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 SSPN, Skim Simpanan Pendidikan Nasional

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MGM
post Apr 29 2014, 08:16 PM

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QUOTE(tbheng @ Apr 29 2014, 01:55 PM)
The amount you deposited can only claim tax relief for that year, one time only.
E.g. Deposited RM3k in 2013, entitled for tax relief for 2013 year of assessment only.
To claim for tax relief again in 2014 year of assessment, need another deposit any time in 2014.

Correct, dividend cannot be used for tax relief.
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I printed a copy of the SSPN/PTPTN statement for tax relief and found that one also get the tax relief for the dividend earned during the year.
For me in year 2013, dividend earned was rm536 and I put in rm5500.
So Tambahan simpanan bersih bagi 2013 is 5500+536=6036.
And amaun layak pelepasan cukai bagi YA2013 is rm6000(max).
All the while I thought only the amount put in is considered.


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MGM
post Apr 29 2014, 08:18 PM

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QUOTE(wil-i-am @ Apr 28 2014, 12:53 PM)
Past 3 yrs range from 3.75 - 4.25 which is consider gud
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If not because of tax relief, it is not a good savings plan due to the many restriction.
MGM
post Oct 14 2014, 05:06 PM

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QUOTE(wongmunkeong @ Oct 14 2014, 12:02 PM)
I was WRONG (yes - i do admit mistakes  brows.gif)

Please refer to MGM's old post & screenshot
https://forum.lowyat.net/topic/1819492/+182

Apparently total savings per year = cold hard cash injected +dividends for the year!
eg. 2013 cold hard cash inject + dividends for 2013

Going to go check out the statement online smile.gif

Thanks MGM!  notworthy.gif

Updated:
Yup.. dang.. now to optimize this year.. inject only $5K+  sweat.gif
[attachmentid=4170158]
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U are welcome. Wah even a half-year old post is being dug out. At that time somebody was suggesting it could be a mistake and that I was taking a risk to include the dividend/interest for tax relief.
MGM
post Jun 28 2019, 11:31 AM

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QUOTE(jefftan4888 @ Jun 28 2019, 11:25 AM)
Today went to Bank Islam opened an Basic savings account. Only need to deposit RM20 to the BSA. No annual maintenance fee.

Then linked SSPN-i account, managed to check balance. After that I decided to delink the SSPN-i account. I feel that since we are not withdrawing/cashing out or transferring out regularly, it is not worth taking the risk linking the SSPN-i account permanently. So I confirmed the delink by performing balance enquiry. The result is transaction unsuccessful & the reason is account not found.

We can always link back the SSPN-i account to Bank Islam BSA account as and when we need to perform withdrawal/transfer.

The account opening + testing linking/delinking at ATM took me about 45-60 minutes. With this feature, it is so much convenient now.  thumbup.gif
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Can open an PIB to handle all those?
MGM
post Jun 28 2019, 12:02 PM

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QUOTE(jefftan4888 @ Jun 28 2019, 11:34 AM)
May I know what is "PIB"?
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internet banking
MGM
post Jun 28 2019, 12:09 PM

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QUOTE(MUM @ Jun 28 2019, 12:04 PM)
some pages back...some forummer mentioned only some banks (just 2, I think) can link to SSPN.
not ALL banks
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I know they are Bank Islam n Bank Rakyat. I am talking about using PIB for these 2 banks.
MGM
post Jun 28 2019, 12:46 PM

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QUOTE(jefftan4888 @ Jun 28 2019, 12:08 PM)
Can open online banking. But I have yet to explore.

So when you want to withdraw money from SSPN-I, the flows are:

Go to ATM & link the SSPN-i account, perform transfer from SSPN-I account to Bank Islam basic savings account. Delink the SSPN-i account for security purpose. Then use online banking to transfer the amount to any bank account you like.
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Thanks for the steps.
It will be easier if can do all these online instead of via ATM:
Link the SSPN-i account,
Perform transfer from SSPN-I account to Bank Islam basic savings account
Delink the SSPN-i account for security purpose
Use online banking to transfer the amount to any bank account you like
MGM
post Jul 4 2019, 08:54 PM

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QUOTE(saitong09 @ Jul 4 2019, 08:39 PM)
If not mistaken the dividend earned also part of the amount deposited

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Previously yes, but recent years no more. Refer to your SSPN's statement for LHDN.
MGM
post Aug 27 2019, 11:08 AM

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QUOTE(Mervin1234 @ Aug 27 2019, 09:49 AM)
Hi im new with SSPN-i, i just register an account for my son and for tax deduction purpose.

Sorry if this questions have been ask before by others.

1. how much tax relieve max for 1 year ?
2. can i pay using credit card ?
3. what is the best time to deposit to enjoy the dividen ?
4. should i deposit monthly/quarterly or lump sum ?

Thanking in advance for answers.
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QUOTE(mikeeeee @ Aug 27 2019, 10:00 AM)
1. This year 8k
2. Kennot, if wanna earn point can use bigpay
3. The earlier u deposit, the higher the amount for the dividend. Its prorated.
4. makes no difference for tax deduction purpose, deposit as an when u want to. Just make sure u max out the amount before new year.
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So indirectly can reload Bigpay with creditcard and then pay sspn using Bigpay?
MGM
post Sep 5 2019, 12:42 PM

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QUOTE(rapple @ Sep 4 2019, 03:46 PM)
I took the time to check back from 2015 to 2018.

I tried using both the method you mention but didn't get the same dividend return.
My findings:

Interest is calculated by - (Deposit Amount/Balance x Dividend % / 12 months) x number of months entitled to.

