation is incorrect.

QUOTE(Denis @ Dec 31 2011, 08:37 AM)
Assume your tax rate = 26% and tie your fund in SSPN for 10 years
=> 26%/10 years
=> 2.6% dividend earn per year.

Therefore, the average total return per year (base on historical data) is as follow:-

Year 2003    3%+2.6% = 5.6%
Year 2004    4%+2.6% = 6.6%
Year 2005    4%+2.6% = 6.6%
Year 2006    4%+2.6% = 6.6%
Year 2007    4%+2.6% = 6.6%
Year 2008    4%+2.6% = 6.6%
Year 2009    2.5%+2.6% = 5.1%
Year 2010    3.25%+2.6%=5.85%
Year 2011    ?% + 2.6% = ?.??%
Year 2012
---
---

Worth to do SSPN saving?
*
This post has been edited by aeiou228: Mar 22 2012, 07:39 PM
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wongmunkeong
post Mar 22 2012, 08:07 PM


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QUOTE(aeiou228 @ Mar 22 2012, 07:38 PM)
Pls take note that the tax relief is based on ANNUAL INCREAMENTAL DEPOSIT. Ie the net fresh deposit for this year total deposits/withdrawals minus last year total deposits/withdrawals.
If year 2000 opened new account and placed deposit rm3000 and no more fresh deposit thereafter till now, then only year assessment 2000 can claim rm3000 relief. Year 2011 can not claim any tax relief.
If want to claim 2011 tax relief, one must deposit fresh fund in 2011 but only the fresh fund is entitle to tax relief.


Added on March 22, 2012, 7:39 pmThis calculation is incorrect.
*
More realistic calculations below?
Attached Image

ZIP file with Excel attached for easy DIY.
Please note:
1. Need AnalysisToolpack installed in Excel
2. Change the variables in the YELLOW cells
3. If U understand the formulas - U can change any other cells without fear



Attached File(s)
Attached File  SSPN_returns.zip ( 6.6k ) Number of downloads: 212
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aeiou228
post Mar 23 2012, 02:04 PM


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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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wongmunkeong
post Mar 23 2012, 03:23 PM


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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.
*
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.
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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.
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wongmunkeong
post Mar 23 2012, 05:32 PM


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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.
*
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.
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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)

» Click to show Spoiler - click again to hide... «
Bump*

Any answers to this?


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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!


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wongmunkeong
post Nov 20 2012, 09:32 PM


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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?
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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!
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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
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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
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Welcome!
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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
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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

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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.
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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
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Prophunter
post Dec 1 2012, 11:38 PM


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Tax relief only apply if you have kids right?
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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
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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.
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thj1999
post Dec 7 2012, 10:07 AM


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QUOTE(ronnie @ Dec 5 2012, 02:18 PM)
Yes.... the SSPN account can be closed anytime after 1 year of opening.
*
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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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?
*
That's right.... RM6k Tax Relief effective YA2012 to YA2015
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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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ronnie
post Dec 9 2012, 04:49 PM


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QUOTE(joyride997 @ Dec 9 2012, 12:42 PM)
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.
*
Why not ?
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kevyeoh
post Dec 10 2012, 12:07 AM


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cannot...see earlier post....
there's some criteria you need to meet if you want full withdrawal...

QUOTE(joyride997 @ Dec 9 2012, 12:42 PM)
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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joyride997
post Dec 11 2012, 07:54 AM


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i read the criteria. correct me if i'm wrong.
it means that you could only withdraw if deceased or for your kids' further education.

how about emergency? what penalty are we talking about?
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ronnie
post Dec 11 2012, 09:04 AM


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QUOTE(joyride997 @ Dec 11 2012, 07:54 AM)
i read the criteria. correct me if i'm wrong.
it means that you could only withdraw if deceased or for your kids' further education.

how about emergency? what penalty are we talking about?
*
You can close anytime you want....
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joyride997
post Dec 12 2012, 10:18 PM


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so, i could have tax deduction for this year.. then withdraw next year 2013....

and then in Dec 2013, i add another RM6000 to have tax deduction.. and again, withdraw in 2014 Jan....

on and on and on......

OK kah? doesn't sound logical ...
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ronnie
post Dec 12 2012, 10:22 PM


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QUOTE(joyride997 @ Dec 12 2012, 10:18 PM)
so, i could have tax deduction for this year.. then withdraw next year 2013....

and then in Dec 2013, i add another RM6000 to have tax deduction.. and again, withdraw in 2014 Jan....

on and on and on......

OK kah? doesn't sound logical ...
*
Try it and let us know... nobody knows the answer as we do not know if SSPN allows you to re-open the account.

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lalachong
post Dec 13 2012, 02:22 PM


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QUOTE(joyride997 @ Dec 12 2012, 10:18 PM)
so, i could have tax deduction for this year.. then withdraw next year 2013....

and then in Dec 2013, i add another RM6000 to have tax deduction.. and again, withdraw in 2014 Jan....

on and on and on......

