Minus takaful charges.....how much left?

got this from the website....

What are the terms for withdrawal of savings?

Withdrawals are allowed after a period of 1 year upon opening of an account. There are 2 types of withdrawals:

•10% withdrawal of current balance OR RM500, whichever is lower, once a year; OR
•100% withdrawal (termination of account) in the following cases:◦The child is offered a place in any higher learning institution;
◦The child has voluntarily withdrawn from the education system OR has been expelled for a specific reason;
◦Suffering from an illness certified by a doctor as being incurable;
◦Experience total permanent disability as certified by a doctor;
◦Death of the child; or
◦Death of the depositor.

http://www.ptptn.gov.my/web/english/faq-en...sspn/withdrawal

I think the 10% is right...because else the tax rebate/relief is "buta-buta" gives....
just like the tax relief/rebate of the PRS scheme...where they have withdrawal limitation too....
don't you think so

I think you can withdraw but with limitation as in your post#19
anyway,...as "Metoo" had asked before he open the a/c....
I will as like you...goto check with PTPTN if got free....

the terms is very clearly stated
http://www.ptptn.gov.my/web/english/faq-en...sspn/withdrawal

"Maybe" not updated....if can,..the tax relief is BUTA-BUTA gives.....
and like what "MeToo" just said..."The system is there, either we use it or we don't".

OK....
so lets says, I take out 20K in a calendar year 2015, and in year 2015,...i did not put in money..thus NO tax relief yr 2015.
in 2016 I put in RM 6K , I gets tax relief for yr 2016...
Is that what you said...?
needed more clarification before I go to their office

This post has been edited by T231H: Jun 10 2015, 03:41 PM

so how do you want to take out all the money?
close it?

OK...will try to find out.....

Opened mine few years back thru BSN.....no free gifts if I can recall...

MeToo, low yat 82
just came back from the PTPTN office...
what was said by "MeToo" in post #12 and post #24 are correct....

this will give me another avenue to maximise my money after the SSPN tax relief expired in 2017...(take out all in 2018?)

wongmunkeong if i can recall you did have a study and data on maximising the sspn saving....if got time can goto the nearest PTPTN office to confirm the above again and "recalculate" the study??

i mean your calculation shows "something like" not worth to keep in SSPN for longer than 7 years due to low returns...
now with this "new info" seems like can take out after maximising the tax thing that ends in 2017....

i think this link was shown to you many months back....(hope you can recall) and understand what i was talking about....

Does it worth to put saving in Skim Simpanan Pendidikan Nasional (SSPN-i)?
http://voyager8.blogspot.com/2013/12/does-...ng-in-skim.html

This post has been edited by T231H: Jun 11 2015, 10:43 AM

yes, see point# 11
http://www.hasil.gov.my/goindex.php?kump=5...3&unit=1&sequ=1

...just made a quick check and contribution assumption...
this year I have about RM 35k in PTPTN
will add in RM 12K next 2 years (2017)
Total will be about 47K in 2017
assuming interest rate is 4.3% pa.
will get about RM 2000 pa.
so if I add in just RM 1000 for year 2018 and onward....my sumbangan bersih for each year is RM 3000
will get tax rebate of RM 3000 x 23% = RM 690
My net contribution is just RM 310 for 2018
Every year my balance will increase due to interest thus my contribution will be reduced in the calculation of Sumbangan Bersih.
I think a few years after 2018...I dun need to contribute bcos my Sumbangan Bersih will reach RM 3000 and still get tax rebate.

therefore I think the stated limit of RM 3000 will be removed...

what do you think?

This post has been edited by T231H: Jun 16 2015, 10:25 PM

while waiting for responses....
try the postcode of the registration address?
looks like it...

This post has been edited by T231H: Jul 6 2015, 11:33 PM

Pelepasan taksiran cukai pendapatan ke atas simpanan SSPN-i:
1. Ibu bapa dan ibu bapa angkat/ penjaga yang sah dari segi undang-undang yang menyimpan dalam akaun SSPN-i untuk manfaat anak diberi pelepasan sehingga maksima RM6,000.00 setahun tertakluk kepada jumlah simpanan bersih tahun semasa;

2. Ibu bapa yang membuat taksiran berasingan dan telah membuka akaun simpanan SSPN-i berasingan atas anak yang sama diberikan pelepasan sehingga maksima RM6,000.00 seorang setahun;

3. Ibu bapa yang membuat taksiran bersama dan telah membuka akaun simpanan SSPN-i berasingan diberi pelepasan sehingga maksima RM6,000.00 setahun; dan

4. Individu yang menyimpan untuk diri sendiri tidak diberi pelepasan taksiran cukai.


http://www.ptptn.gov.my/web/guest/simpanan/cukai

try this?...
Question 6 :
If parents filed separate assessment and have opened SSPN-i accounts, what would be the maximum incentive amount?

Answer :
They will each enjoy the maximum incentive amount of RM6,000.00 annually.


Question 7 :
If parents filed joint assessment and have opened SSPN-i accounts, what would be the maximum incentive amount?

Answer :
They will jointly enjoy the maximum incentive amount of RM6,000.00 annually.

http://www.ptptn.gov.my/web/english/insent...ih-dalam-sspn-i

Terms & conditions to opening an SSPN-i account

Depositor and beneficiary must be Malaysian citizen

Depositor also can open account for himself as beneficiary;

Each depositor can only open one account for same beneficiary;

Beneficiary must be 1 day up before reaching the age of 29 years;

Beneficiary who have had accounts open by depositor can open an account for himself or to open an account for any other citizen. This means beneficiary at the same time can be a depositor; and

Different depositor is allowed to open an account for the same beneficiary and no limit on the number of accounts for each beneficiary.

http://www.ptptn.gov.my/web/english/231

This post has been edited by T231H: Oct 19 2016, 02:27 PM

while waiting for more value added responses,...you may try the info from here....which I think the answers are hidden in there...
https://www.ptptn.gov.my/web/guest/simpanan/cukai

jfi,
as per current available policy...the RM 6000 tax relief is still 2017, then I suppose it would go back to RM 3000
http://www.hasil.org.my/bt_goindex.php?bt_...sequ=1&bt_lgv=2

the main drawback is there is certain t & C on its withdrawal....

see # 10
http://www.hasil.org.my/bt_goindex.php?bt_...sequ=1&bt_lgv=2

try to break down that statement into shorter one ....then I think it would be easier to "see"

1) Withdrawal of savings can only be done after one (1) year of saving in the SSPN.

2) The withdrawal of 10% of the balance in the account or RM500 (whichever is lower)

3) once annually is allowed (after one year of becoming member).

easier to see right? now which question you don't understand?