Save Money & Get Chance to Win Prizes Part II

Other than SSP from BSN, Bank Islam Malaysia Berhad (BIMB) is another bank that offers lucky draw through its deposit products called Al-Awfar and Al-Awfar Junior.

Al-Awfar is an innovative Mudharabah-based account that gives you the opportunity to win cash prizes worth of RM 2.32 million a year. Al-Awfar Junior is the similar account for children and teenagers. The account types are shown in below table:

Type	Al-Awfar	Al-Awfar Junior
Features	Saving Account-i	Investment Account-i	Saving Account-i Junior
Minimum Initial Deposit	RM100	RM1,000 (1 month tenure) RM500 (3 to 60 months tenure)	RM10
Minimum Balance	RM100	-	RM10
Profit-Sharing Ratio	98 : 2 (Bank : Customer)	70 : 30 (Bank : Customer)	98 : 2 (Bank : Customer)
	(Subject to change from time to time)
Indicative Rate	0.05% p.a.	From 0.68% p.a.	0.05% p.a.
Who can open an account	Individuals Associations Schools/Universities Clubs/Societies Religious Groups		Individuals Entrust
Eligibility to Enter Prize Draw	Every RM100 = 1 unit of entry		Every RM10 = 1 unit of entry
Frequency of Prize Draw	Monthly & Quarterly Frequency of the prize draw and the date of the prize-giving ceremony are subject to change at the Bank’s discretion

Customers will be entitled to participate in the monthly and quarterly prize draws and be able to enjoy the probability of receiving valuable cash prizes.

Monthly Draws:

Type	Al-Awfar (Monthly Draw)		Al-Awfar Junior (Monthly Draw)
Prize	Cash Prizes	No. of Winners	Cash Prizes	No. of Winners
1	RM100,000	1	RM5,000	1
2	RM10,000	1	RM3,000	1
3	RM1,000	20	RM1,000	5

Quarterly Draws:

Prize	Cash Prizes	No. of Monthy Prizes
1	RM200,000	1
2	RM20,000	1
3	RM1,000	50

Save Money & Get Chance to Win Prizes Part I

Do you like to win prizes from lucky draw? Do you know that we can enrol in lucky draw without having to pay for lottery? Yes, you can actually do so by saving your money with these two banks in Malaysia:

1. Bank Simpanan Nasional (BSN) with its deposit product called Sijil Simpanan Premium (SSP).
2. Bank Islam Malaysia Berhad (BIMB) with its deposit products called Al-Awfar and Al-Awfar Junior.

BSN is offering 44,573 prizes for a year to SSP Certificate Holders through the Monthly Premium SSP Draws. You also stand a chance to win special prizes with another 2 extra draws which are SSP Localised Draws and SSP Special Draw. SSP is open to anyone aged 12 and above with permanent address in Malaysia. Minimum savings is RM 10 for 1 unit. 

SSP purchase can be made via BSN counters, ATM, CDM, BSN:SMS (SMS Banking), MyBSN (Internet Banking), Standing Instruction, Salary deduction and Banking Beyond Branches Agents.

SSP is transacted according to the Mudharabah contract with a Profit Sharing Ratio (Customer:Bank) as shown in below tables:

Sijil Simpanan Premium

SSP	Profit Sharing Ratio	Indicative Profit Rates
< RM5,000	2:98	0.15%
Up To RM50,000	3:97	0.20%
> RM50,000	6.5:93.5	0.60%

Special Edition SSP

Special Edition SSP	Minimum Savings	Profit Sharing Ratio	Indicative Profit Rates
6 Month	RM1000	25:75	2.00%
12 Month	RM3000	30:70	2.42%

These are the lucky draw prizes for February 2013:

Placing	Prizes	Quantity
Monthly Draw
1st Prize	Camry 2.0 E	1
2nd Prize	Preve 1.6	1
3rd Prize	Jewellery voucher	5
4th Prize	Samsung Galaxy Note	15
5th Prize	DSLR Camera	35
6th Prize	iPad	80
7th Prize	Galaxy Tab 10.1	150
8th Prize	SSP 150	2,800
Local Draw
1st Prize	Viva	1
2nd Prize	Modenas GT 128	5
3rd Prize	iPhone	10
4th Prize	SSP 150	100

You can refer to selected newspapers, Information Board at any BSN branch and MyBSN for SSP Draw Results. You can sell back your SSP unit fully or partially after 45 days from the issuance of your SSP certificate. All your units are entitled for the monthly draw, for as long as they have not been redeemed.

SSPN (Budget 2013)

Five months ago, I posted Skim Simpanan Pendidikan Nasional (SSPN-i) and shared about how you could get yearly RM3000 tax relief from your income tax. Under Budget 2013, the tax relief for SSPN-i is revised to RM6000 yearly. This new tax relief will be enforced starting Tax Assessment Year 2012.

Who is eligible for the RM6000 tax relief?

1. Parents or guardians whose children are under 29 years old.
2. Depositors who open personal accounts are NOT entitled for this.

How is the tax relief counted?

1. It is counted by net saving on that particular year. If you deposit RM6000 and draw RM1000 in the same year, the amount entitled for tax relief will be RM5000 only.
2. If you deposit RM6000 on 31st December 2012, the tax relief is still eligible for Tax Assessment Year 2012.

What is the divident for SSPN-i? The divident for current year will be announced in the following year. Below is the table for the historical divident of SSPN-i.

Year	Divident (%)
2004	3
2005	4
2006	4
2007	4
2008	4
2009	2.5
2010	3.25
2011	3.7
2012	4.25

Currently, there is an ongoing promotion for SSPN-i from Bank Islam and PTPTN, started from 23 September to 23 December 2012. New or existing SSPN-i depositors could win up to RM100000 by depositing/open new account with RM100 through Bank Islam. The deposited amount must be maintained in 30 days until the end of the promotion to be eligible for the contest.

Go open a SSPN-i for your children or deposit through Bank Islam today to enjoy the tax relief and stand a chance to win RM100000!