Hi there Serious Kopitiam, was just wondering does anyone here uses the SSPN-i or SSPN-i Plus program?
Last year, I entered uni borrowed PTPTN, I registered an SSPN-i account via Maybank for RM 20, solely without deposit.
(Because I didn't bring extra money that day, so asked them bare minimum just to open an account to apply for PTPTN)

As a new guy in uni, I have totally no idea what's the function of this account.
Up until recently, my friend brought up this topic, whereby her parents put RM 1k inside her SSPN-i account.

I was shocked.
Then I so far googled realized it is used for tax relief only.
But I couldn't find any extra details on the other benefits.
Anyone here, who have knowledge in this program please share some light on the benefits and risks involved in the SSPN-i program?

Also, any recommended amount of ringgit I should put inside the SSPN-i?

I put 6k a year in it for tax relief as well.

Mostly for tax relief. But in the long-run, since the interest rate is lower, can invest in something else if you can average about 7% a year. You'll end up with the same amount at the end.

wrong thread

This post has been edited by jfleong: Sep 23 2018, 03:16 PM

tax relief not applicable for deposit into ownself accounts. workable if saving into children accounts.

its written at the tax income guidance there.

if you have kids then it will be very useful, if not then close/transfer the balance to ur bank account/asb fast2

12k tax relief this year with 4% gain per year, not bad.

but my family tak kena taxes, 4% gain only troublesome is very hard to take out

More on sspn:

https://mypf.my/2017/05/11/should-you-invest-in-sspn/

Tak kena tax? Good for you then. For people like me have to pay taxes, this is one of good way of getting reduction.