The Best Raya 2022 Ads From Banks And E-Wallets In Malaysia

This year’s Raya celebrations will likely be the most memorable one in recent memory. Not only is this the first Raya that Malaysians can celebrate in all its glory since the start of the pandemic a little over two years ago, it also had everyone scrambling after it was announced that the first day of Raya would fall one day earlier than expected!

It seemed like a plot out of a Hari Raya ad that many of us have come to look forward to year after year. Pioneered by the likes of the late Yasmin Ahmad, Hari Raya ads tend to run almost like a short story, revolving around classic heartwarming themes.

So as you help yourself to more
lemang
,
ketupat
, and
rendang
, we’ve curated some of the best Raya ads from banks, e-wallets, and online shopping platforms that will surely keep you entertained.

Here’s five of our favourite Raya ads for 2022, and keep scrolling to catch the rest of the list!

Affin Bank

What’s it about:
Titled “Kembali”

(Return), Affin Bank’s Raya ad tells the story of a young man named Arif who returns to his home – an orphanage which became his refuge when he was orphaned at a young age.

Why we like it:
 This ad is a beautiful story that will make you smile in the beginning and make your eyes water as Arif’s story unveils.

Hong Leong Bank

What’s it about:
Hong Leong Bank’s Raya ad will bring a smile to your face as it portrays family members who cherish their time together, even when experiencing hiccups during their Hari Raya celebrations.

Why we like it:
This ad will bring your memory back to your hometown, and make you appreciate your loved ones more. It will also make you feel that it is okay if your Hari Raya is imperfect; what truly matters is the time you spend with those dear to your heart.

CIMB Bank

What’s it about:
CIMB’s Raya commercial tells a moving story of a single father who single-handedly raises his only child, Aimee, after the passing of his beloved wife.

Why we like it:
This ad will make you think of the sacrifices made by your loved ones who earnestly want the best for you. This ad also shows that saying sorry can heal a wounded heart.

RHB Bank

What’s it about:
Based on a true story, RHB’s Raya ad glimpses into how it feels to be in a foreign land.

Why we like it:
This ad reminds us to be kind to one another, regardless of the differences that we may have. It will also make you see how an act of kindness – even a small one – will go a long way.

Shopee

What’s it about:
This rib-tickling Raya ad by Shopee features a trio of “scary” friends who returns to their hometown approaching the Hari Raya celebrations. Given their fierce look and demeanour, they are seen as troublemakers who come back to their hometown to wreak havoc.

Why we like it:
This amusing ad teaches us to look at someone beyond their look, as one’s appearance may be misleading as the story shows.

***

Here are more Raya ads by some other banks and e-wallet providers that you can also enjoy:

Alliance Bank

Agrobank

Bank Muamalat

Bank Rakyat

Bank Simpanan Nasional

Maybank

MBSB Bank

Standard Chartered Bank

BigPay

Boost

Grab

Touch ‘n Go

***

Whether you’re into heart-wrenching Raya ads that bring tears to your eyes or humorous ones that tickle your funny bone, Raya commercials are filled with values that we can emulate. May your Raya celebrations be more meaningful, and may we become better as we draw lessons from the ads.

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Alliance Bank

Bank Muamalat

Bank Rakyat

Bank Simpanan Nasional

BigPay

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CIMB

Grab

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Hari Raya Aidilfitri

Hong Leong Bank

Maybank

MBSB Bank

RHB

Shopee

Standard Chartered Bank

Touch 'n Go

About THE AUTHOR

Nur Adilah Ramli

Nur Adilah Ramli

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U Mobile Offers Speedier Data With Two New Giler Unlimited Plans

(Image: SoyaCincau)

U Mobile has rolled out two new Giler Unlimited plans to better serve its prepaid and postpaid users. Dubbed GX38 Prepaid and GX68 Postpaid, both plans are aimed at offering faster unlimited data at affordable prices.

GX38 Prepaid

The new
GX38 Prepaid plan
 is essentially a “speedier” version of the GX30 plan. Both plans offer unlimited data and 3GB hotspot data for 30 days, but while GX30 caps its speed at 3Mbps, GX38 doubles it to 6Mbps. You can also upgrade your plan with three different add-ons:

Data booster
: Extra 10GB high-speed data for 14 days (RM5)

Turbo booster
: Maximised internet speed for 24 hours (RM5)

Hotspot booster
: Additional 3GB hotspot data for 3 days (RM3)

The GX38 plan is currently priced at the promotional rate of RM35 per month, but will cost RM38 otherwise.

GX68 Postpaid

Similarly, the
GX68 Postpaid
 plan is also a high-speed version of the GX50 plan. Like GX50, the GX68 plan will also give you unlimited data, unlimited calls to all networks, and 5GB of hotspot data for 30 days – but at no 4G data speed caps. GX50, in contrast, caps its data speed to 5Mbps.

Unlike the GX38 Prepaid plan, however, the GX68 Postpaid plan only offers a single add-on: a hotspot booster, where you get additional 3GB hotspot data for 3 days at RM3.

The GX68 plan is also going on a limited-time deal, where you can subscribe for the plan at RM58 per month instead of the usual RM68.

(Source:
SoyaCincau
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Public Bank Returns With Visa Cashback Campaign, Offers Up To RM80 Cashback

Public Bank has returned with another round of its More Cash Back More Rewards, Spend Now With PB Visa Credit Card campaign, which will reward Visa credit cardholders with up to RM80 cashback when they spend a specified cumulative amount in a month. The promo, which begins today, will run until 31 July 2022.

Unlike the
previous round of the campaign
 – which had four tiers of cashback reward, depending on your range of monthly cumulative spend – this version only has two: you can either earn RM30 cashback by spending at least a total of RM2,000 each month, or RM80 cashback with a minimum cumulative spend of RM5,000.

Here’s a table for better clarity:

Monthly cumulative spend requirement
Cashback earned per month
Total allocation for each cashback reward per month
RM2,000 and more
RM30
RM32,500
RM5,000 and more
RM80
RM30,000

Of course, you need to spend on qualified retail transactions in order for your expenses to be eligible for the campaign. This includes all local retail spending, online purchases, and new zero-interest instalment plans (full purchase amount only). Meanwhile, transactions such as e-wallet payments, balance transfers, auto-debits, recurring payments, as well as payments for utilities, insurance, government services, and charities are excluded.

Each cardholder will only be able to earn a maximum of RM80 cashback in each participating month, with the reward being provided on a first-come first-served basis. Also, the cashback reward earned will be credited into your account within four to eight weeks after the end of each campaign month, and will be reflected in your credit card statement.

Do note as well that those who participate in this promotion will not be able to participate in other Public Bank credit card offers during the campaign period. If you’d like to join, send an SMS (
PBV<space>16-digit principal Visa credit card number
) to 66300 to register your participation. Cardmembers with multiple credit cards are only required to register one credit card number; your expenses on all other cards will be automatically tracked for the campaign as well.

(Source:
Public Bank
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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EPF: Proposed Mandatory Monthly Withdrawal Only Applies To New Members Born 2010 Onwards

(Image: The Star/Faihan Ghani)

The Employees Provident Fund (EPF) has clarified that the recently proposed mandatory monthly withdrawal will only apply to new members born 2010 onwards, who register with the provident fund after its implementation. Existing members, meanwhile, will continue to be able to make lump-sum withdrawals when they reach their retirement age of 55 and 60.

“The first payout under the mandatory [monthly withdrawal] option is only expected to be made when these new members retire, some decades in the future. This proposal is still being refined, and the EPF assures that any decision regarding the mandatory monthly withdrawal option will only be made with careful consideration and alignment with the EPF’s commitment to the best future interests of its members,” the EPF further said in a statement.

(Image: Free Malaysia Today/Miera Zulyana)

The provident fund also noted that the proposed option will bring Malaysia in line with widespread global practice as many other countries have already switched to a regular payout arrangement. Meanwhile, Malaysia remains one of the very small minority that continues to allow lump sum withdrawals.

For context, current EPF members are also allowed to voluntarily opt in for a monthly withdrawal option if they wish to do so. It was previously highlighted that
more than 7,000 members have done so as of 2022
.

Meanwhile, the chief executive officer of EPF, Datuk Seri Amir Hamzah Azizan had emphasised before that the adoption of the monthly withdrawal option will help members to manage their retirement funds more effectively, thereby preventing old-age poverty. The option involves converting a portion of members’ EPF savings into monthly income, which will then be disbursed to them on a monthly basis. The remaining portion, meanwhile, can be withdrawn as a lump sum.

