I just called up PPA minutes ago, the CS agent confirmed with me that withdrawal has no effect on your contribution for tax purposes. Meaning even you withdraw RM1500, provided in this year you contribute, you can still claim the tax deduction based on your current year's contribution.

my contribution was solely to benefit on the tax deduction as some said. my current scenario;

PRS A (acct B) RM 2000

PRS B (acct B) RM 800+(new, from August 2019)

Planning to top up RM2400, to make up to RM1500 in PRS B so that i can withdraw comes August 2020
Withdraw from PRS A comes May
Top up RM600 by year ends to make up my total contribution of RM3000 for tax purposes for YA20

its one year from 1st top up. subsequent tops up no restriction

What is the withdrawal procedure like? Do via PPA or need to go back to the fund provider? Any idea?

Just done my online withdrawal via Public Mutual, takes up to 10 calendar days for the money to be reflected. Only from account B

Yes, Public Mutual is very easy. I didn't have my online account initially, 1st register the online account, also very easy. Once done, just perform my withdrawal in a matter of a few clicks.

Sharing infor, got the money credited into my bank account today, exactly 7 days after withdrawal process, via Public Mutual online transaction

Yes, i actually hand delivered to them personally. They will have an officer signs on it and then they will upload the completed copy into our log in page, which we can view and download it.

My current fund isn’t making good money lately. Any good other fund out there?

I have Kenanga and AIA

You can stop contributing anytime you wish, most did it because of the Income tax deduction of RM3k. And you can withdraw anytime too but with a penalty (8%).
As for withdrawal without penalty, i think you can do that upon reaching 55
https://www.ppa.my/prs-and-you/prs-faq/#:~:...hdrawn%20amount.

Had been consistently contributing RM3k since 2013 except for 2 years where only contribute RM1k each. did a small sum withdrawal in 2020 during MCO just for the fun of it. Total invested to date RM27.5k in 3 different funds and NAV as of yesterday was about RM32.5k lol...sad! Mainly for the benefit of the tax deduction.

This post has been edited by leanman: Mar 17 2024, 10:49 AM

I doubt that....

PRS takes about 3 working days to be reflected in the account

The is no such thing might as well. During July 24, you didn't sell because thinking it can hit RM29.6k in times to come.
I had the same thing from Jul 24 till now in my UT via KWSP. In Jul, it was 22% profit and now is -1.75% (vs. initial investment, a switch of fund in Sept 23).

This is investment, its a long term or you realized if you objective is met. no regrets after that

For the past years, i did via quarter 2, 3 and 4 1K each

Not sure about new fund enrolment but all my contributions (existing) previously took about 3-4 working days for it to be reflected