OK kah? doesn't sound logical ...
*
no.. they count net basis... means you can have tax deduction this year...
then in 2013 u withdraw... u have -ve balance... then u put in another 6k.. become zero.. so no tax deduction, unless u put in 12k...

and on and on...

anyway, not easy to withdraw, because only few reason for full withdrawal - deceased and further children education (with proof of University/ College acceptance)
partial withdrawal is allowed - 5% of your balance, and max RM100, something like that.. and very hassle to withdraw...

does this help?
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sunder82
post Dec 14 2012, 03:09 PM


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can we get tax relief of 6k for 2012?
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ronnie
post Dec 14 2012, 03:10 PM


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QUOTE(sunder82 @ Dec 14 2012, 03:09 PM)
can we get tax relief of 6k for 2012?
*
Yes.... if you deposit before 31-Dec-2012
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chwlim
post Dec 14 2012, 03:23 PM


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QUOTE(lalachong @ Dec 13 2012, 02:22 PM)
no.. they count net basis... means you can have tax deduction this year...
then in 2013 u withdraw... u have -ve balance... then u put in another 6k.. become zero.. so no tax deduction, unless u put in 12k...

and on and on...

anyway, not easy to withdraw, because only few reason for full withdrawal - deceased and further children education (with proof of University/ College acceptance)
partial withdrawal is allowed - 5% of your balance, and max RM100, something like that.. and very hassle to withdraw...

does this help?
*
Thanks for the sharing smile.gif

This sounds like...money is easy to go in and hard to come out?
With the tax relief benefit, guess this thing is able to attract more and more people to jump into the pool .
I am also one...nearly...and still observing laugh.gif
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sunder82
post Dec 14 2012, 03:35 PM


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Yup, it is hard to take out the money...... :-(
One way is to good to save our moeny rather than paying to government.
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chwlim
post Dec 14 2012, 03:51 PM


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QUOTE(sunder82 @ Dec 14 2012, 03:35 PM)
Yup, it is hard to take out the money...... :-(
One way is to good to save our moeny rather than paying to government.
*
But no point to keep pumping more money into the pool, without the capability to withdraw or roll it.
Just hope to pay less to gov in tax, I am now change another way to put money into the same pocket (gov).
By limiting the withdrawal, the organization can have guaranteed money flow for their plans, projects, investments...
Sound like another FD isn't it? But FD can take out one it is dued, what about this?
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Bobby C
post Dec 14 2012, 04:56 PM


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This is what I worry, besides withdrawal part which didn't state overseas education and age of withdrawal.

Quote:- As at Aug 31, 2012, RM7.83 billion disbursed to 1.14 million students was still uncollected, with the repayment rate standing at 49 percent.

http://www.malaysiakini.com/news/214490
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ay@m
post Dec 18 2012, 11:44 AM


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You can only withdraw a very small percentage.... wink.gif



QUOTE(joyride997 @ Dec 12 2012, 10:18 PM)
so, i could have tax deduction for this year.. then withdraw next year 2013....

and then in Dec 2013, i add another RM6000 to have tax deduction.. and again, withdraw in 2014 Jan....

on and on and on......

OK kah? doesn't sound logical ...
*

Added on December 18, 2012, 11:45 amHi all,

Got one question here.

Is it a standard procedure that the bank will photocopy your IC when you open a new account?

Thank you.

This post has been edited by ay@m: Dec 18 2012, 11:45 AM
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jasmine2001
post Dec 22 2012, 09:12 PM


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QUOTE(wongmunkeong @ Mar 22 2012, 08:07 PM)
More realistic calculations below?
Attached Image

ZIP file with Excel attached for easy DIY.
Please note:
1. Need AnalysisToolpack installed in Excel
2. Change the variables in the YELLOW cells
3. If U understand the formulas - U can change any other cells without fear
*
If I'm not mistaken, the tax relief is from 2012 to 2017 only.
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vergas
post Dec 28 2012, 04:37 PM


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QUOTE(jasmine2001 @ Dec 22 2012, 09:12 PM)
If I'm not mistaken, the tax relief is from 2012 to 2017 only.
*
But it would be a reasonable expectation that the government would continue giving the relief, or more likely increase the relief in the future?
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bengang13
post Dec 28 2012, 05:08 PM


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Few months back i actually asked them on the withdrawal. according to the PTPTN at KL Sentral, you can do it anytime but must leave at least RM100 unless you plan to close the account. and when you submit the withdrawal form it will take 3 months to process.
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birdman13200
post Dec 28 2012, 09:14 PM


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I am targeting this SSPN for year 2013, but it seen like scary after reading this forum.
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??!!
post Dec 30 2012, 07:02 PM


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QUOTE
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.
31/12/12 tomorrow...
in a quandary..to open account or not...
2 major questions:- Appreciate help..

1) wants to enjoy tax exemption...but not sure how to withdraw if none of above criteria for withdrawal is met... eg not likely to use ptpn loan..eg if go overseas study ?

2) max age of beneficiary is 28 yrs...say already graduate graduate from overseas, still contribute to fund for tax exemption, then apply for close a/c at beneficiary age 28 yrs..boleh ka?