(Source:
EPF
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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5 Travel Insurance Myths Dispelled

With the arrival of the long festive breaks in the following month, it is that time of the year again when both employees and students alike are counting the days to their upcoming trip. No matter what your reasons for traveling are, be it a personal vacation or a business meeting, you may have wondered if you should buy travel insurance before heading to your next destination.

When deciding whether or not to opt for travel insurance, you may have come across what sounds like common knowledge, tips, or accepted wisdom. But these ‘facts’ may actually turn out to be misleading myths perpetuated by people who don’t know any better. So in order to make you a more informed traveller, we donned our research caps and sought to dispel these myths and tell you the truth about travel insurance along with how it can help you in your holiday adventures.

Myth 1 – Travel Insurance is Expensive

With early and careful planning, you can actually save on coverage costs and apply for a travel insurance policy that is tailored to your budget and protection needs. For instance, a no-frills travel insurance is priced as low as RM5 for a duration of 1-5 days and this covers incidences that are medical-related and caused by travel inconvenience. So, yes, it’s time to throw out the idea that travel insurance is expensive as it is indeed possible to get a travel insurance policy with basic coverage at an affordable cost.

Myth 2 – Travel Insurance is The Same as Medical/Personal Accident Insurance

Sure, you may be thinking that if you get hurt, you can rely on your medical insurance policy to cover you for this. Having said that, although features like hospitalization and treatment can be applied overseas, not all policies extends this coverage unless it is included as an add-on.

The same can be said for personal accident insurance as yes, the policy will cover you in the situation of death or permanent disability and offers a visiting allowance to your dependents/caretakers, it doesn’t cover for other situations like funeral-related costs (transporting your body home).

Read also:

 7 Things that aren’t Covered by Travel Insurance

<a href=”
https://ringgitplus.com/en/insurance/?utm_source=ringgitplus&utm_medium=banner&utm_campaign=my-rpint-gen-gen-insurance&utm_content=blogcta_ins_compareinsuranceplanson_ringgitplus_mid”title=”Compare
 insurance plans”>

On the other hand, as a travel insurance policyholder, your protection is centered around travel-related issues such as emergency medical treatment, flight cancellations/delay, luggage loss/delay, stolen/missing passport, travel interruption, missing connecting flight, emergency accommodation and in some extreme instances, loss of travel deposit due to airline bankruptcy.

To summarize it all, on the surface travel insurance looks the same as the other insurance policies out there due to the similar benefits that they share but all in all, the features in travel insurance is ultimately different as it is catered towards travelers in mind.

Myth 3 – My Existing Medical/Personal Accident Insurance Is Enough

It is normal to feel that you have everything that you need and getting an additional insurance policy just for your travel plans may feel excessive, especially when that money can be spent on your trip instead. As it is, you may be discounting the possibilities in which your existing insurance policies may not necessarily be able to cover for.

This includes hospital confinement allowance, emergency transportation to return home, follow-up treatment in your own country, traditional or alternative medicine expenses, medical evacuation, personal liability… the list goes on as different travel insurance policy providers will offer different benefits. So yes, you may want to look at travel insurance as an additional form of coverage that can protect you in a foreign land so that you can travel with peace of mind.

Myth 4 – The Insurance from My Credit Card Gives Enough Coverage

Provided that these credit cards are the ones that you use to purchase your flight tickets, you will receive travel inconvenience benefits in the unfortunate situation of flight cancellation/delay or luggage loss or delay. But that’s just about it when it comes to protection from your credit card as additional medical expenses may not be covered unless your insurance provider specifies it in their policy.

Getting travel insurance will offer you optimal protection from most travel-related problems throughout your duration of travel so that in the situation that your
credit card travel benefits
 does not match up, you already have an insurance policy that caters to your traveling needs in mind.

Myth 5 – Applying for a Travel Insurance is Difficult and Troublesome

Gone are the days when you will need to flip through newspapers and rely on your insurance or travel agents to list down the options available for before applying for it. And that’s not including the part of understanding the many complex terms and jargon that comes with an insurance policy. Now, you can look up for travel insurance online and you can even get it done in less than 30 minutes.

Worried that you might get scammed by entrusting your personal details to an unknown individual? That’s alright, you can now cast your worries aside by checking and comparing the travel insurance policies available via our
 comparison tool
! Best of all, you don’t need to pay a thing to use it so you get to spend more money on things that matter to you like travel insurance coverage for your next big trip.

Are there any other insurance myths that you would like for us to dispel? Let us know your thoughts and suggestions for this article in the comment section below!

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About THE AUTHOR

Arnie Ruxana

Arnie Ruxana

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TNG eWallet Set To Also Adopt BNM’s Additional Safeguards Against Financial Scams

Touch ‘n Go (TNG) eWallet has announced today that it, too, will implement the five additional safeguards that Bank Negara Malaysia (BNM) had specifically laid out for the local banking industry in its fight against financial scams. This is despite the fact that TNG eWallet itself is a non-bank financial service provider, making it the first e-wallet in Malaysia to incorporate the measures.

Like all major banks in Malaysia, TNG eWallet said that it will implement the following security measures for its users:

Migrate from using SMS one-time passwords (OTPs) to verify transactions and payment activities, relying instead on a more secure authentication method, such as facial authentication

Tighten fraud rules to block suspicious transactions more effectively

Implement verification and cooling-off periods for first-time enrolment of services, secure devices, or profile documents

Restrict the authentication of online payments to only one secure device per account holder

Set up a dedicated customer service hotline catering specifically to reports of scams and fraud

To note, these
five measures were previously announced by BNM for the banking industry
 in September 2022, following a worrying increase in the number of financial scams being reported. The central bank had stressed then that banks in Malaysia are required to adopt high standards of security, but did not extend the standards to non-bank financial service providers.

(Image: Lowyat.NET)

TNG eWallet aims to implement these measures by the first quarter of 2023. Meanwhile, most banks – such as
Maybank
,
CIMB
, and
UOB
 – are set to put the safeguards into place by June 2023.

In addition to adopting the additional safeguards, TNG eWallet also stated that it will become the first e-wallet to join the government’s National Scam Response Centre (NSRC). Briefly, the
NSRC is a joint effort
 between numerous parties to combat cyber fraud cases, including the anti-financial crime centre (NFCC), Malaysian Communications and Multimedia Commission (MCMC), BNM, police force, financial institutions, and telecommunications companies.

Finally, on top of these security updates, TNG eWallet also shared that its long-awaited TNG eWallet Visa card is set to finally be launched in December 2022 – just next month. This card was
first announced back in 2021
, and can be linked directly to your TNG eWallet. It will also allow you to transact at more than 70 million merchants worldwide that accept Visa as a payment method, as well as make withdrawals at Visa-enabled ATMs.

(Sources:
Lowyat.NET
,
Zing Gadget
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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LHDN: Taxpayers Who Voluntarily Declare Unpaid Taxes Under Special Programme Will Not Be Penalised

(Image: The Edge Markets)

The Inland Revenue Board (LHDN) has said that its upcoming Special Voluntary Disclosure Programme (PKPS) will enable taxpayers who have not paid or declared their income in the past to do so without incurring any penalties. The programme is set to begin on 1 June 2023, and will run for one year until 31 May 2024.

Chief executive officer of LHDN, Datuk Mohd Nizom Sairi explained that with this one-year programme, all taxpayers who contact or visit any LHDN branch to voluntarily declare their previous unreported income in good faith will see a penalty rate of 0%. He also said that those who have made errors in previous tax reports, too, can come forward to make amendments too.

“LHDN will accept what has been reported by you, and the years in which they report voluntarily will not be audited again, which we will close the final count for the years in question,” Datuk Mohd Nizom further said, adding that the PKPS is targeting 50,000 new and existing taxpayers with a total assessment of RM1 billion.

(Image: The Star)

As such, Datuk Mohd Nizom urged existing taxpayers and individuals who have never paid their taxes to take this opportunity to clear their records. He also reminded affected individuals to prepare all the relevant documents prior to visiting any LHDN branches, so that they can enjoy a seamless process.

The PKPS was proposed under the revised Budget 2023, and
had been implemented before in 2019
. This time round, the programme will be organised in collaboration with the Royal Malaysian Customs Department, and is aimed at encouraging Malaysians to carry out their responsibilities as honest and transparent taxpayers, as well as upstanding citizens.

(Source:
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Income Tax Guide 2015

[UPDATE]
 We have a
newer
,
better
 version of this article, complete with all the new changes for 2016 *
right here
*!

Tax season is here again and if you have yet to file your taxes, fear not, we have a comprehensive guide for you here. This guide is targeted to both first time taxpayers and veterans alike and covers tax assessment year 2014.

