Simpan SSPN Prime Withdrawal

Simpan Sspn prime withdrawal

Recently, I tried to withdraw from Simpan SSPN Prime for my house renovation. However, I have encountered a problem which I am sharing here.

Previous Experience

I have made a few withdrawals in 2024 to try out the process. You may click here to read it. In short, it takes around three to four working days to receive the money.

Surprise

As I need fund in the beginning of the year, I decided to withdraw my money in SSPN. However, I could not perform withdrawal as the withdrawal is disabled for PTPTN to close its account. So, I had to wait till 8th January to perform withdrawal. The money only appeared in my account on 13th January.

Furthermore, I found out that the maximum online withdrawal allowed is only RM 1,000. If I want to withdraw a higher amount, I have to go to the branch. Furthermore, before a withdrawal is complete, I could not initiate a new withdrawal. So, it is not as easy as I thought.

However, for my next withdrawal, I submitted the request in the morning and received the money on the same day. My third withdrawal took two working days. This makes me unsure about its withdrawal timeline.

Conclusion

The withdrawal process took longer than I expected and I had to withdraw fund from other instruments. As I noted before, Simpan SSPN Prime is not suitable to keep your emergency fund. Nonetheless, it is still a good tax-saving tool. Just make sure that you know its limitations.

How can a financial planner help you?

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Disclaimer: This post is for informational purpose only. You should use judgment and conduct due diligence before taking any action or implementing any plan suggested or recommended in this article.

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