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?
*
does anyone know if both spouse on separate assessment can claim 6k each for different child?
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bengang13
post Dec 30 2012, 07:31 PM


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http://www.ptptn.gov.my/web/guest/simpanan/pengeluaran
i will call up ptptn tomorrow, just to find out again
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ronnie
post Dec 30 2012, 10:37 PM


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31-Dec-2012 is last day for top-up to enjoy up to RM6000 Tax Relief for SSPN contribution (nett) for YA2012....
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smile93
post Jan 22 2013, 05:12 PM


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SSPN : Disadvantages

SSPN comes with quite a few attractive advantages, but it also has its downsides.

Income Tax Relief is NOT Available for Individual With Own SSPN Account

As this account aims to promote savings for higher education and not for individual interest, the income tax relief is not made available unless you have a legal beneficiary for your account (your own children OR a child under your legal care OR immediate family members).

So to summarise, you can still open an account for your nephew, auntie, best friend etc. but unless you fall under the categories above, you will not be given the income tax relief!

Withdrawing Your Money

Unfortunately, withdrawing money from your SSPN account is not a simple task! Unlike the normal savings account, SSPN has very strict rules when it comes to withdrawing your money.

Depositors can only withdraw their money once a year, and the maximum amount that is allowed to be taken out is RM 500 or 10% of your total savings!

A 100% withdrawal is possible but will require the beneficiary’s offer letter to local university or colleges, a vague statement on the beneficiary ‘no longer wishing to participate in the educational process’, or in the event of the beneficiaruy’s / depositor’s death or incapacitation.

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ronnie
post Jan 22 2013, 09:17 PM


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Full closure SSPN without beneficiary’s offer letter to local university or colleges, a vague statement on the beneficiary ‘no longer wishing to participate in the educational process’, or in the event of the beneficiaruy’s / depositor’s death or incapacitation is possible.

This post has been edited by ronnie: Jan 22 2013, 09:17 PM
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burp110
post Feb 1 2013, 10:54 AM


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QUOTE(smile93 @ Jan 22 2013, 05:12 PM)
SSPN : Disadvantages

SSPN comes with quite a few attractive advantages, but it also has its downsides.

Income Tax Relief is NOT Available for Individual With Own SSPN Account

As this account aims to promote savings for higher education and not for individual interest, the income tax relief is not made available unless you have a legal beneficiary for your account (your own children OR a child under your legal care OR immediate family members).

So to summarise, you can still open an account for your nephew, auntie, best friend etc. but unless you fall under the categories above, you will not be given the income tax relief!

Withdrawing Your Money

Unfortunately, withdrawing money from your SSPN account is not a simple task! Unlike the normal savings account, SSPN has very strict rules when it comes to withdrawing your money.

Depositors can only withdraw their money once a year, and the maximum amount that is allowed to be taken out is RM 500 or 10% of your total savings!

A 100% withdrawal is possible but will require the beneficiary’s offer letter to local university or colleges, a vague statement on the beneficiary ‘no longer wishing to participate in the educational process’, or in the event of the beneficiaruy’s / depositor’s death or incapacitation.
*
read carefully... it says withdrawal is only permitted with offer from local uni. other websites say govt approved uni only. nothing on official website detailing list of uni or if private/shophouse college qualifies. come 18 years, when your child is old enough to enroll, the approved uni list will most likely have changed and you will need another 10 years to complete the withdrawal. the only other way to get the money out is if your child gets a certificate of death.

the benefits list is sooo long... but withdrawal terms are so loosely written... i smell a big fat rat

for ppl who can save up to 6k a year, to be entitled to the 26% effective savings, i think they already have quite a bit of income so no need govt uni. good scheme... but not enough to fool ppl smart who earn enough to save 6k a year for one child. damn stupid. pay 26% tax a year to a govt who don't even take care of your kids' education.

with my analysis above, the scheme will definitely collapse and i will get a call from someone in the internal affairs ministry... again.

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burp110
post Feb 1 2013, 10:59 AM


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QUOTE(joyride997 @ Dec 12 2012, 10:18 PM)
so, i could have tax deduction for this year.. then withdraw next year 2013....

and then in Dec 2013, i add another RM6000 to have tax deduction.. and again, withdraw in 2014 Jan....

on and on and on......

OK kah? doesn't sound logical ...
*
why u ppl no read... 10% a year withdrawal only. so u put in 6k each year from YA2012 to YA2015, u get a total savings of 18k that you can only take out over a 10 year period. or if your child graduates with certificate of death.
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sidanos
post Mar 4 2013, 03:04 PM


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Anybody having problem logging in to the SSPN website?
Shows the pwd incorrect. Even after i reset the pwd and pwd sent to me, still unable to login.
Pening la like this.
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numbertwo
post Mar 4 2013, 06:45 PM


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Has sspn declared the dividen for 2012 yet?


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numbertwo
post Mar 4 2013, 06:46 PM


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QUOTE(sidanos @ Mar 4 2013, 03:04 PM)
Anybody having problem logging in to the SSPN website?
Shows the pwd incorrect. Even after i reset the pwd and pwd sent to me, still unable to login.
Pening la like this.
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This year I have to re-register the login... The old login id (which is the account number) is no longer usable, it has to be ic number this time.
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ronnie
post Mar 7 2013, 11:05 PM


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SSPN Dividend 2012 has been creditted rclxms.gif drool.gif icon_rolleyes.gif thumbup.gif

This post has been edited by ronnie: Mar 7 2013, 11:05 PM
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numbertwo
post Mar 7 2013, 11:21 PM


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QUOTE(ronnie @ Mar 7 2013, 11:05 PM)
SSPN Dividend 2012 has been creditted  rclxms.gif  drool.gif  icon_rolleyes.gif  thumbup.gif
*
Ah great.. Ay idea what the d.rate is?

