Page 5 of 6
I remember that during early December 2017, Bank Negara Malaysia (BNM) had announced a fee waiver of 53 sen (with GST) of PayNet Instant Transfer fee to be effective in 2018. PayNet is a merged entity of MyClear and MEPS. Now we have already reached the year 2018, but when I checked on the banks' online...
You might be awared that the National Education Savings Scheme (Skim Simpanan Pendidikan Nasional, SSPN-i) setup by the National Higher Education Fund Corporation (Perbadanan Tabung Pendidikan Tinggi Nasional, PTPTN) for the purpose of higher education is able to provide you personal income tax saving,...
If you want to diversify the money in Account 1 of your Employees Provident Fund (EPF, a.k.a. KWSP) by taking it out to be managed by local Unit Trust fund managers and invest in EPF approved unit trust funds, which then invest in various markets locally or globally or both, depends on the funds'...
The Employees Provident Fund (EPF, a.k.a. KWSP) has just declared the dividend rate for financial year 2016 to be 5.70%, which is 11% lower than the 6.40% dividend declared for 2015 (last year). Calculation: (5.70-6.40)/6.40 = -0.70/6.40 = -11% This is the 2nd year of dividend decline since the...
The Malaysia National Higher Education Fund (Perbadanan Tabung Pendidikan Tinggi Nasional, PTPTN) has just announced dividend for year 2016 for both the education savings schemes SSPN-i (Skim Simpanan Pendidikan Nasional) and SSPN-i Plus respectively on 13 February 2017. The 2016 SSPN-i and SSPN-I Plus...
To encourage my kid to save pocket money with fun, I have bought him an electronic password protected money saving box. This money saving box is designed to store both coins and notes. It is quite large, about 7 x 4 x 4.5 cubic inches. It operates with 3 AA size batteries, to be inserted into its...
I have opened an OCBC 360 savings account, which is statement based and without passbook. ATM card can be applied at the cost of RM8 one time payment for convenience of account transaction using ATM machine. This account has a fixed interest rate of 0.5% per annum. On top of that, there are 3 categories...
A rainy day fund is important as it will serve as your back up plan if you lose your job or when unexpected expenses arise. Get started as soon as you can even if you only have a little to put in. What matters is that you are doing something now that will benefit you in the future! 1. Prevent late payment...
The Federal Minister of Higher Education, Datuk Seri Idris Jusoh, has just declared the dividend for Skim Simpanan Pendidikan Nasional (SSPN-i) of year 2015 on 6 May 2016. The 2015 SSPN-i dividend payout rate is 4%, amounting to RM60.8 million. This rate is slightly lower than the previous 4.25%...
Perhaps not many people aware that their Touch n Go card, if stayed unused for 12 months consecutively, will be deactivated and suspended into dormant state. The dormant card cannot be used anymore, and your money balance in the card will be locked and rendered unusable, until you get Touch n Go to...
Launched in 2012, the Private Retirement Scheme (PRS) is a voluntary (non-compulsory) retirement scheme in Malaysia for employees and also self employed to have another option of forced saving for their retirement. In order to encourage savings under PRS, Malaysian government granted personal income...
If you think that you can earn some interest by depositing your money in bank, and you will be charged with interest for borrowing money from bank, you have to reverse your mind-set in certain places that are having negative interest rate policy now. I'm not kidding. The European Central Banks (ECB),...
For most property owners in Malaysia who rented out their property, the rental collected from tenant is regarded as a non-business source of income and therefore is charged to the owner's income tax under section 4(d) of the Income Tax Act, 1967. The amount of property rental income need to be declared...
With hundreds of credit cards now available in the market, it can get really confusing especially when you consider the fact that not all of them are created equal. However, these days many Malaysians optimise their credit cards spending with cash back credit cards. Essentially, a cash back credit card...
You might be aware that credit and debit cards issued by banks and financial institutions in Malaysia are gradually changing from the traditional signature based to the new PIN and Pay system. With the introduction of this new system, cardholders will receive a new card that support PIN and Pay latest by...
I was called by CIMB and offered a credit card linked personal loan (a.k.a. cash advance facility) called CIMB CashLite at the flat interest rate of 3.99% for a tenure period of up to 4 years (48 months). I was told that there are no fees involved (cash advance fees, processing fees, etc.) other that the...
There are generally 2 ways to perform interbank money transfer in Malaysia using either online banking, mobile banking or ATM machine. One way is using the Interbank GIRO (IBG) service provided by Malaysian Electronic Clearing Corporation Sdn Bhd (MyClear). The transaction will take a time from a few...
The Employees Provident Fund (EPF, a.k.a. Kumpulan Wang Simpanan Pekerja, KWSP) has put up an online survey in their website at http://www.kwsp.gov.my for its members to vote for their preference to the 4 proposals they've put up. The online survey starts from 21 April 2015 until 5 May 2015. You need to...
Just before Malaysia implement Goods and Services Tax (GST) on 1 April 2015, the Ministry of Domestic Trade, Co-Operatives and Consumerism Malaysia (a.k.a. Kementerian Perdagangan Dalam Negeri, Koperasi Dan Kepenggunaan, KPDNKK) has released an Android app called MyKira GST which enable us to check for the...
Have you written your will? If not, are you deterred by the charges of will writing and maintenance services? Well, the good news is, under the Malaysian Wills Act 1959, you are empowered to write your own will which is recognised as legal document, even without the need of a lawyer or professional will...
