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.

May I know what is "PIB"?

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.

Bank Islam & Bank Rakyat. Choose the one that got branch or ATM machine near your house.

This post has been edited by jefftan4888: Jun 28 2019, 12:10 PM

Good update, luckily Bank Islam is nearer to my house. Otherwise, I will be wasting time.

Choose Basic Savings account so that you don't have to pay any annual fee. Even Basic account they have Option 1 & 2. Make sure you choose Option 2.

ATM Charges

Option on ATM charges

Option1: An annual charge of RM8.00 The application will be processed as usual where RM8.00 charge will be charged

Option 2:No Annual Fee. 8 FREE ATM withdrawals in a month Any withdrawal exceeding 8 times in a month will be charged at RM0.50 per ATM withdrawal

Basic Savings Account & Basic Current Account are Bank Negara's products and compulsory offered by all banks.

If they don't, we can make a complaint to BNM.

This post has been edited by jefftan4888: Jun 28 2019, 01:24 PM

Today is their last day of FD promotion. I saw many Chinese went to make FD placement.

When I was there, they thought I want to open FD account as well. Then I told them SSPN gives 4% interest + tax relief, that is far far better than putting money into FD.

By the way, I was referring to your post for guidance. I was asking for the linked form. Then they told me that have automated the process, just go & link the accounts @ ATM machine. After trying out their ATM machine, it's good in terms of user experience.

Notice that they also have Tiger Football team Visa card (SC has LFC, MBB has FCB), thought of if they provide CB for this card, let's consider it. Haha

Only Tabung Haji account will be shown inside online banking after linking the account via ATM. SSPN-i option is not available.

I notice when I printed out the balance for SSPN-i account via Bank Islam ATM, there are 2 balance amount, i.e. Avail. Balance & Ledger Balance.

Ledger Balance amount is same as my SSPN-i amount but Avail. Balance amount is 1,000 less than Ledger Balance. Not sure why is it like this? Probably max. withdrawal is 1k less?

I think splitting your payment/deposit into RM10 is a bad idea. Each deposit you got to pay RM1 service charge. Can you cover your service charge with the shake reward? Also, the tax relief for 2019 is 8k. How many times you want to deposit?

My recommendation is each time deposit RM101 with mission CB + shake CB.

CB = cashback

They are only limited missions available for SSPN deposit every month. I think only each “Pay 400” & “Pay 200” available every month. So you have to schedule your deposit every month. Unless you don’t mind to deposit without any mission.

Luckily I have collected 800+ coins during the top up mission time.

I thought this is for your child's future?

All of the above fit my purpose.

Anyone knows how SSPN-i interest calculation? Is the calculation based on daily/monthly/yearly interest? Can you provide some examples of interest calculation?

I assume you have a better vehicle to gain > 4%. That’s the reason you withdrew a big sum in Jan. Can you share what investment you have done?

You have withdrawn (32,229.18 + 171.90) - 6,260.58 = 26,140.50.

So you have to deposit (26,140.50 + 8,000) = 34,140.50 by 31/12/19.

I mean where did you keep or invest the amount RM26,140.50 for these few months? For example, FD, shares, etc.

People can use it to park their emergency fund. Most people park at FD. Unless they don’t have emergency fund then another story.