The Malaysian Taxation System

Seasoned taxpayers can skip this segment. In a nutshell, the Malaysian tax system is
progressive
, which means you only pay the higher rate on earnings above the previous rate tier. The system ensures you would never have less net income after tax for earning more.

Taxable income
 consists of the sum of the income you earn that are taxable. Taxes are levied only on your
chargeable
 income, the portion of your taxable income after taking into account tax exemptions and tax reliefs.

Rates for Assessment Year 2014 (For Filing by April 2015)

Chargeable Income (RM)

Calculation (RM)

Rate (%)

Tax (RM)

0 – 2,500

On the first 2,500

0

0

2,501 – 5,000

On the next 2,500

0

0

5,001 – 10,000

On the first 5,000

* *

0

* *

On the next 5,000

2

100

10,001 – 20,000

On the first 10,000

* *

100

* *

On the next 10,000

2

200

20,001 – 35,000

On the first 20,000

* *

300

* *

On the next 15,000

6

900

35,001 – 50,000

On the first 35,000

* *

1,200

* *

On the next 15,000

11

1,650

50,001 – 70,000

On the first 50,000

* *

2,850

* *

On the next 20,000

19

3,800

70,001 – 100,000

On the first 70,000

* *

6,650

* *

On the next 30,000

24

7,200

100,000 and above

On the first 100,000

* *

13,850

* *

On every following ringgit

26

……

Taxable Income

The following sources of income are considered taxable in Malaysia:

Business or profession

Employment

Dividends

Interests (except bank deposit interests)

Discounts

Rent collected

Royalties

Premiums

Pensions

Annuities

On top of that
perquisites
 – benefits or perks that come with your employment that can be converted into monetary value – are taxable including bill claims, company credit cards, company loans, sponsored club memberships, sponsored child tuition fee, personal driver and any benefits offered by your employer that could be converted into cash.

For example, if your company paid for your mobile phone bill which amounted to RM100 per month for the tax year of 2014, that RM2,400 in phone bills are taxable and is added to your taxable income.

Benefits in kind are also taxable. Benefits in kind are benefits or perks that come with your employment that could not be converted into monetary value like cars, lodging, electronics and home furnishing.

As benefits in kind has no equivalent monetary value, their value for taxation purposes are calculated using one of the following methods:

The formula method:
 Annual value of benefit = Value of asset / Asset’s lifespan

The prescribed value method:
 Assigns a predetermined valued from a
list
 sorted by classification of asset.

Chargeable Income

Chargeable income is the portion of your income that is taxable after deducting tax reliefs and tax exemptions. The formula to calculate your chargeable income is:

Chargeable income = Taxable income – Tax exemptions – Tax reliefs

For example, if you earned RM42,000 in the tax year of 2014, and assuming you do not have any tax exemptions and no other tax reliefs beyond the basic ones, your chargeable income would be calculated as follows:

Taxable income: RM42,000

Tax relief: RM9,000 in individual tax relief + RM4,620 in EPF contribution tax relief (11% of RM42,000, which is RM4,620)

Putting both taxable income and tax reliefs together, we get:

Chargeable income = RM42,000 – RM9,000 – RM4,620 =
RM28,380

Your chargeable income would fall under the 20,001 – 35,000 bracket. You would pay RM300 on the first RM20,000 and 6% on the remaining RM8,380 (RM502.80) which totals to RM802.80.

Individuals with chargeable income under RM35,000 are entitled to an RM400 tax rebate.

You tax for the tax assessment year of 2014 would be just
RM402.80
.

Tax Exemption

Tax exemptions are “a personal allowance or specific monetary exemption which may be claimed by an individual to reduce taxable income”. Tax exemption are items which are completely removed from your taxable income, unlike tax reliefs which are deductions upon your taxable income.

The following items are qualified for tax exemption:

Leave passage

Medical and dental benefit

Retirement gratuity

Gratuity paid out of public funds

Gratuity paid to a contract officer

Compensation for Loss of Employment

Pensions

Death gratuities

Scholarships

Income of an individual resident in Malaysia in respect of his appearances in cultural performances approved by the Minister

Income Remitted from Outside Malaysia

Fees or Honorarium for Expert Services

Income Derived from Research Findings

While the following items are included under taxable income, they are tax exempted if they fall under certain
criteria
.

Interests

Dividends

Royalties

Please refer to the Inland Revenue Board of Malaysia’s
page on tax exemption
 for further information regarding the items above.

Tax Relief

Tax relief is “an amount that can be deducted from a person’s annual income to reduce the amount on which tax is paid”. Unlike tax exemptions in which the items are completely removed from your taxable income, tax reliefs are items that reduce your total chargeable income.

The following table details the tax reliefs available to individual tax payers.

Individual Relief Category

Relief Amount (RM)

Self and dependent

9,000

Medical expenses for parents

Up to 5,000

Basic supporting equipment (disability)

Up to 5,000 for assessment year 2014

* *

up to 6,000 for assessment year 2015 onward

Disabled individual

6,000

Education fees (individual)

Up to 5,000

Medical expenses for serious diseases

Up to 5,000 for assessment year 2014

* *

up to 6,000 for assessment year 2015 onward

Complete medical assessment

Up to 500

Purchase of books, journals, magazines and publications

Up to 1,000

Purchase of personal computer (once in every 3 years)

Up to 3,000

Net saving in SSPN’s scheme

Up to 3,000

Net saving in SSPN’s scheme (with effect from year assessment 2012 until year assessment 2017)

Up to 6,000

Purchase of sport equipment for sport activities

Up to 300

Interest expended to finance purchase of residential property*

Up to 10,000

Husband/Wife/Alimony payments

Up to 3,000

Disabled wife/husband

3,500

Ordinary child relief

1,000

Each unmarried child of 18 years and above who is receiving full-time education (“A-Level”, certificate, matriculation or preparatory courses)

1,000

Each unmarried child of 18 years and who is receiving further education in Malaysia

4,000

Each unmarried child of 18 years and who is receiving further education outside Malaysia

6,000

Disabled Child

5,000 for assessment year 2014

* *

6,000 for assessment year 2015 onward

Additional exemption for a disabled child age 18 years old and above, unmarried and pursuing a diploma or higher qualification in Malaysia or a bachelor degree or higher outside Malaysia

4,000

Life insurance and EPF

Up to 6,000

Premium on new annuity scheme or additional premium paid on existing annuity scheme commencing payment from 01/01/2010

Up to 1,000

Deferred Annuity and Private Retirement Scheme (PRS)

Up to 3,000

Insurance premium for education or medical benefit

Up to 3,000

Please refer to the Inland Revenue Board of Malaysia’s
page on tax reliefs
 for further information regarding the items above.

Tax deductions

Tax deductions are similar to tax reliefs as they both allow you to reduce your chargeable income.

You are allowed to deduct up to
7% of your taxable income for gifts to government-approved charities or institutions
. For example if you made RM42,000 last year and you donated RM3,000 to a government-approved institution, you could deduct RM2,940 (7% of RM42,000) from your chargeable income.

Tax Rebates

Unlike tax exemptions and tax reliefs which are reductions in your chargeable income, tax rebates are further reductions in the amount of tax you pay after you have calculated your tax for the year.

Individually, if your chargeable income is less than RM35,000, you are eligible for an RM400 tax rebate. If the combined chargeable income of both you and your spouse amounts to less than RM35,000, there is an additional RM400 of rebate available for both of you as a couple.

Tax rebate for zakat and fitrah are also available for Muslim taxpayers with the amount dependent on the maximum amount of tax charged.

Threshold for Paying Tax

The taxable income threshold for paying tax for tax assessment year 2014 is
RM34,455
.

Here’s how we got to the figure:

Chargeable income = RM34,457 – RM9,000 (individual tax relief) – RM3,790 (EPF tax relief, 11% of RM34,457)

Chargeable income = RM21,667

Total tax levied on chargeable income = RM300 (for the first RM20,000) and RM100 (6% of the remaining RM1,667) = RM400

Taking into account tax rebate of RM400 for taxpayers with chargeable income under RM35,000, we get:

Total tax paid = RM400 – RM400 = RM0

Note that you’ll still need to file your taxes even though you are not paying a sen of income tax. You can only skip filing your taxes if your taxable income is under
RM30,667 as per LHDN’s website
.

Final Reminder

The 2014 tax assessment year follows the calendar year, so the 2014 tax year is effective from 1st January 2014 to 31st December 2014.

Note that your employer would be paying your taxes on your behalf using the PCB / MTD System (Potongan Cukai Bulanan / Monthly Tax Deductions), which does not take into account your additional tax reliefs besides the basic ones like individual tax relief, marital status and number of children. It’s likely that the system overpays on your behalf.

