Put some in your 2 kids & open new as1m for you

If let's say the ASB account holder passed away, who's getting the money?
Can we like name anyone to get it?

Ok, do you know if you can top up as1m through maybank2u?

I was informed that there needs to be a will. And the withdrawal cannot be made in cash. It will be transferred into the ASB account of the person(s) named in the will. I am not sure what will happen if the named person is not a Bumiputra and doesn't have an ASB account.

maybe can top up. I not so sure. You try & see how

Thank you.. Will ask the officer on next visit to the bank.

Solsekuin44,

please read this section, all of your information will be listed on this section.

"Firstly, you have to check for the balance of the deceased account, you can apply letter of administration for the deceased.

*High Court Civil (Malaysian wide) or
*High Court Sabah/ Mahkamah Anak Negeri Sabah/ Syariah Court Sabah (Sabah only) or
*High Court Sarawak/Mahkamah Anak Negeri Sarawak (Sarawak only) or
*Pejabat Tanah dan Daerah (If the deceased has land property) or;
*AmanahRaya Berhad

1# Transfer of units. The deceased investment units will be transferred to the beneficiary account as additional units. For this facility, the beneficiary must be a unit holder of the funds.

2# There are no time limit to claim from the deceased account. The deceased’s account will still active and entitle for the income distribution (if any) until the claim made by the beneficiary.

Info,
http://www.asnb.com.my/english/claim.htm

Todak,

For better compounding interest effect, you may select asb as your fund choices due to limitation and better rate for future to take place. Yes, you should aggregate a fund to your kid for their future.

Have any of you have actually gone through this process ? How long did it take to get things done ? Do share please

This post has been edited by MilesAndMore: Mar 1 2013, 07:30 PM

Thank you for a lengthy explanation.. So, a will is a must is it?
Any possession can be included in a will?
This is informative, thanks a lot!

Solsekuin44,

A will is not a compulsory, distribution of units to other account still will be given.

its not really withdraw...its more transferring from EPF account 1 to PNB fund...

for your info also, there is no processing charge impose by EPF for this.(for fixed price )..only PNB who charge 0.125% for the member who used the facility, after declaring the dividen...member cant withdraw the dividen...when member want to transfer to EPF, member can do so,without charge as well...all of the money will be transfer to account 1 including the dividen

if the member maintain it until 55 age, the money will be owned by the member automatically without transfer it back to EPF

Quick question: I want to invest in AB through Maybank. I will use salaray dedcution every month.

What if suddenly I need money and want to get some cash from the ASB?

possible? is it very liquid?

No, you can only withdraw the dividend. Not the amount you loan, say 100k. Else, have to stop the loan.

Waiting end of March for ASM dividend distribution....
I think should be 6.6%...

Wait? What loan are you talking about? ASB is savings right? How do i get dividend if its a loan? I should be the one paying interest rate if its loan right?

Are you taking up the ASB loan, or saving yoir own money into ASB? There's a difference.

You mean take loan to invest in ASB? Is that possible? Can get profit??

Its like bank giving free money??

very liquid except for weekend...can withdraw at any ASNB agent such as cimb bank, maybank,rhb bank and pos malaysia

not the bank giving free money...its more like u borrow money from the bank...and u get the dividend asb based on the money that u wborrow from the bank...

profit or not?it depend on how you manage it