They did roadshow at office

wow... nice!

I think there are many freelance sspn agents nowadays

http://www.ptptn.gov.my/docs/SiaranMedia/2...500_percuma.pdf
“SIMPANAN RM500 PERCUMA, RM500 UNTUK 500,000 PELAJAR”
T&C applies

PS: Also applies for SSPN-i (the one without insurance cost/premium)

This post has been edited by wongmunkeong: Jan 7 2018, 07:49 PM

I was at my kids tuition center waiting to pick up my kid ans struck a conversation with another waiting parent. The topic of course centered on education and the topic vered towards saving for child education and SSPN was brought up.

This parent has never heard of SSPN and when I told her about the RM 500.00 govt incentive that really piqued her interest. Then I whipped up my phone calculator and did a simple TVM calculation for her to see the magic of compounding.

I told her, if my wife and I were to put in RM 6,000.00 [ this is the max tax relief per depositor ] each per annum into SSPN earning a 4.5% [ this is the historical return of SSPN ] dividend per annum. Let's assume I start saving at age one [ I actually open my kid's SSPN account when he was four days old ].

Lets see what will the amount be like when the kid reach 12 years old. Which is what my kid's age today.

PV = 0
PMT = 500 + 500 = 1,000.00 [ monthly auto debit from bank account ]
Yr = 12 years x 12 = 144 mths
Int = 4.5/12 = 0.375% monthly.
Mode = Begin `
Total Future Value = MYR 191,187.50

Now, imagine what will the amount be when he reaches 20 years old [ the age when you need to withdraw to fund his tertairy education ]

Future Value at age 20 years old = MYR 394,195.69

Let's assume inflation for tertiary education is 6% per annum. Now I work backwards and see how much this MYR 394K is worth in today's money....

= equivalent to RM 116K in today's value with 6% adjusted inflation.

Xuzen

had an existing SSPN-i for my kid. if i add funds online, any signs that show that the GS500 is still available?

*edit, just read. there's no way until the month end when min rm500 deposit is met

This post has been edited by kucingfight: Jan 7 2018, 11:26 PM

I for one does not know how to calculate the future value....I participated in the SSPN for the immediate gratification from having pay less taxes + additional "forced" saving....
it is actually nice to know from your calculation that the amount I can managed to save from this sspn....

if not for the goal of immediate gratification of tax savings.....I would force my self to go more into this UT things....
from the below post, looks like the ROI of UT is much better than SSPN....
looking from your calculation, the extra 2% pa over that duration will be more substantial.....

Interesting... you already put in the RM500?

Can both parents open SSPN account for the same child.. then both parents get tax relief?

ah buh den? remember, for kids within x to y years old ya.
heheh later, another 5.5K lor, for other kids or same kid
kiasu, kiasi, kiaboh = FOMO (me)

Yup, 2 parents to 1 kid
coz EACH parent to 1 kid = 1 different account, held in Parent's name for beneficiary of Kid

This post has been edited by wongmunkeong: Jan 8 2018, 11:46 AM

You do it via online (Maybank2u) to top up the 500?


oh man.. I am losing out few years already didnt get my other part to put in SSPN!!

Yup, Maybank2U online payment

Well, if your cash U put into 10% to 20% pa returns thing ok ma, 3 years+/- beats SSPN liao including tax benefit. If >=5 years+, sure beat SSPN liao

me, i just treat SSPN as a portion of cash (fixed income subset) in my Asset Allocation, thus, no eye see

Hi guys,

I have some questions. I just invested RM6,000 in SSPN-I account in Dec 2017 through online. I got a little bit confused here. Below are my questions:

1) Is it possible for me to withdraw all RM6,000 now?
2) If yes, how do I do it?

I only see below requirement from their websites, and dont see any buttons there / through where should I withdraw my money:
If the remaining balance is less than RM3,000.00 in the SSPN-i account

Required documents:

i. Borang Penutupan Akaun or Borang Pengeluaran/ Penutupan Akaun/ Tuntutan Geran Sepadan.
ii. Copy of MyKad/ Police or Military card of heir;
iii. Copy of SSPN-i card.

iv. Death certificate of depositor.
iv. Borang Pengesahan Waris to SSPN-i depositor (the decease).
v. Borang Bon Tanggung Rugi (RM10.00 stamp duty included).
vi. Personal bank account number if the heir intend to have the amount credited into their accounts.

This post has been edited by Bullorbear: Jan 13 2018, 01:49 AM

Guys, quick question, is the max tax rebate 6 or 12k?

I remember seeing some banner stated 12k.

while waiting for esponses...I found this while googling....
Pelepasan taksiran cukai pendapatan ke atas simpanan SSPN1M-i
https://www.ptptn.gov.my/web/guest/simpanan/cukai

so how did this 12k come about.....
read this under Perlepasan Cukai Pendapatan...
https://terengganutimes.com/keistimewaan-ss...k-keluarga-anda

Thanks
My wife nor working, means can only get 6k from ptptn rebate

not working, if not subjected to tax...then no benefits to contribute

yes 6k if you had already maxed your life insurance/EPF deductions....

btw, have you done PRS?...another 3K
https://www.google.com/search?source=hp&ei=...1.0.JZxiKGncPdM

This post has been edited by MUM: Jan 14 2018, 02:51 PM

Any free gifts if open account online? Was thinking of doing that, then saw a branch near my place...

Still, kinda lazy to make a 30+ minute detour to open an account.

Is this SSPN1M RM500 the same as early this year GS500 that we get?


Disini kami ingin mengambil peluang untuk berkongsi dengan anda berita baik ini iaitu pelaksanaan insentif percuma RM500 SSPN1M mulai 1 Januari 2018 hingga 31 Disember 2018 terbuka untuk anak anda yang berusia 7-12 tahun.

SSPN1M adalah Skim Simpanan Pendidikan Nasional 1 Malaysia yang dijenamakan semula daripada produk simpanan PTPTN.

Rebutlah peluang untuk mendapatkan percuma RM500** dari SSPN1M. Simpanlah sekarang dan teruskan penabungan bagi menjamin masa depan pendidikan anak-anak anda!!

mine dah masuk in my gir's SSPN liao
now aiming for the petrol cards bwhaaha