Besides manual filing, taxpayers can start submitting their income tax return forms for assessment year 2014 through e-filing. The due date for the submission of return forms are as follows:

Employers (Form E) is 31 March 2015

Residents and non-residents with non-business income (Form BE and M) is 30 April 2015

Residents and non-residents with business income (Form B and M) is 30 June 2015

Partnerships (Form P) is 30 June 2015

Note that you must keep your records for 7 years from the date of filing so don’t throw away any receipts or evidence of tax reliefs properly.

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Top 10 Ramadhan Buffets Under RM100 In Klang Valley

Ramadhan is not only revered by the Muslims around the world, but also among the foodies in Malaysia. It marks the arrival of the multitude of delicious delicacies and buffets that are only offered during this holy month.

If you think Ramadhan buffets are expensive, get ready to be proven wrong! Check out our list of the top 10 most affordable Ramadhan buffets around Klang Valley that don’t cost more than RM100 per person:

1.
Selera Serantau Ramadhan Buffet at Capri by Fraser KL

If you’re missing the authentic, spice-rich Malay foods, Selera Serantau Ramadhan buffet by Capri by Fraser invites you to walk down the delicious home-cooked memory lane with its variety of traditional food spread.

Indulge your cravings with their rich-and-spicy Ketam Lemak Cili Padi, savoury Ayam Panggang Madu, creamy Bubur Lambuk, hearty Mee Rebus Tulang, and of course, Kambing Panggang.

Availability:
 29th May to 23rd June 2017

Price:
 RM98 nett per adult, RM49 nett per child and senior citizen

Location:
 Capri by Fraser, No. 5 Jalan Kerinchi, Bangsar South City, 59200 Kuala Lumpur

Reservations:
 +03 2386 0891

2.
Citarasa Malaysia Ramadhan Buffet at Dorsett Kuala Lumpur

This year, Checker’s Cafe at Dorsett Kuala Lumpur offers some of the best traditional Malay heritage recipes through its Citarasa Malaysia Ramadhan buffet. Expect rare delicacies such as Burung Puyuh Special Goreng Kunyit, Paru Goreng Berlada, Tempe Goreng Berempah and many more.

Availability:
 26th May to 23rd June 2017

Price:
 RM99 nett per adult

Location:
 Checker’s Cafe, Dorsett Kuala Lumpur, 172 Jalan Imbi, Pudu, 55100 Kuala Lumpur

Reservations:
 +03 2716 1000

3.
Kampong Festive Dinner Buffet at JW Marriott Kuala Lumpur

With over 138 delectable kampong dishes, experience the vibrant flavours of authentic Malaysian foods set in nostalgic Malaysian village setting at Shook! and Sentinos Gastrobar & Dining, both located at Feast Village, the Starhill Gallery.

Try the age-old favourites such as Ikan Patin Masak Tempoyak, Gulai Daging dengan Nangka, Rendang Daging Tok, as well as the traditional desserts such as Kuih Seri Muka, Cucur Badak, Kuih Tepung Pelita, and various others.

Availability:
 27th May to 24th June 2017

Price:
 RM98 nett per adult and RM50 nett per child (under 12 years old)

Location:
 Shook! and Sentinos Gastrobar & Dining at Feast Village, Starhill Gallery, 181, Jalan Bukit Bintang, Bukit Bintang, 55100 Kuala Lumpur

Reservations:
 +03 2782 9099

4.
Selera Desa Ramadhan Buffet at Silka Maytower KL

La Maison at the Silka Maytower KL offers specially prepared traditional cuisines made by its executive chef, Chef Fazi. If you’ve been craving authentic spicy Malay foods, then this is the perfect spot for you.

Delight your tastebuds with their piquant dishes such as Daging Panggang Masak Lemak Cili Api, Ikan Keli Sambal Berlado, Gulai Darat Daging Tetel, and Nasi Kabsab Kambing, to name a few.

Availability:
 27th May to 24th June 2017

Price:
 RM79 nett per adult, RM40 nett per child (under 12 years old), and RM45 per senior citizen

Location:
 La Maison Restaurant, Silka Maytower Kuala Lumpur, No. 7 Jalan Munshi Abdullah, 50100 Kuala Lumpur

Reservations:
 +03 2692 9298 (extension 8094)

5.
Ramadhan Buffet at Restoran Rebung

If you’re looking for a homey and convenient spot to break your fast and perform your Tarawih prayers afterwards (you can perform your Tarawih prayers at the Rebung surau), Restoran Rebung is the perfect place for you. Their Ramadhan buffet consists of six different rice options, which include Nasi Tomato, Nasi Minyak, Nasi Briyani, Nasi Ulam, Nasi Hujan Panas, and of course, Nasi Putih.

The buffet focuses on street foods found in Ramadhan Bazaars such as Roti Jala, Onde-onde, Murtabak, and grilled fish, along with house specialties including Rendang Ayam, Ikan Patin Masak Tempoyak, and Masak Lemak Perut Lembu.

Availability:
 27th May to 23rd June 2017

Price:
 RM79.50 nett per adult, RM53 nett per child (between 5 to 11 years old)

Location:
 Restoran Rebung, 5-2, Aras 5, No. 1, Jalan Tanglin, Taman Botani Perdana, 50480 Kuala Lumpur

Reservations:
 +03 2276 3535 or +03 2276 2525

6.
101 Traditional Tok Wan Recipes Ramadhan Buffet at Vistana Kuala Lumpur Titiwangsa

Famous for its 101 Traditional Tok Wan Recipes Ramadhan Buffet, Vistana Kuala Lumpur Titiwangsa is again offering a vast selection of carefully prepared Malaysian dishes including Murtabak, Satay, assorted Malay curries, roast lamb, as well a delightful variety of Malay kuih-muih.

Availability:
 25th May to 24th June 2017

Price:
 RM70.00 nett per adult, RM30 nett per child

Location:
 Vistana Kuala Lumpur Titiwangsa, Off, 9, Jalan Lumut, Pekeliling, 50400 Kuala Lumpur

Reservations:
 +03 4042 8000

7.
Selera Warisan Ramadhan Buffet at Saloma Bistro & Theatre Restaurant

This culture-centric restaurant fuses entertainment and good food in the most delightful style, and the same could be said of its annual Ramadhan buffet. You can choose to either just enjoy it buffet spread at only RM85 per per person or pay a little extra (RM110 per person) to enjoy its array of live cultural show while you dine.

The Selera Warisan Ramadhan Buffet offers over 60 varieties of dishes including Malaysian, Chinese, Indian, and Iranian foods. Their menu rotates every day, so you’ll always get experience new dishes with each visit!

Availability:
 27th May to 24th June 2017

Price:
 RM85 nett per adult (dinner only), RM110 nett per adult (with cultural show)

Location:
 Saloma Bistro & Theatre Restaurant, Pusat Pelancongan Malaysia (MaTic), 139, Jalan Ampang, 50450 Kuala Lumpur

Reservations:
 +03 2161 0122 or +6017 612 6121 (Farid)

8.
Selera Nostalgia Ramadhan Buffet at Armada Hotel PJ

If you’re missing the rich flavours of homemade kampung food, Selera Nostalgia Ramadhan buffet can fix all your traditional foods cravings at an affordable price. What’s more, for every 10 buffet vouchers purchased, you get 1 for free!

Try their house specialties such as Sambal Udang Petai, Sayur Lemak Labu, Siput Sedut Masak Lemak Cili Padi, Rendang Daging, Ketam Masak Nangka Muda Dengan Kunyit, and dozens other mouthwatering delicacies!

Availability:
 27th May to 24th June 2017

Price:
 RM80++ per adult, RM40++ per child

Location:
 Utara Coffee House, Armada Hotel Petaling Jaya, Lot 6, Lorong Utara C, Section 52, Darul Ehsan, 46200 Petaling Jaya

Reservations:
 +03 7954 6888 ext 4557

9.
International Iftar Ramadhan Buffet at Putrajaya International Convention Centre (PICC)

Dinner is always made better with entertainment, and the International Iftar Ramadhan buffet at PICC invites you to enjoy their delicious array of international cuisines while being serenaded by one of Malaysia’s popular singer; Rosma.

Tickle your tastebuds with some of their house specialties, including Kaki Lembu Panggang, Nasi Beriani Buluh, Ikan Bakar Garam Bukit, Kari Kambing Rusuk Nangka, Daging Hitam Manis, and dozens others.