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xuzen
post Mar 8 2013, 11:50 AM


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QUOTE(numbertwo @ Mar 7 2013, 11:21 PM)
Ah great.. Ay idea what the d.rate is?
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For me it is a ROI of 30.25% for Y2012.

Xuzen
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ronnie
post Mar 8 2013, 12:01 PM


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QUOTE(xuzen @ Mar 8 2013, 11:50 AM)
For me it is a ROI of 30.25% for Y2012.

Xuzen
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How do you calculate such high ROI ??
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poolcarpet
post Mar 8 2013, 12:04 PM


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You included the 'tax savings' as part of your ROI calculation? drool.gif

QUOTE(xuzen @ Mar 8 2013, 11:50 AM)
For me it is a ROI of 30.25% for Y2012.

Xuzen
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poolcarpet
post Mar 8 2013, 12:06 PM


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Any idea how much was the dividend for 2012? I did rough calculation it's around 4.2x% ?

Update: Nevermind, just saw it at SSPN website 4.25%... was hoping for it to be closer to EPF.... vmad.gif

This post has been edited by poolcarpet: Mar 8 2013, 12:08 PM
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ronnie
post Mar 8 2013, 12:25 PM


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QUOTE(poolcarpet @ Mar 8 2013, 12:06 PM)
Any idea how much was the dividend for 2012? I did rough calculation it's around 4.2x% ?

Update: Nevermind, just saw it at SSPN website 4.25%... was hoping for it to be closer to EPF....  vmad.gif
*
It won't be close to EPF dividend lah doh.gif
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xuzen
post Mar 8 2013, 01:07 PM


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QUOTE(poolcarpet @ Mar 8 2013, 12:04 PM)
You included the 'tax savings' as part of your ROI calculation?  drool.gif
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LOL, yes of course.

I kena tax'ed at the highest tax bracket... so it is beneficial to me to "plan" my tax.

Xuzen
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poolcarpet
post Mar 8 2013, 01:14 PM


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Ok, I was just thinking about this... most will put in RM3k into SSPN in order to take advantage of the tax relief, and gain up to RM780 in 'instant' returns, correct?

I just quickly created an excel with simple calculation,

» Click to show Spoiler - click again to hide... «


and let's assume we only look at 1 year investment return (because year 2-year n is just a repeat of this year 1 investment),
RM3k put in SSPN and RM3k-RM780=RM2220 put in another investment.

Over 17 years, if I can get consistently 2% higher return rate than SSPN dividend, I actually end up with MORE money at the end!

Is my calculation correct or am I missing something here? Anyone understand what I'm trying to say here?
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numbertwo
post Mar 8 2013, 02:35 PM


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QUOTE(poolcarpet @ Mar 8 2013, 12:06 PM)
Any idea how much was the dividend for 2012? I did rough calculation it's around 4.2x% ?

Update: Nevermind, just saw it at SSPN website 4.25%... was hoping for it to be closer to EPF....  vmad.gif
*
In the past I think it manage to do well, better than just FD..so yeah, it won't match EPF in anyway you can imagine.. smile.gif But like what everybody does, its purpose is for tax relief. Remember we have 6K instead of 3K tax relief this year .
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ronnie
post Mar 8 2013, 02:40 PM


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QUOTE(numbertwo @ Mar 8 2013, 02:35 PM)
Remember we have 6K instead of 3K tax relief this year .
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The RM6k tax relief for SSPN starts from Year Assessment 2012 onwards
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xuzen
post Mar 9 2013, 12:26 PM


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QUOTE(poolcarpet @ Mar 8 2013, 01:14 PM)
Ok, I was just thinking about this... most will put in RM3k into SSPN in order to take advantage of the tax relief, and gain up to RM780 in 'instant' returns, correct?

I just quickly created an excel with simple calculation,

» Click to show Spoiler - click again to hide... «


and let's assume we only look at 1 year investment return (because year 2-year n is just a repeat of this year 1 investment),
RM3k put in SSPN and RM3k-RM780=RM2220 put in another investment.

Over 17 years, if I can get consistently 2% higher return rate than SSPN dividend, I actually end up with MORE money at the end!

Is my calculation correct or am I missing something here? Anyone understand what I'm trying to say here?
*
First I use Excel to do the calculation.

I pull it for 17 years.

Under column 1: I put in a figure of RM 4,400.00 i.e., RM 6,000.00 less 26%. This means your actual capital is RM 6000.00 - less 26% = RM 4,400.00

Under column 2: I put in a figure of RM 6,000.00 because this is the actual amount put into SSPN every year for the next 17 years consistently.

Under column 3: I key in the formula =Column 2 x 1.04 because I assume SSPN will give a dividend of 4% consistently throughout the whole 17 year tenure.

I repeat the process until I get 17 rows i.e., 17 payment periods.

