Using SSPN as financial rider

If you have a child age between 18-28, SSPN is a good rider for your financial needs as you run the last race to provide for your child education fund. It's one of the rare government trust account that allows you to withdraw anytime (provided your child is offered a place in higher learning institution or voluntarily withdrawn from education system) and allows funding with credit card with no fees charged. On top of the higher than bank interest rate and free insurance, you can:

1. Get RM6000 deduction for taxable income.

If you are a tax payer you should opt to put in at least RM6,000 a year to get tax deduction.

2. Bank in using 0% instalment credit card.

If you hold a credit card you can do 12 months 0% instalment. It's like a force saving while earning interest.

3. Act as cheapest personal loan for emergency or leverage for investment.*

If you need money you can charge max of your credit card, do 0% instalment and apply for withdrawal of the money versus 8% personal loan. Only catch is you need to wait about 2-4weeks for the funds. For fund withdrawal rule visit SSPN

*Only if you meet the requirement of withdrawal

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