check with PRS provider bro. there is no transferring fee for RHB in my case. CIMB i think there are charges.

hmm, okay will do. thanks.
currently checking, will update you guys if I have the update.

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thanks sifu, i also just got in touch with my agent. so Am now thinking how to manage these already invested funds. hmm.. now 2k in this cimb funds, if I transfer to kenanga, can I use fundsupermart to purchase instead?

You should ask FSM CS.

My opinion shouldn't be a big problem as PRS is under your name and FSM can access your info from PPA.

thanks. already shot them an email.

let's see what they have got for me. thank you.

hi all, an update and fyi only. PPA is quite efficient too, kudos to them.

"A Member may make a full or partial transfer from one or multiple funds managed by the Transferor Provider, subject to the PRS Guidelines. Members are to approach the Transferee Provider to complete a Transfer Form as well as other relevant forms. Request for transfer must be made in units and a Member will not be required to indicate the breakdown on the number of units to be transferred from sub-account A and sub-account B respectively.


We append herewith, the terms and conditions for Transfer :

A Transfer can only be performed subject to there being sufficient units in the fund(s) selected for transfer (after deducting the applicable fees and charges)

Where the net amount to be transferred meets the minimum contribution requirement of the Transferee Provider (the receiving Provider)

A transfer request can only be conducted once per calendar year (there had been no prior transfer with the Transferor Provider (releasing Provider) in that calendar year)

Members are only allowed to transfer to one fund. Each transfer request is only between two PRS Providers which must involve a transfer of one or more funds from the Transferor Provider to one or more funds of the Transferee Provider. Splitting of funds is not allowed for transfer for example from a single fund to two or more funds."


case by case basis: on my case - You are not allowed to perform the transfer request as Transfers can only be instructed between Providers after the first year of subscription to the PRS from the date of first contribution."

Guys, about PRS 3k tax relief, does it mean I have to contribute mininum RM250 monthly, or 3k yearly to enjoy the 3k relief every year? or??

Cumulative contribution for the year is RM 3k max.

its a max, no minimum contribution needed to get tax relief...
but you would only get the tax relief up to 3k of your PRS contribution, yearly (max)

so lets say I contribute RM100/monthly, i still can get can tax relief of 3000?

100/month
1 year 1200

so u can claim 1200 only

have u ever pay tax before? lol

contribute rm100/month = rm1200 per year, you will be deducting rm1200 from your income before they charge you tax...

if ur income level falls under, say 23% tax...then you would save rm1200 x 23% = rm276 of tax

In regards to this scheme, can I go to, say any CIMB or RHB, bank to open an account even though I do not have any savings/current account with them?

Why not? And don't get fooled or forced by the agents to do so at the branch.

Can you explain the "get fooled / forced" part?

Since both of them are quite close to where I am working, my plan is to sign up at one of these banks. Later on, I plan to manage them via FSM (is it possible?).

Since you're keen and comfortable with that marketing tactic if it does happen, I would like to retract my statement.

Thank you and have a nice day!

This post has been edited by David83: Sep 18 2014, 08:11 AM

http://www.ppa.my/prs/about-prs/prs-providers/

i'm just curious, why not just open account via FSM?

FSM doesn't charge any sales charge for PRS.

i agree, and that's what i'm doing, and instead of putting in big block of investments, i am now trying to invest in a block of rm200. main thing for is to hit 3k per year to take advantage of the tax deduction, putting in small blocks is to capitalize on averaging..

and it's so easy to purchase fund anyway