What I get essentially is:

i) PV = 0 since I start accumulating from zero value

ii) FV = RM 147,872.48 i.e., the total accumulated future value inc dividend reinvested.

iii) N = 17 i.e., 17 years tenure.

iv) PMT = RM 4,440.00 i.e. the actual capital outlay per period of time

v) Mode = End, since the dividend is paid at the end of the period.

From all the 5 parameters above I am able to calculate I, i.e. the Internal Rate of return for this series of investment using a financial calculator.

And from my calculator, the IRR (I) = 7.85% p.a.

Taking into a/c the tax savings, this SSPN saving vehicle is able to give a return of 7.85%p.a.

Can you compare SSPN rtn with an equity unit trust rtn in a direct way? The answer is no.

Because another component we have to take into a/c is Risk adjusted return.

For SSPN, I'll say its volatility or standard deviation from mean (the measurable parameter for riskiness) is very similar to money market fund i.e., around 0.1%

For an efficient unit trust, the usual standard deviation from mean is around 8% and a typical long term rtn is around 10% p.a.

So, let's compare the risk adjusted return of SSPN vs a efficient equity unit trust.

SSPN = (7.85 - risk free rate)/standard deviation = (7.85 - 3.1)/0.1 = 47.5 where the risk free rate I take is the current retail 12Mth FD rate

Unit Trust = (10 - 3.1)/8 = 0.8625

So if that is the case, does that mean we should dump everything into SSPN?

The answer is no, because SSPN tax benefit stops at RM 6,000.00 p.a. So it is not enough to accumulate for a child education.

However, SSPN plays a volatility reducing role in your overall portfolio for your child education.

Xuzen



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poolcarpet
post Mar 9 2013, 01:26 PM


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shocking.gif notworthy.gif

QUOTE(xuzen @ Mar 9 2013, 12:26 PM)
First I use Excel to do the calculation.

I pull it for 17 years.

Under column 1: I put in a figure of RM 4,400.00 i.e., RM 6,000.00 less 26%. This means your actual capital is RM 6000.00 - less 26% =  RM 4,400.00

Under column 2: I put in a figure of RM 6,000.00 because this is the actual amount put into SSPN every year for the next 17 years consistently.

Under column 3: I key in the formula =Column 2 x 1.04 because I assume SSPN will give a dividend of 4% consistently throughout the whole 17 year tenure.

I repeat the process until I get 17 rows i.e., 17 payment periods. 

What I get essentially is:

i) PV = 0 since I start accumulating from zero value

ii) FV = RM 147,872.48 i.e., the total accumulated future value inc dividend reinvested.

iii) N = 17 i.e., 17 years tenure.

iv) PMT = RM 4,440.00 i.e. the actual capital outlay per period of time

v) Mode = End, since the dividend is paid at the end of the period.

From all the 5 parameters above I am able to calculate I, i.e. the Internal Rate of return for this series of investment using a financial calculator.

And from my calculator, the IRR (I) = 7.85% p.a.

Taking into a/c the tax savings, this SSPN saving vehicle is able to give a return of 7.85%p.a.

Can you compare SSPN rtn with an equity unit trust rtn in a direct way? The answer is no.

Because another component we have to take into a/c is Risk adjusted return.

For SSPN, I'll say its volatility or standard deviation from mean (the measurable parameter for riskiness) is very similar to money market fund i.e., around 0.1%

For an efficient unit trust, the usual standard deviation from mean is around 8% and a typical long term rtn is around 10% p.a.

So, let's compare the risk adjusted return of SSPN vs a efficient equity unit trust.

SSPN = (7.85 - risk free rate)/standard deviation = (7.85 - 3.1)/0.1 = 47.5 where the risk free rate I take is the current retail 12Mth FD rate

Unit Trust = (10 - 3.1)/8 = 0.8625

So if that is the case, does that mean we should dump everything into SSPN?

The answer is no, because SSPN tax benefit stops at RM 6,000.00 p.a. So it is not enough to accumulate for a child education.

However, SSPN plays a volatility reducing role in your overall portfolio for your child education.

Xuzen
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This post has been edited by poolcarpet: Mar 9 2013, 01:29 PM
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popice2u
post Mar 10 2013, 06:34 PM


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QUOTE(ronnie @ Mar 8 2013, 02:40 PM)
The RM6k tax relief for SSPN starts from Year Assessment 2012 onwards
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anyone can confirm...3k or 6k rclxub.gif
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numbertwo
post Mar 10 2013, 06:49 PM


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all that I know is, new tax relief of 6k will be enforced starting assessment year of 2012....darn i missed it last year..didn't take too much notice abt our budget announcement..heh

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poolcarpet
post Mar 10 2013, 06:58 PM


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It is RM6k for year of assessment 2012-2017

http://www.hasil.gov.my/goindex.php?kump=5...3&unit=1&sequ=1
http://www.ptptn.gov.my/web/guest/simpanan/istimewa



QUOTE(popice2u @ Mar 10 2013, 06:34 PM)
anyone can confirm...3k or 6k rclxub.gif
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wongmunkeong
post Mar 10 2013, 07:29 PM


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QUOTE(popice2u @ Mar 10 2013, 06:34 PM)
anyone can confirm...3k or 6k rclxub.gif
*
$6K for SSPN 2011 tax relief (i just filed online).
PS: Corrections 2012 hehe - thanks poolcarpet

This post has been edited by wongmunkeong: Mar 10 2013, 10:57 PM
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poolcarpet
post Mar 10 2013, 07:39 PM


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you do mean 2012 tax relief right? not 2011.... ?

