just for the benefits of others....when(which month this year) did you put in the money?

October 2018 - got the bonus on 10th December.

thanks for the info....
WOW...this would be a record....
previously, if the contribution is in Oct....the cut off date would be in Dec, ...then 4 months after the cut off date, then can get the money....
now just 2 months you got it (without the cut off date too)

i invested end of September but yet to receive the incentive

After checking PRS website. I have received the contribution too
Fundsupermart not updated.

Hi Guys !

I'm quite new to the concept of PRS , investment and taxes

So while I was doing my taxes today I was told that people who invest in PRS will get a RM3000 tax relief

and also an additional RM1000 for youths !

that sounds like a good deal

But what's the catch though ?



From what I understand PRS is something like an optional EPF

whereby they take your money to invest somewhere

there's a risk of higher or lower return

So is what my understanding of PRS correct ? Some of my friends say that it's better to save that RM3k in FD ... but then I don't get any tax reliefs

u are right. the catch - u can only take out when u retire, otherwise u'd need to pay the penalty fee.

Woah thanks for the speedy reply

Sounds like a low risk low reward kinda investment ... I wouldn't mind. hmm guess I'll just give it a go since the RM1k incentive is valid til 31st Dec only !

there is high and low risk prs funds. u can analyse them before choosing.

This post has been edited by alexanderclz: Dec 16 2018, 01:04 PM

PRS is like unit trust but the money is locked until your retirement. It's invested according to its mandate. Despite the market risk, the potential gain is normally higher than FD in a long term.

However, whether it is worth to invest in it depends on the individual.

For youth below 30, it's good to invest at least RM 1k in order to get another RM 1k (Intial Roi = 100%).

For tax relief, it depends on your monthly salary. If you don't earn much, you won't be taxed much. So, you don't save much. For example, if your taxable income is taxed at 5% max, you'll only get RM 150 for investing RM 3000 for that year. Normally, when we don't earn much, a huge portion is used to pay the monthly expenses (food, rent, loyer, etc). So, there is not much money left to save. People tend to keep the reminder money in FD or unit trust which they can use in a short-mid term horizon.

For those who are earning very well, it will be interesting to place the 3k in PRS, in order to recover a higher amount of tax. At the same, they have higher disposable income. So, they don't mind locking a small portion of their money until retirement.

So, yeah. The catch is that the money is locked until your retirement. The choice depends on your monthly salary and your level of comfort.

no chance of withdrawal for housing etc? EPF can withdraw oh

Thanks so much for the reply

I'll just give it a try

so far I'm rather comfortable and am trying different investments here and there

I have about ... 1- 2k disposable / month since currently I have no commitments

bcos of the long lock in period.....many would advise go for the max RM3k pa only....if the tax benefits is a lot....else go for other investment vehicles

is the commitment long term means i need to contribute fix amount everymonth or i have option to contribute more or less as and when i want?

You can withdraw money from account B of PRS but you will get taxed.

If not mistaken, only death and permanent departure to overseas can get full withdrawal - account A & B.

You can contribute anytime you want regardless the amount. It's an optional contribution.

This post has been edited by Gabriel03: Dec 16 2018, 01:35 PM

How to check the rm1000 bonus?

while waiting for his/her responses.....
you can try check this site out.....
(I think he/she did the checking from there too)

"......The online account features a single consolidated view, to enable members to view their investment details, check transactions and have access to performance reporting 24 hours a day."

https://www.ppa.my/about-ppa/ppa-faq/

Login and find out you have RM1000 extra from government contribution. All gov contrib goes into account A.

thanks for enlightening.

can provide details how can i start investing? or where can i register.

just enrolled last week, when will i get my account ?

no emails or calls anything thus far