Recently, Amanah Saham Nasional Berhad (ASNB) has announced the availability of online withdrawal from myASNB. This function is available on both the website and mobile app. The withdrawal can only be done during the operating hours.
Funds allowed for online withdrawal
All fixed price funds and variable price funds are included for online withdrawal except ASN Sara 2 and ASN Equity 5.
Withdrawal limit
The minimum amount to be withdrawn is RM 100.00 per transaction. We can withdraw up to three times in a month, with a maximum cumulative amount of RM 500.00. It means that we can withdraw from a few funds but the maximum amount that we can withdraw per month is limited to RM 500.00 only. If we want to withdraw a higher amount, we need to go to ASNB branches or its agents.
ASNB will bank in the money into our registered bank account on the next working day after withdrawal.
Step-by-step guide
To withdraw from the mobile app, click on the fund name to access the FUND DETAILS page. There is a REDEMPTION button on this page. Just click the button and follow the steps.
To withdraw from the website, go to the Portfolio page. There is a Transaction button at the right of each row of fund. Click on it and select Redemption. Then just follow the steps.
Conclusion
Finally, we can withdraw money from our ASNB funds online. It is a long-awaited function. Though it is a positive development of myASNB, I personally feel that the withdrawal amount is too low. If the withdrawal amount is higher (such as RM 1,000.00 per month), I think it is much more practical. Nonetheless, ASNB did state that it does not want us to jeopardize our investment as the investment horizon should be medium- to long-term. Furthermore, it is part of security purposes to protect our investment.
What do you think about this new ASNB online withdrawal function? Do let me know in the comments section below.
Comments
I want to seek yr experience abt my ageing mother who has investment in ASM.
1. Can her investment be transferred to my ASM when she passes on 😂😂😂?
2. Does Asnb allow transferring of her fund, directly, to me, while she’s still alive to avoid the problems of administering her estate later?
Tks.
1-7-2020
Author
Hi, Fran.
Sorry to tell you that I have no experience in this matter. 😂
I can only give you my guess. I think ASNB would not allow both the actions. You would be allowed to withdraw the money in both cases but not directly transfer the money into your own account. However, I might be wrong. Perhaps you could contact ASNB through the Customer Feedback form on the right lower corner of this website (Link) or email them at asnbcare@pnb.com.my.
Do you mind to let us know if you manage to get the answers?
Hi. I would like to answer this. You could get your mother to sign up for wasiat in which she would name the beneficiaries / beneficiary. This has to be done over the counter. I did mine six years ago. RM1000 will be locked as an admin fee and it is just one time. Choose a bank that has a law firm nearby because you need to get lawyer to sign and stamp before you submit the form.
Author
Hi, Royce.
Thanks for sharing your experience!
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