QUOTE(wongmunkeong @ Mar 10 2013, 07:29 PM)
$6K for SSPN 2011 tax relief (i just filed online).
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wongmunkeong
post Mar 10 2013, 09:12 PM


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QUOTE(poolcarpet @ Mar 10 2013, 07:39 PM)
you do mean 2012 tax relief right? not 2011.... ?
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whoops heheh - siaran tergendala, now is 2013, not 2012.
Yup, starts 2012 $6K tax relief notworthy.gif
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poolcarpet
post Mar 10 2013, 09:24 PM


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sweat.gif i thought i missed out on 2011 tongue.gif

QUOTE(wongmunkeong @ Mar 10 2013, 09:12 PM)
whoops heheh - siaran tergendala, now is 2013, not 2012.
Yup, starts 2012 $6K tax relief  notworthy.gif
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lukaka
post Mar 12 2013, 08:48 AM


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QUOTE(poolcarpet @ Mar 8 2013, 12:06 PM)
Any idea how much was the dividend for 2012? I did rough calculation it's around 4.2x% ?

Update: Nevermind, just saw it at SSPN website 4.25%... was hoping for it to be closer to EPF....  vmad.gif
*
Yes. It was updated few days ago. But just now i login again, the record for dividend 2012 disappear. Seems PTPTN rollback all the dividend for 2012. vmad.gif
Anyone can confirm?
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numbertwo
post Mar 12 2013, 09:05 AM


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QUOTE(lukaka @ Mar 12 2013, 08:48 AM)
Yes. It was updated few days ago. But just now i login again, the record for dividend 2012 disappear. Seems PTPTN rollback all the dividend for 2012.  vmad.gif
Anyone can confirm?
*
same here, I'm unable to see any dividend payout today...
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poolcarpet
post Mar 12 2013, 09:29 AM


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same, it was there few days ago, now missing. maybe they are doing something on the system, just check again later or tomorrow. (and print out and keep!)

and last week or so, couldn't login but heard some registered new account/password then ok, but i didn't and just tried again and it's ok, don't know what kind of system they are running? blink.gif

btw, no one won the sspn simpanan bonanza? RM100k.... brows.gif

http://www.ptptn.gov.my/docs/Senarai%20Pem...nanza-siri1.pdf
http://www.ptptn.gov.my/docs/Keputusan%20p...iri%20Kedua.pdf

QUOTE(numbertwo @ Mar 12 2013, 09:05 AM)
same here, I'm unable to see any dividend payout today...
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ronnie
post Mar 12 2013, 09:43 AM


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I did print when I saw the Dividend for Y2012... now it's missing mad.gif
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wongmunkeong
post Mar 12 2013, 10:22 AM


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Their IT & IS people OR their accounting ppl shd be shot for such "reporting". Show then remove doh.gif
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poolcarpet
post Mar 12 2013, 10:24 AM


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maybe want to give us more! icon_idea.gif

QUOTE(wongmunkeong @ Mar 12 2013, 10:22 AM)
Their IT & IS people OR their accounting ppl shd be shot for such "reporting". Show then remove doh.gif
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MR_alien
post Mar 12 2013, 06:52 PM


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erm, wanna ask
my father applied SSPN(under my dad name) when i applied PTPTN
now that he passed away, what should i do abt it?
passed away 1 year+ already
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kellyt92
post Mar 19 2013, 10:52 AM


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Hi just asking, let's say I deposited RM6000 in year 2012 for one kid, so in year 2013 when I file for income tax, I am eligible for tax relief of RM6000. Then I leave the balance of SSPN as it is without any top-up in year 2013. When in year 2014, do I still enjoy the tax relief of RM6000 because of the balance, or not eligible because no additional top-up?
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ronnie
post Mar 19 2013, 01:03 PM


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QUOTE(kellyt92 @ Mar 19 2013, 10:52 AM)
Hi just asking, let's say I deposited RM6000 in year 2012 for one kid, so in year 2013 when I file for income tax, I am eligible for tax relief of RM6000. Then I leave the balance of SSPN as it is without any top-up in year 2013. When in year 2014, do I still enjoy the tax relief of RM6000 because of the balance, or not eligible because no additional top-up?
*
Of course no Tax Relief for YA2013 if you did not top-up in Year 2013
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poolcarpet
post Mar 19 2013, 03:47 PM


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SSPN-i statement is available again! Quick check/print and keep a copy smile.gif
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wongmunkeong
post Mar 19 2013, 03:53 PM


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QUOTE(poolcarpet @ Mar 19 2013, 03:47 PM)
SSPN-i statement is available again! Quick check/print and keep a copy smile.gif
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yeah, it's up but still no "interest" stated cry.gif
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post Mar 19 2013, 04:01 PM