Transaction between 1st to 16th will entitle for that month of interest. i.e Deposit on 05 Nov RM20 x 4% / 12month * 2 months = RM0.13

Transaction from 17th to 31st won't entitled for that month of interest. i.e Deposit on 30 Oct RM20 x 4% / 12month * 2 months = RM0.13

Just double check again.
Deposit on 14/12/2015, 15/12/2015, 13/12/2016 & 15/12/2016 not entitled to any interest.
Deposit on 4th Dec get me 1 month of interest. Not sure the cut off date for Dec.

[attachmentid=10309933]
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When is the best time to withdraw, so that u still entitle dividend for that month?
MGM
post Sep 17 2019, 10:11 AM

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QUOTE(Level 60 Wizard @ Sep 17 2019, 08:58 AM)
what? SSPN not 6%?  shocking.gif
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QUOTE(MUM @ Sep 17 2019, 09:07 AM)
Historical SSPN-i dividend payout rate is as below:

http://voyager8.blogspot.com/2019/01/ptptn...d-for-sspn.html
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Unless your tax bracket is high, SSPN-i is not a good long-term vehicle purely for returns purpose.
If your bracket is 25%, putting rm8000(tax rebate rm2000) for 18 years gives a return of 5.7%/year, assuming SSPN gives 4%.
Similarly for tax bracket of 14%, returns is only 4.9%. CMIIAW.

This post has been edited by MGM: Sep 17 2019, 10:12 AM
MGM
post Sep 17 2019, 11:06 AM

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QUOTE(takadanicklagi @ Sep 17 2019, 10:53 AM)
Guys want to ask..is it possible to withdrawal all the money from sspn account? What I read :

Withdrawing Your Money
Unfortunately, withdrawing money from your SSPN account is not a simple task! Unlike normal savings accounts, 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 only RM500 or 10% of your total savings.

A 100% withdrawal will require either the beneficiary’s offer letter to local universities/colleges or a statement of the beneficiary “no longer wishing to participate in the educational process”; otherwise it is only possible in the event of the beneficiary’s/depositor’s death or incapacitation.
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I have already withdrew 2x this year, leaving 5 to 20% in balance.
MGM
post Sep 19 2019, 01:52 PM

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QUOTE(kino318 @ Sep 19 2019, 12:07 PM)
next year jan can withdraw at ptptn office.
They will credit the money to yr bank ac.
u can withdraw all or partial
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QUOTE(lyc1982 @ Sep 19 2019, 12:08 PM)
so far no way to transfer sspn money into bank account online, correct ?
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So far this year I have already transfered my SSPN's savings to my bank's account twice at the ptptn offices. Both amounts were credited within 2 days.
MGM
post Sep 19 2019, 07:44 PM

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QUOTE(ktyong123 @ Sep 19 2019, 06:56 PM)
so, there is no need to open bank islam acct?  i go online apply bank islam acct, i notice there is some fees will be charged annually, rm12+rm8+rm8=rm28.  so i am not going to open bank islam acct.

user posted image
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My accounts from PBB n MBB.
MGM
post Sep 21 2019, 12:23 AM

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QUOTE(joshhd @ Sep 20 2019, 11:31 PM)
https://www.pbebank.com/Personal-Banking/Pr...-RM10-Cash.aspx
My friend is a Pubic Bank Visa Debit Card user. If he would wanna get all the RM100 cashback by paying off his PTPTN loan, does that means he got to keep making separate RM30 payments multiple times so that he can get RM10 cashback for each time he pay PTPTN for >RM30 each time?

Anyone tried this? I mean, imagine at PTPTN counter there, tell them you wanna make separate RM30 payments using Public Bank for 10 times,
so that you're eventually paying RM300 grand total, for the sake of cash back... Sounds kinda awkward and odd to me.
Or is there any other ways?

Thanks
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This month is the last month n now is already 21Sept.
MGM
post Oct 9 2019, 05:07 PM

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https://www.ptptn.gov.my/faq-umum-side/faq-...hun-sspn-i-2019

Cabutan 15 Tahun SSPN-i 2019

https://www.ptptn.gov.my/promosi-menu/keput...15-tahun-sspn-i



This post has been edited by MGM: Oct 9 2019, 05:20 PM
MGM
post Oct 9 2019, 08:29 PM

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QUOTE(lyc1982 @ Oct 9 2019, 04:46 PM)
i think the gift is mostly for rm8k in total deposit
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QUOTE(MeToo @ Oct 9 2019, 05:04 PM)
Any amount also got gift i think.

More u put better the gift.

Past few years was max 6k so I get some food hamper
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QUOTE(saitong09 @ Oct 9 2019, 07:28 PM)
3k already can get hamper smile.gif
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One shot deposit or accumulated over a few months?
MGM
post Oct 10 2019, 04:39 AM

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QUOTE(saitong09 @ Oct 9 2019, 08:56 PM)
Last year 1 shot. This year accumulate
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I have been depositing rm1k/month consistently for a few years but never get anything. Does one need to ask for d hamper?
MGM
post Nov 4 2019, 10:14 AM

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QUOTE(Left4Dead2 @ Nov 4 2019, 09:46 AM)
For those already open SSPN account, can withdraw through online or counter ? What is the procedure required ? Anybody withdraw before ?
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Withdraw over the counter.
MGM
post Nov 4 2019, 10:39 AM

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QUOTE(Left4Dead2 @ Nov 4 2019, 10:27 AM)

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What special requirement or proof need ? IC
Or just tell them no education plan already ?
Just withdrawal like cash bank ? Amount will be credited into your banking account.

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