Availability:
 29th May to 23rd June 2017

Price:
 RM98 nett per adult, RM49 nett per child (between 6 to 12 years old)

Location:
 Pot & Pan Restaurant, Putrajaya International Convention Centre (PICC), Level Concourse, Precinct 5, 62000 Putrajaya

Reservations:
 +6013 5299 496

Read also:

How To Avoid The Latest Charity Scams

10.
Cita Rasa Warisan 27 Malam Ramadhan Buffet at Kelab Golf Seri Selangor (KGSS)

Prepare yourself for a special treat at the Cita Rasa Warisan 27 Malam Ramadhan buffet by KGSS this Ramadhan. The buffet spread will feature countless local traditional cuisines for you to enjoy, with its famous Kambing Golek as the centerpiece.

Availability:
 27th May to 22nd June 2017

Price:
 RM65 nett per adult, RM45 nett per child

Location:
 Kelab Golf Seri Selangor, Persiaran Damansara Indah, Jalan PJU 3/21, Kota Damansara, 47410 Petaling Jaya

Reservations:
 +03 7806 1111

Be sure to call in and make a reservation before you head to any of these delicious venues!

We don’t want to arrive hungry and go home even hungrier now, do we? Of course, you can enjoy a lot more savings when you use your cashback or rewards credit card when you dine.

Not sure what dining and other promotions your credit card provider is offering? Head to our
Promotions page
 and find out! Happy Ramadhan-Al Mubarak!

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Syaza Abd Jani

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You Can Now Top Up Your Lazada Wallet At 99 Speedmart

(
Image: ecInsider
)

Lazada customers can now top up their Wallet using cash at 99 Speedmart stores nationwide, which they can then use to pay for their purchases. This offline top-up feature was previously limited only at 7-Eleven outlets.

To top up your Lazada Wallet using cash at the retail stores, enter your Lazada Wallet and tap the “Top Up” button.

From there, enter the amount that you’d like to top up and select “Retail Stores” as your top-up method; you can choose between 7-Eleven or 99 Speedmart as your options.

You will receive a top-up request barcode once your transaction has been processed. Present this to the store attendant at your selected outlet within 48 hours, and you can pay your top-up amount in cash.

You can also use the “Top Up And Pay” function at retail stores if you want to top up just enough money in cash to pay for a certain transaction.

Select the item that you want to purchase and tap “Place Order”.

Choose the Lazada Wallet as your payment method and tap “Top Up and Pay”.

Select “Retail Stores” as your top-up method and choose which store you would prefer.

Tap “Confirm” to proceed and receive your top-up request barcode.

Then, you can head to 7-Eleven or 99 Speedmart within 48 hours and top up the remaining balance required to pay for your transaction.

To find out more about the Lazada Wallet and its payment methods, you can visit Lazada’s
Help Center
.

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Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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#DuitTheEasyWay: Earn 10x More Interest By Switching To m2u Savers Account

Bank savings accounts today offer next to nothing in terms of interest. With an average interest rate of just 0.2%, the amount you earn in interest is virtually insignificant. Surely there’s a better way to earn higher interest rates with our savings – at minimal effort?

Of course there is. With the exception of children’s savings accounts that offer as much as 3% interest per annum, some banks actually have various savings accounts for adults that offer better interest rates than their basic savings accounts – and most of the time, it is
right there
 on their websites or bank branch; all it takes is just a quick browse.

One of the most popular of these savings accounts is the
Maybank m2u Savers
 and its Islamic variant,
Maybank m2u Savers-i
. With interest rates that start at 2% p.a., these savings plans offer ten times more interest than a conventional savings account. So what’s the catch?

As it turns out, the conditions aren’t as strict as one may think. The
m2u Savers
 and Savers-i are “online-only” savings accounts, which means you perform all transactions on the accounts online – including opening and closing them. You’ll need a Maybank2u account for this, and any transactions performed over-the-counter involving this account that can be done online will incur additional charges.

But most importantly, you need to know that the m2u Savers and Savers-i accounts have a tiered interest rate that’s based on the account balance.

Yes, that means there is also a minimum balance to be maintained in order to be eligible for the interest. Therefore, always ensure you have a minimum RM2,000 in the account (or maintain a RM50,000 balance if you want to enjoy 2.2% interest!)

As mentioned earlier, you’ll need a Maybank2u online banking account to be able to open an m2u Savers/Savers-i account. If you’re an existing Maybank customer, you should already have a Maybank2u account, making this process painless. Otherwise, you’ll need to go to a Maybank branch and open a basic savings account and get your Maybank2u account activated.

All things considered, this is one of the easiest ways to earn up to 10 times more interest on a savings account at little to no hassle. Add in the power of compounding interest and start seeing your savings grow!

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Pang Tun Yau

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A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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    Anonymous

    1 year ago

This is outdated, the m2usavers account now only gives 0.6% interest. not really worth it!

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OCBC MasterCard credit card holders fly in style for less

If you’re thinking of flying off somewhere for your next vacation,
do it in style with your OCBC MasterCard credit card.

From now until 31 May, you’ll enjoy great savings on all European, North American and South American destinations of Qatar Airways, dubbed The World’s 5-Star Airline.

Furthermore, OCBC Premium (World, Platinum, Titanium Premier and Commercial) MasterCard credit card holders will receive discounts on Business Class flights as well.

Image source: theplanetd.com

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5 top tips on credit cards for teenagers

A credit card can be a useful tool to teach

teenagers how to manage their money, and

provides a method of emergency payment without the need to carry cash.

In the US and UK, student credit cards are

easily available for college students so they can start managing debt and

financial tools from the get-go. In Malaysia, parents will have to apply for a

supplementary credit card for their teens. This affords a second level of

control for parents – you will be able to monitor spending and even cancel the

card if your teenager goes overboard.

The downside to Malaysia’s supplementary

credit card system is that teens who aren’t responsible for paying their own

bills might struggle to understand that how hard it can be to pay those bills

when they are due..

Before you sign the supplementary card

form; consider these 5 questions.

1: Is there an alternative to credit cards for teenagers?

Instead of a credit card, would you be more

comfortable with a debit card or pre-paid credit cards which offer similar

features but offer a fixed spending  limit

? This will not only teach your kids to keep within their budget, but also

safeguards you from a hefty credit card bill at the end of the month.

The only downside is if a particularly

expensive emergency crops up such as a car repair bill or medical emergency;

there may not be enough in the prepaid card to deal with the calamity.

On this point, it would be important to

consider the next question.

2: What are the

ground rules for giving your teenager a credit card?

Why are you considering giving a credit

card to your child? Is it to teach them to manage their personal finances? So they can get out of trouble when they need

cash? Or both?

Some parents only provide a credit card

when their child goes overseas to study, and some simply because they want

their kids to have the convenience of a credit card.

Once you have the reason you can plan the

“ground rules”. Sit your teen down and explain how you want them to use

the card with a reminder that they will have their privileges revoked if they

abuse them.

A credit card for a teenager going overseas

may be more helpful than a debit or prepaid card as you may not have the time

to quickly make transfers or payments should more expensive emergencies crop

up.

3: Is my teenager mature enough to have a credit card?

Credit cards stipulate that even supplementary

cardholders are required to be 18 years and above. Beyond legal age limitations

you will also need to consider if your teen is mature enough to accept

responsibility for a credit card.

Have they shown that, thus far, they are

responsible enough with money to allow the use of a credit card? How do they

spend and save with the allowance they are given?

Remember: A child who is frugal with their

allowance will most likely be as prudent with a credit card.

4: What credit limit should I give my kids?

If you are worried that your teen may

overspend you can assign a credit limit that is slightly higher than their monthly

allowance and slowly increase the amount once they’ve earned your trust.

As an extra precaution you can also set up

a security SMS alert which will inform you each time the card is used. Some

banks even offer stricter security features and will not allow a transaction to

go through unless it is approved by the principal cardholder.

5: What kind of credit cards have the lowest fees?

If you’re giving your child a credit card

for emergencies only, you might want to pick one with the lowest possible rate

of interest and no annual fees. We’ve listed all the cards in Malaysia that
offer reduced

rates of interest
, and those which have
special deals on

annual charges
.

Credit cards are great tools to help you manage

your personal finances but can also lead to debt if used excessively. Before

handing your child with his/her credit card make sure that they respect the

value of money and have learned basic personal finance skills, such as saving

and budgeting. This will help teach them to appreciate every hard-earned

ringgit when they start earning their own income.

Image courtesy of stockimages at
FreeDigitalPhotos.net

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Bank Islam’s Visa Debit Card-i will indulge your palate

If you’re big on eating then you should get a Bank Islam Visa Debit Card-i at their nearest branch. That’s because Bank Islam is
giving away 3,000 restaurant vouchers
 to their cardholders!

