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 Skim Simpanan Pendidikan Nasional (SSPN), can we invest in it without having kids?

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wongmunkeong
post Apr 13 2012, 08:08 AM

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QUOTE(coo|dude @ Apr 12 2012, 10:51 PM)
Having SSPN allows you up to 3K of tax rebate. Is there any way a single (and without kids) like me can invest in it? In a way, a tax rebate for myself too.
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Based on their requirements to open a SSPN A/C?
No, you can't open an account. You need at least 1 child must be yours by law, by guardianship, adoption, birth.
Slight correction, like Ronnie stated, it's tax RELIEF not rebate. BIG difference if U know how to use a calculator tongue.gif

Requirements to open a SSPN account with PTPTN
http://www.ptptn.gov.my/web/english/savings/opening
An SSPN account can be opened at the PTPTN service counter at One-Stop Centre, KL Sentral and all branches of PTPTN agents throughout the country. Documents required for this purpose are:

i. Copy of MyKad / military card / police card of the applicant;
ii. Copy of child's birth certificate / MyKid / MyKad; and
iii. Testimonial / Certificate of Adoption (for parents intending to open an account for the adopted child under their legal custody)

The minimum deposit amount for the purpose of opening an account and additional savings is RM20.00 for each nominated beneficiary account. Additional savings can be made ​​as soon as the SSPN card is received or any other form of verification of membership in the National Education Savings Scheme.
wongmunkeong
post Oct 23 2012, 04:09 PM

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QUOTE(Bobby C @ Apr 13 2012, 09:20 AM)
Based on personal experience, seriously, this SSPN needs major shake up. Highly unprofessional. Hardly any update on the status of investment amount. Where is the statement of total investment vs current value? Only gave you a card.

Recently after 4 months returned the cheque that I invested end of last yr. Seems like personal cheque unacceptable, only cash. Terms and conditional of withdrawal is unclear and subject to change any time. Call the office also they can't answer on the spot. Emails sent unreplied or bounced back like kena blocked.

Recent news heard some parties want to scrap PTPTN. Wonder will affect SSPN.

If not because of tax relief, will not invest a single cent to such fund. Seriously consider stopping all investment in the near future.
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er.. bro.. FYI - U can check your value anytime (other than server down lar) via: http://epay.ptptn.gov.my/saving/sspnlogin.html
I've been doing similar (last time, different URL) since 2008/2009.

My bad if replying to a basi-post. Was looking for SSPN-related thread to share the belo notworthy.gif w

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Updates on tax relief: http://www.nbc.com.my/blog/faq-rm6000-tax-...cation-savings/
Snippet:
As announced in Budget 2013, it is proposed that personal tax relief for saving deposits placed with SSPN-i for the benefit of their children be increased from existing RM3,000 to RM6,000 effective from year of assessment 2012 to 2017

This post has been edited by wongmunkeong: Oct 23 2012, 04:11 PM
wongmunkeong
post Oct 23 2012, 10:16 PM

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QUOTE(umapathy @ Oct 23 2012, 07:14 PM)
If my wife has opened a SSPN account for my son, can i open another?
Both of us is taxed separately.

Please advice.

Thanks
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Yup - 1 parent 1 kid = 1 unique a/c, thus each parent, although for same child, = different a/c
Thus each parent separate tax relief (assuming as U mentioned, pay taxes separately lar).
wongmunkeong
post Oct 24 2012, 11:43 AM

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QUOTE(xuzen @ Oct 24 2012, 11:38 AM)
WMK,

Sure boh? I've just checked with SSPN website and it is still listed as RM3K relief.

Don't lar be like that Al-Jib Gor fella, always say syiok sendiri stuff only,  for example, in 2011 say got PRS RM 3K tax relief, until today apa pun tadak.

Xuzen
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yup - checkout the URL or screenshot below
http://www.ptptn.gov.my/web/english/savings/advantages

PRS? hehe - i went ahead with the annuity first lor. Wait for PRS to be really available first then can consider lor
$3K *26% = dont want to waste too much time on this amount tongue.gif


This post has been edited by wongmunkeong: Oct 24 2012, 11:46 AM


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wongmunkeong
post Nov 17 2012, 11:45 PM

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QUOTE(jutamind @ Nov 17 2012, 11:00 PM)
so anyone plan to max out SSPN tax relief to 6k this year? still contemplating whether i should top up another 3k to max 6k....
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<hands up> brows.gif
wongmunkeong
post Jul 4 2018, 04:03 PM

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QUOTE(seanlam @ Jul 4 2018, 03:54 PM)
possible to have two depositors for one sspn account? mean parent as depositor
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U +kid1 = 1 account
spouse +same kid1 = another account

can use same child but different parent, kapeesh? smile.gif

 

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