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QUOTE(poolcarpet @ Mar 19 2013, 03:47 PM)
SSPN-i statement is available again! Quick check/print and keep a copy smile.gif
*
With Dividend ?
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poolcarpet
post Mar 19 2013, 04:04 PM


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Click on lihat terperinci, then select year 2012..... 2013 will not show dividend...
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kellyt92
post Mar 19 2013, 11:01 PM


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QUOTE(ronnie @ Mar 19 2013, 01:03 PM)
Of course no Tax Relief for YA2013 if you did not top-up in Year 2013
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Thx biggrin.gif
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sphiroth
post Mar 19 2013, 11:48 PM


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Mine not showing dividend...
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lalachong
post Mar 25 2013, 12:13 PM


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so is it no dividend declared?? o..
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justin_nys
post Mar 25 2013, 12:19 PM


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So what is the dividend for 2012? Can anyone advise?
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Roychin90
post Mar 31 2013, 08:48 PM


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QUOTE(NelsonBoy @ Apr 3 2011, 11:04 PM)
duhhh  shakehead.gif  shakehead.gif 

i am informing ppl here about one of the highest interest rate available
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Asm very hard to get la bro..
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numbertwo
post Apr 2 2013, 09:23 PM


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I think it is around 4.18%... I have just printed it out... Don't forget to click on 'lihat terperinci'.

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michealtan19
post Apr 12 2013, 03:42 PM


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QUOTE(alexkos @ Apr 3 2011, 01:39 PM)
anyone know anything about this?
Yearly dividend @3.25% at 2010

Saving rate=2.5%
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Ard 2.7 I think
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wu ming
post May 23 2013, 08:43 AM


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I am contemplating to open this account. Will check later at the one-stop PTPTN later.
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ruben7389
post Oct 12 2013, 01:03 PM


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Maybank said can only open sspn once my kid is minimum 6 months old.... true ka?

Cos my baby born in jul so if wait 6 months is jan 2014... so cant put in 6k for 2013... anyone can help?
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yklooi
post Oct 12 2013, 01:27 PM


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QUOTE(ruben7389 @ Oct 12 2013, 01:03 PM)
Maybank said can only open sspn once my kid is minimum 6 months old.... true ka?

Cos my baby born in jul so if wait 6 months is jan 2014... so cant put in 6k for 2013... anyone can help?
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guess it is NOT correct,
Apakah had umur untuk Pendeposit dan Penerima Manfaat?

Pendeposit SSPN hendaklah berumur 18 tahun dan ke atas manakala had
umur Penerima Manfaat adalah antara 1 hari hingga 28 tahun (1 hari
sebelum hari lahir ke 29 tahun). Penerima Manfaat yang telah mencapai
umur 29 tahun dan ke atas hendaklah membuka untuk dirinya sendiri.

http://www.ptptn.gov.my/docs/FAQ%20SSPN.pdf
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vergas
post Dec 31 2013, 08:25 AM


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Today will be the last day if anyone want to get the RM6000 tax relief for this year!!

This post has been edited by vergas: Dec 31 2013, 08:26 AM
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wil-i-am
post Dec 31 2013, 02:03 PM


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QUOTE(vergas @ Dec 31 2013, 08:25 AM)
Today will be the last day if anyone want to get the RM6000 tax relief for this year!!
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Can single open an a/c?
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yklooi
post Dec 31 2013, 02:40 PM


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QUOTE(wil-i-am @ Dec 31 2013, 02:03 PM)
Can single open an a/c?
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i guess CAN..refer to

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

This post has been edited by yklooi: Dec 31 2013, 02:44 PM
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vergas
post Dec 31 2013, 03:10 PM


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QUOTE(wil-i-am @ Dec 31 2013, 02:03 PM)
Can single open an a/c?
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Yes, but it seems that the tax relief is only for parents keeping money for their children....
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wil-i-am
post Feb 16 2014, 05:27 PM


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When SSPN will declare dividend for 2013?
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tbheng
post Feb 20 2014, 11:03 AM


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QUOTE(xuzen @ Mar 9 2013, 12:26 PM)
First I use Excel to do the calculation.

I pull it for 17 years.

Under column 1: I put in a figure of RM 4,400.00 i.e., RM 6,000.00 less 26%. This means your actual capital is RM 6000.00 - less 26% =  RM 4,400.00

Under column 2: I put in a figure of RM 6,000.00 because this is the actual amount put into SSPN every year for the next 17 years consistently.

Under column 3: I key in the formula =Column 2 x 1.04 because I assume SSPN will give a dividend of 4% consistently throughout the whole 17 year tenure.

I repeat the process until I get 17 rows i.e., 17 payment periods. 

What I get essentially is:

i) PV = 0 since I start accumulating from zero value

ii) FV = RM 147,872.48 i.e., the total accumulated future value inc dividend reinvested.

iii) N = 17 i.e., 17 years tenure.

iv) PMT = RM 4,440.00 i.e. the actual capital outlay per period of time

v) Mode = End, since the dividend is paid at the end of the period.

From all the 5 parameters above I am able to calculate I, i.e. the Internal Rate of return for this series of investment using a financial calculator.

And from my calculator, the IRR (I) = 7.85% p.a.

Taking into a/c the tax savings, this SSPN saving vehicle is able to give a return of 7.85%p.a.