All you need to do is pay with your Bank Islam Visa Debit Card-I to stand a chance to win them. Promotion is only until 25 February.

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Bank Muamalat Launches Digital Gold Investment Platform, EasiGold

Bank Muamalat customers will now be able to conveniently invest in gold, following the bank’s launch of its
shariah
-compliant gold investment mobile app, EasiGold. The app is rolled out in collaboration with ACE Capital Growth Sdn Bhd, with the aim to promote gold as a safer investment alternative for the public amidst current economic uncertainties.

“The platform features real-time gold price display which enables customers to buy and sell London Bullion Market Association (LBMA)-certified 999.9 gold purity at real-time spot prices,” said the director of Bank Muamalat’s retail banking division, Zury Rahimee Zainal Abiden, adding that it will have a tiered pricing with a spread of as low as 1.5%, depending on market conditions.

EasiGold also has a “price alert” feature that informs customers of their preferred and targeted “Buy” and “Sell” prices. Additionally, it allows for conversion to unique physical denominations of 1g minted gold, as well as one- or five-dinar gold coins.

(Image: The Malaysian Reserve)

Zury Rahimee also said that Bank Muamalat will be the sole marketing agent for the platform, with no involvement by third parties, and that the gold is also kept by the bank. This offers both a measure of security and a peace of mind for its customers.

“Customers’ details are kept secure in accordance with the Personal Data Protection Act 2012, and the entire process is
shariah
-compliant. Therefore, we believe that the public will have more confidence to buy gold online via EasiGold, as the security features are more reliable and guaranteed,” said Zury Rahimee.

Additionally, Zury Rahimee clarified that EasiGold will complement Bank Muamalat’s existing gold investment offerings, which are provided through the Muamalat Gold-i range of products. EasiGold is primarily meant to cater to the needs of customers with a preference for mobile transactions.

(Image: The Malaysian Reserve)

Meanwhile, the chief marketing officer and executive director of ACE Capital, Fong Pok Yee said that this collaboration is a worthwhile venture. “With this platform, gold trading is now at your fingertips, and we hope the platform will appeal to millennials and the Gen Z demographics,” he said.

Bank Muamalat hopes to attract between 300,000 and 350,000 signups for EasiGold from existing and new customers within a year. The platform is only for Bank Muamalat customers, so individuals who do not have a Bank Muamalat account but wish to utilise the platform will need to open an account with the bank.

Bank Muamalat’s EasiGold app can be downloaded for free from
Google Play
 or the
App Store
.

(Sources:
The Edge Markets
,
The Malaysian Reserve
)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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HR Ministry: Employers Abusing The Wage Subsidy Programme Will Be Penalised

(Image: Utusan Malaysia)

Stern action will be taken against employers who are found to have made false claims for the Wage Subsidy Programme, said the deputy minister of the Ministry of Human Resources, Awang Hashim. Penalties may include termination of the aid, suspension of payments, as well as getting employers to repay the amount that has already been disbursed to them.

Additionally, employers who abuse the Wage Subsidy Programme by neglecting to pay their workers’ wages despite receiving the aid will also face legal consequences.

“The Human Resource Ministry warned that action would be taken after the Social Security Organisation (SOCSO) detected 30 false claims and misuse of the programme funds since it was introduced in April,” said Awang Hashim. He added that SOCSO also received 281 complaints from workers against their employers, claiming that the employers failed to disburse the workers’ salaries even after receiving the Wage Subsidy Programme aid.

(Image: Malay Mail/Choo Choy May)

Awang Hashim further shared that SOCSO has teamed up with the Malaysian Anti-Corruption Commission to investigate the employers who were identified as offenders. SOCSO will also work hand in hand with the legal division of the Ministry of Human Resources to iron out other legal measures that can be taken against these employers.

The Wage Subsidy Programme was first introduced as part of the PRIHATIN economic stimulus package to prevent employees from being retrenched and losing their income. It offered a
sum of RM600 for three months
 to employees who met certain conditions, and was to be disbursed through their employers.

The first round of the Wage Subsidy Programme was subsequently
extended for another three months
 via the PENJANA economic recovery plan. Upon its expiry on 30 September 2020, the programme was then succeeded by the
Wage Subsidy Programme 2.0
, announced via the new KITA PRIHATIN economic package in September 2020.

(Source:
Malay Mail
)

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About THE AUTHOR

Alex Cheong Pui Yin

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Step into a Legacy of Good Taste at the 1885, the E&O, Penang with your OCBC Credit Card

The 1885 Dining Area at the Eastern and Oriental, Penang. Picture taken from their
official website
.

Enjoy scrumptious dining the 1885 restaurant in the style of old colonialism at the Eastern and Oriental Hotel, Penang at a 15% off your total bill when you pay with your OCBC Credit Card.

The promotion is valid until 31 December 2013 and cannot be used in conjunction with any other promotion, set meal, vouchers, etc unless otherwise stated.
Click here for full T&C’s
.

Afternoon tea at the 1885 restaurant. Picture taken from
TimeOut Penang
.

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Turn Your Home into a Winter Wonderland on a Budget

No, you won’t need an industrial forklift or your passports for this one because we’re talking about decorations that will add that little effect of snow and turn your home into a winter wonderland talk of the town!

Cotton

It’s amazing how the item that looks closest to snow is the most inexpensive thing in our list of things to turn your home into a snow haven.

A huge bag of cotton can cost anything between RM5 and RM9 and is more than enough to make it look like it’s been snowing all year round in and around your home.

The best thing about cotton is that it can double up as a neat way to add the finishing touches your Christmas tree needs to look like a Norway spruce plucked from the mountains of Europe.

Pick a handful from the bundle it came in and rest them on your tree branches – don’t forget to spread them out otherwise it might look like you made a tree completely out of cotton!

Remember to stuff and secure them in places you wish to add snow because they may be blown away easily by wind and can get a little messy if they come into contact with your carpet!

Snow Spray

If you have a tonne of windows around the house, the snow spray should definitely be priority on your list of items to make the home look like a cottage transported from a snowy English countryside. Set aside between RM20 to RM28 for a can and you’re good to go!

Spray them right against glass panels with designs of your choice – the most popular would be a snowman, ice flakes, icicles or even a trees as if they were completely covered in snow.

It also doubles up as a pretty cool decoration effect for your Christmas tree – just spray patches of them on its branches and you’re all set. It comes off pretty easy too so you can use it for almost anything – even on the hinges of your car if you want snow to be around you when you drive!

White Ribbons

Also doubling up as a Christmas tree decoration in our winter wonderland list, you could get yourself a roll of plain white ribbon (usually about 8 feet long) for about RM5 or its design-adorned thicker siblings for the price of RM12.

Depending on your finesse for decoration, select a type of ribbon and buy a few rolls to have a matching theme going and hang them up virtually anywhere in and around the house.

White Running Lights

For the cost of only RM15 for a string of running white lights with 180 bulbs, you can do pretty much anything with these.

From throwing them on your Christmas tree, to hanging them from the roof on your porch and throwing them on the floor of your home for secondary lighting effect – anything is possible and the outcome can look pretty amazing.

Slap on some cotton to these lights at random and voila – you have a glistening effect of snow under a starry night’s sky. Be mindful as the bulbs tend to get a little hot as they illuminate and you don’t want them setting any flammable decorations like cotton on fire!

Don’t forget to check with the shopkeeper for the low heat emitting bulbs and you are all set for an authentically Christmas garnishing to your home that you can switch around every year for a completely different feel!

It’s Beginning to Look a Lot Like Christmas!

Who says you need to fly to the Swiss Alps to have a snowy Christmas? You can bring that vibe you’re looking for right into the comfort of your home with just a little creativity, penchant for saving and a heart full of Christmas joy. Have anything else to add to this article? Do share your thoughts with us in the comments section down below!

Image credits:
BlogRollCenter
 and
Dishmaps

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BNM Issues Policy Document On e-KYC, Takes Effect Immediately

(Image: The Star)

Bank Negara Malaysia (BNM) has published its policy document on electronic know-your-customer (e-KYC) technology, intended to accelerate and streamline the adoption of digital onboarding for various services in the financial sector. The new policy takes effect immediately.

In short, e-KYC is a security and verification technology employed to confirm the identity of customers when conducting digital transactions, such as when you need to open financial accounts online. It offers convenience as the digital onboarding process of customers can now be carried out anytime and anywhere, without requiring you to visit the physical premises of financial service providers. You may have already experienced e-KYC processes when unlocking premium versions of local e-wallets in the last 12 months.

BNM also said that e-KYC will help lower costs for both users and providers, as well as increase competition in the financial sector in the long run. “This is expected to pave the way for greater innovation in the financial sector, including end-to-end offering of digital financial services for customers,” said the central bank, adding that the adoption of e-KYC technology by the industry is in line with its push for greater digital financial services.

(Image: Amanz)

BNM further commented that the policy document seeks to promote the safe and secure application of the e-KYC technology in the financial sector by clarifying desirable outcomes in its use. Additionally, it aims to set out best practices and parameters to safeguard the security and integrity of the onboarding process for e-KYC users.

“It also forms part of a series of measures adopted by the bank in ensuring that regulatory requirements support the country’s agenda for the digital economy,” the central bank elaborated.

One of the details highlighted in the policy document is that financial institutions must obtain prior approval from BNM before they can implement e-KYC. This will require them to submit information demonstrating their ability to comply with BNM’s stipulated risk management guidelines and other relevant regulations.

In addition to that, financial institutions are allowed to decide on any combination of methods to conduct identification/verification through e-KYC, such as facial recognition and video calls. However, the methods should match the assessment of risk and level of assurance needed for the specified product.

Prior to this, the central bank had issued an exposure draft on e-KYC in December 2019, in preparation for this policy document and a
wider implementation of the e-KYC technology
. The exercise involved a range of industry players, including banks, insurers, takaful operators, and money changers.

You can read the full
policy document on e-KYC from BNM here
, along with its
FAQ
.

(Source:
The Edge Markets
,
Regulation Asia
)

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Alex Cheong Pui Yin

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Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Maybank MAE App Enables Support For Cross-Border QR Payments In Thailand, Indonesia & Singapore

Maybank customers using the MAE by Maybank2u (MAE) app are now able to pay for their purchases in Singapore, Thailand, and Indonesia more conveniently via cross-border QR payments, following the bank’s recent move in enabling support for such transactions. Likewise, tourists from these three neighbouring countries who visit Malaysia will also be able to use their own local banking apps to pay Maybank QRPay merchants for their purchases.

For MAE app users, specifically, they will be able to perform QR payments with any merchants in Singapore, Indonesia, or Thailand as long as the vendors display the NETS QR (Singapore), QRIS QR (Indonesia), or PromptPay QR (Thailand) codes. These QR codes are the national QR system for each respective country – essentially similar to our own national QR standard, DuitNow.

If you’d like to give the new feature in MAE app a try, simply fire up your app when you’re abroad, and open up the QR feature. Scan the merchant’s QR code, and key in the payable amount in the local currency (the currency in your app will be automatically converted based on your location). During the confirmation process of your payment, you’ll be able to see conversion rate, as well as the total MYR that is being deducted from your account – so it’s pretty transparent! Note that you will also be required to authorise your payment if it exceeds RM250.

Maybank also clarified that the daily transaction limit for cross-border QR payments is automatically set at RM1,000 (or its equivalent in foreign currency), but you can change this limit in your app if you prefer. Another thing to be aware of is that you can only select current and savings accounts (CASA) as your source of funds for cross-border QR transactions, so if you plan to go abroad and use the cross-border payment feature via MAE app, make sure to keep your current or savings account funds sufficient.

As for Maybank QRPay merchants, they will be able to receive payments from tourists in MYR in their accounts immediately, which means better convenience and security. Additionally, they can maximise their business opportunities as they are no longer limited to serving only tourists who are carrying cash; travellers who do not have immediate cash on hand can have the alternative to pay the merchants via cashless payment options instead.

Group chief executive officer of community financial services for Maybank, Dato’ John Chong said that the rollout of this new feature is key to promoting the digital economy and financial inclusion in the ASEAN region.

(Image: The Star)

“This is timely as we noticed the significant increase in technological demands among the public as they look for banking solutions that offer unprecedented speed and new levels of convenience while ensuring the safety and security of their transactions, especially post-pandemic. Furthermore, the QR payment linkage between Malaysia, Singapore, Indonesia, and Thailand complements a growing network of bilateral payment interdependence that will contribute towards a more dynamic ASEAN and further development of the region,” said Dato’ John.

For context, Maybank’s support for cross-border QR payments via its MAE app is made possible thanks to Bank Negara Malaysia (BNM) successful efforts in launching a cross-border QR code payment linkage with
Thailand
,
Singapore
, and
Indonesia
. Maybank also said that it is planning to expand its cross-border QR payment feature across more countries soon.

(Source: Maybank [
1
,
2
])

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Alex Cheong Pui Yin

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Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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Should You Give Your Spouse a Supplementary Credit Card?

Being a credit card holder on your own is itself a tad tricky at times so imagine what it must be like with the added burden of someone else tagging along on your account coattails?

Yet, many couples opt to combine their credit card spending into one account with one partner holding a supplementary. But should this be the route for you?

Let’s first come to understand the strengths and weaknesses that ensue from such a decision because nothing is more important than to ensure the former outweighs the latter.

The Basics of Supplementary Credit Cards

A supplementary card is exactly what its name seems to suggest – it is an additional card that can be issued under the principal card when requested.

The principal card holder will be responsible in assigning the card to a family member of choice like parents, spouse and children above the age of 18.

Supplementary credit cards are different across the board and vary from different issuers, some have identical perks whilst others have limited benefits when compared to the principal card. Similarly, annual fee structures on supplementary cards will be different from the principal.

A supplementary cardholder does not need to fulfill the usual requirements to own a credit card such as the age, profession or salary; making it the ideal option for a teenage offspring or a stay-home spouse.

This is because the supplementary cardholder’s spending will simply be added to the principal’s bill for payment.

Now that we have the very basics of supplementary credit cards out of the way, let’s now focus our attention on how their strengths and weaknesses play out to help us make a decision.

Pros

Shared Bill

If you live under the same roof, pay the same bills and have a tonne of other payments to look out for – getting a supplementary credit card just might work for the two of you.

It consolidates both your credit card bills into a single statement while you two get to figure out which bills are to be swiped away with the plastic or settled off in cash with amongst yourselves.

It’s a great way for those who wish to consolidate overall financial earnings and payouts instead of having separate financial responsibilities in the home.

Credit Card for Stay-at-Home Spouses

Despite this being rare today in with increased economic pressure, stay-at-home spouses do still exist and sometimes a credit card will help with the home spending that needs to be done as well as for any other needs.

Unemployed spouses will not on their own qualify for a credit card so the working spouse can easily remedy this situation by applying for a supplementary.

This can equally be a way for a spouse who, though could qualify for a basic credit card, may get a better card through the spouse with the higher earning capacity and equally reap the rewards for the household.

Earn Rewards Points Faster

Points collected from both cards are usually dropped into a single channel making it easier and quicker to qualify for bit ticket redemptions or reach advanced tiers.

Couples who opt to have separate credit cards are left to accumulate these points on their own and depending on the smaller spender between the two – prizes may end up few and far between.

The same can be said for cashback that is based on tiered spending. You would be able to meet the spending requirements easier together than you would apart.

Cons

No Spending Privacy

Everybody needs a time-out, even folks who are married – and in the credit card world, this translates into a little privacy to freely spend without the other scrutinising the bill.

We’re not at all condoning secrecy or deception in the implicated relationship, but one could most certainly use a little hush-hush spending every once in a while or perhaps swipe away a fancy surprise gift or holiday treat for the other half?

Many couples with different spending habits may in turn begin to question each others’ purchases creating an all round more difficult situation than is necessary.

Conjoined Financial ‘Sins’

If for any reason one spouse is a little more free with the swipes than the other – the issue of bad debt and spiralling credit card balances may be a ‘sin’ affecting both partners instead of just one.

This problem can only be allayed if both spouses are equally predisposed to prudent spending and are collectively committed to caring for their overall household financial security.

Additional Annual Fees

Most or almost all credit cards offered by banks come with supplementary options. Some have no annual fees while others do, maybe even waived with a set number of swipes in a year or month – either way they are all costs we could certainly do without.

If a principal credit card carries only a paid supplementary option – your spouse may be better off going it alone on a free for life credit card (if one is available).

However, to determine which route to take, it’s advisable to calculate how much the benefits are worth versus how much you will be forking out for a supplementary.

Made Up Your Mind Yet?

The way things size up, it certainly looks like it could swing between the good, bad and ugly – but a little careful watch on expenses and careful consideration sure does make things a whole lot simpler and beneficial too.

If you’re having doubts about managing the principal and supplementary credit cards, have a go at the regular ones instead – you might find one that the two of you can take up individually. We’ve got
just the tool you need to help you pick a credit card that works for you
 and not against you.