Can you compare SSPN rtn with an equity unit trust rtn in a direct way? The answer is no.

Because another component we have to take into a/c is Risk adjusted return.

For SSPN, I'll say its volatility or standard deviation from mean (the measurable parameter for riskiness) is very similar to money market fund i.e., around 0.1%

For an efficient unit trust, the usual standard deviation from mean is around 8% and a typical long term rtn is around 10% p.a.

So, let's compare the risk adjusted return of SSPN vs a efficient equity unit trust.

SSPN = (7.85 - risk free rate)/standard deviation = (7.85 - 3.1)/0.1 = 47.5 where the risk free rate I take is the current retail 12Mth FD rate

Unit Trust = (10 - 3.1)/8 = 0.8625

So if that is the case, does that mean we should dump everything into SSPN?

The answer is no, because SSPN tax benefit stops at RM 6,000.00 p.a. So it is not enough to accumulate for a child education.

However, SSPN plays a volatility reducing role in your overall portfolio for your child education.

Xuzen
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Hi Xuzen,
While calculating the roi, I came across your formula in this post. Thanks for the tips. notworthy.gif
I have worked out the spreadsheet as attached.
In fact I am able to work out the 7.85% by using the Excel function @RATE.
i.e. RATE(17,-4440,0,147872.48,0) = 7.85%

I normally use this function for Annualized ROI calculation for my investment.
RATE((TODAY-InvestmentDate)/365,0,-OneTimeInvestmentAmount,CurrentBalance,0)
E.g. says I withdraw RM100,000 from EPF for UT investment 10 years ago, and it is double by today.
Hence, Annualized Returns for the past 10 years = RATE(10,0,-100000,200000,0) = 7.18% p.a. (compounded).
Am I correct? (sorry, I am no financial person) notworthy.gif

This post has been edited by tbheng: Feb 20 2014, 11:07 AM


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xuzen
post Feb 22 2014, 01:13 PM


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QUOTE(tbheng @ Feb 20 2014, 11:03 AM)
Hi Xuzen,
While calculating the roi, I came across your formula in this post. Thanks for the tips.  notworthy.gif
I have worked out the spreadsheet as attached.
In fact I am able to work out the 7.85% by using the Excel function @RATE.
i.e. RATE(17,-4440,0,147872.48,0) = 7.85%

I normally use this function for Annualized ROI calculation for my investment.
RATE((TODAY-InvestmentDate)/365,0,-OneTimeInvestmentAmount,CurrentBalance,0)
E.g. says I withdraw RM100,000 from EPF for UT investment 10 years ago, and it is double by today.
Hence, Annualized Returns for the past 10 years = RATE(10,0,-100000,200000,0) = 7.18% p.a. (compounded).
Am I correct?  (sorry, I am no financial person) notworthy.gif
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I am not clever with excel formula.

Sorry.

Xuzen
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tbheng
post Feb 22 2014, 10:41 PM


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QUOTE(xuzen @ Feb 22 2014, 01:13 PM)
I am not clever with excel formula.

Sorry.

Xuzen
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No worry. I got the @RATE and @XIRR functions working base on another forummer's post in this thread.
An effective way to calculate one's investment portfolio in Excel form rather than punching into a financial calculator.
Cause we can keep them all on record and continue to monitor as time goes by when market price changes or investment topup. thumbup.gif

This post has been edited by tbheng: Feb 22 2014, 10:43 PM
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lalachong
post Mar 6 2014, 05:43 PM


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anyone got dividends yet?
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xuzen
post Mar 6 2014, 08:05 PM


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QUOTE(lalachong @ Mar 6 2014, 05:43 PM)
anyone got dividends yet?
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Just checked at i-SSPN website and NOPE... belum dapat.

Looking at 2013, the dividend was credited into the statement somewhere between late Mar to early April, usually 6 weeks after EPF's.

BTW, SSPN's dividend declaration do not have the same fan-fare as its more famous counterpart (EPF). It is usually a very low-key affair.

Xuzen

This post has been edited by xuzen: Mar 6 2014, 08:05 PM
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tenchi0205
post Apr 2 2014, 10:49 PM


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I just check havent see any dividen yet.
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lalachong
post Apr 7 2014, 11:36 AM


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Still no dividends yet. when lo?
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tenchi0205
post Apr 7 2014, 12:24 PM


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yalo, my income tax refund pun dapat liao
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ronnie
post Apr 9 2014, 02:12 PM


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Still waiting for the 2013 Dividend from SSPN sad.gif
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lalachong
post Apr 15 2014, 10:25 AM


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Still waiting for the 2013 Dividend from SSPN sad.gif
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mynewuser
post Apr 21 2014, 08:14 PM


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how to open sspn account?
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yklooi
post Apr 21 2014, 08:44 PM


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QUOTE(mynewuser @ Apr 21 2014, 08:14 PM)
how to open sspn account?
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try this website and its links
hope it helps

http://www.ptptn.gov.my/web/english/savings/opening-account
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lalachong
post Today, 03:13 PM


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got the dividend d. not sure percentage though...

back calculated to be 4.25%. not bad... rolleyes.gif

This post has been edited by lalachong: Today, 03:16 PM
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