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PNB Launches New Shariah Fund, ASN Sukuk

(image: New Straits Times)

Permodalan Nasional Berhad (PNB) subsidiary, Amanah Saham Nasional Bhd (ASNB) has launched a new fixed-income unit trust fund, dubbed ASN Sukuk, in conjunction with the Malaysian Unit Trust Week (MSAM) 2022.

The new variable price fund will invest in a diversified portfolio of sukuk, with 80% to 99% of its net asset value (NAV) exposed to the asset class. It will also include Government Investment Issues (GII), defined as a form of marketable government debt securities issued to raise funds for the government’s development expenditure.

Suitable for investors with low risk appetite, and those who prefer stable and sustainable medium- to long-term income, ASN Sukuk requires a minimum starting investment of RM10, while subsequent investments can be made from as low as RM1. Additionally, the fund is going at an initial offer price of RM1 per unit between today until 15 December 2022 (due to the standard 21-day initial offer period).

Interested investors can already begin to subscribe to ASN Sukuk via online channels, including the myASNB portal and mobile app. They can also do so via ASNB agents or over the counter at all ASNB branches nationwide.

(Image: The Star)

Group chairman of PNB, Tun Arifin Zakaria said that ASN Sukuk is the company’s first sukuk fund, and its introduction is in line with PNB’s efforts to expand its suite of product offerings to cater to the growing needs of Malaysian investors. “With the latest addition, ASNB now offers products ranging from fixed price funds, equity funds, mixed asset balance and conservative funds, and fixed income fund,” he further stated.

Meanwhile, chief executive officer and executive director of ASNB, Muzaffar Othman emphasised that ASN Sukuk is a product that is well-suited for the current economic environment, with everyone still recovering from the economic backlash of Covid-19. “For now, we will launch ASN Sukuk to lower risks, and this is the best time for people to begin investing,” he added.

ASN Sukuk is the 17
th
 unit trust fund to be launched and managed by ASNB. Other funds to its name include Amanah Saham Bumiputera (ASB), Amanah Saham Malaysia (ASM), and Amanah Saham Nasional (ASN) – all of which are popular among Malaysians.

(Source:
The Star
)

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Malaysia’s Financial Education Network Launches National Strategy For Financial Literacy 2019-2023

That the Prime Minister, Tun Dr Mahathir Mohamad and the Finance Minister, Lim Guan Eng were both present to launch the country’s National Strategy for Financial Literacy gives a strong indicator to how grave the level of financial awareness is among Malaysians.

Today, the National Strategy for Financial Literacy 2019-2023 was officially launched, with a holistic aim of elevating the level of financial literacy among Malaysians. The strategy was formulated by the Financial Education Network (FENetwork), an inter-agency grouping that is co-chaired by Bank Negara Malaysia and the Securities Commission Malaysia with founding members comprising the Ministry of Education, Perbadanan Insurans Deposit Malaysia (PIDM), the Employees Provident Fund (EPF), Agensi Kaunseling dan Pengerusan Kredit (AKPK), and Permodalan Nasional Berhad (PNB).

“Malaysians have low financial knowledge and myopic “live for today” attitude when it comes to personal financial management,” said Tun Dr Mahathir. The Prime Minister,
well known for his frugal lifestyle
, added that “it is imperative that financial education is accessible to Malaysians across all ages and life stages, and this can only be achieved by working together.”

The National Strategy focuses on empowering Malaysians on three aspects of financial awareness:

Save, manage, and protect money

Plan ahead and ensure a sustainable future

Protect oneself from fraud and financial scams

Meanwhile, the FENetwork, which was
formed in 2016 to develop the National Strategy
, will collaborate with individuals as well as organisations across the public and private sectors to implement the actionable plans laid out by the National Strategy. Five key pillars were identified as priorities for the National Strategy:

1. Nurture values from young

2. Increase access to financial management information, tools, and resources

3. Inculcate positive behaviour among targeted groups

4. Boost long-term financial and retirement planning

5. Build and safeguard wealth

In a joint statement, Bank Negara Malaysia Governor Nor Shamsiah Yunus and Syed Zaid Albar, Chairman of the Securities Commission Malaysia, said:

“Improving financial literacy across all segments of society requires a systematic, sustained and coordinated approach that focuses on engendering long-term behavioural change. The National Strategy for Financial Literacy 2019-2023 (National Strategy) identifies the key priorities for achieving this, and serves to align and harness synergies across initiatives with the ultimate goal of elevating the financial well-being of all Malaysians.”

The full strategy can be viewed at the
FENetwork website
.

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Why Starting An Emergency Fund Is A Good Idea

As its name suggests, an emergency fund functions as a safety net, where you set aside a portion of your money so you don’t get caught with your pants down when an unexpected event arises.

This money will allow you to live for a few months should you happen to lose your job or if something unexpected comes up that will cost a fair chunk of money to cover.

Preparing for the unexpected

As a rule of thumb, your emergency fund should be enough to cover at least three to six months’ worth of expenses. Think of it as an insurance policy. Rather than paying premiums to an insurance company, you’re setting aside money for yourself that can be used at a later date.

For example, an unexpected job loss or sickness would not necessarily be “game-ending” as you can still live on your savings while seeking for another job.

Insurance doesn’t cover everything

You might be thinking that by having an insurance policy, you’re perfectly protected against anything. Fact is, there’s bound to be some expenses that you have to bear on your part.

For example, if your insurance policy requires you to pay a deductible amount first (the amount of expenses that must be paid out of pocket before an insurer will pay any expenses) or if you exceed the coverage limit of your policy.

You don’t have to rely on debt

In the event of an unexpected financial emergency, many would seek help from Mr. Debt. For those who live paycheque to paycheque, you are especially vulnerable and would probably take up a loan to cover the immediate financial need. This translates into you having to pay back the money you borrowed – with interest – and the rates aren’t always low (that’s why people come to RinggitPlus
to find the best rates available!
)

For example, taking up an RM20,000 personal loan at an interest rate of 3.9% for 5 years would result in paying back RM3,900 in interest alone!

An emergency fund helps you to address financial emergencies without having to put yourself in debt.

Avoid any late charges

When a sudden need of money arises and you have no extra savings at hand, you may be forced to to delay other payments you need to make.

You would probably pay your bills late and overdraw your account which may lead to late payment charges and interest penalties. Worse still, it could even ruin your
credit score
.

The whole point of an emergency fund is to prevent you from having to add to your debt in times of need or scrambling to wrangle up the money at the last minute. You definitely want to ensure that this money is safely stowed in your account for those occasions when you need it.

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Apple Pay Malaysia Has Enabled Support For HSBC Credit Cards

HSBC Bank announced that Apple Pay has now enabled support for its credit cards, thereby allowing the bank’s customers to add eligible cards to the mobile payment service for future Apple Pay payments. This makes HSBC the fourth bank to be supported by the mobile payment service since its arrival in Malaysia about five months ago.

In an
FAQ
, HSBC clarified that all HSBC and HSBC Amanah Visa and Mastercard credit cards will be accepted by Apple Pay. Additionally, your transaction limit will depend on the available transaction limit of your cards.

HSBC also highlighted the various safety features that customers can enjoy when making Apple Pay payments. “All transactions require FaceID, TouchID, or your passcode on your iPhone, iPad or Mac, and a double click on your Apple Watch. Your card number is also never stored on your device or Apple servers,” the bank noted on its website.

To add your HSBC credit cards to Apple Pay, simply open your Apple Wallet app on your phone and tap on the “+” sign found in the upper right corner. Following that, scan your card as prompted, or key in your card details manually if you prefer. You will also have the option to set your HSBC card as your default card for Apple Pay.

In conjunction with this latest development, HSBC is running a campaign that offers a cashback reward of RM30 after eligible customers perform five Apple Pay transactions (with a minimum spend of RM 50 per
transaction). Already ongoing, the campaign is set to end on 31 May 2023.

For context, Apple Pay officially made its way to Malaysia in
August last year
. However, it only accepted selected cards issued by three banks at the time of launch, namely
Maybank
,
AmBank
, and
Standard Chartered
. A month later, Maybank said that Apple Pay had also
enabled support for its AMEX cards
. Meanwhile,
CIMB
 shared that its cards will likely only be accepted by Apple Pay some time in the second half of 2023.

(Source:
HSBC
)

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TNB To Expand Installation Of Smart Meters Across Malaysia

(Image: The Malaysian Reserve)

Tenaga Nasional Berhad (TNB) has plans to expand the installation of smart meters nationwide, with a target of 9 million units to be supplied across the country by 2021. The utility company aims to install 1.2 million units in the Klang Valley after having successfully fitted 340,000 units in Melaka.

According to chief retail officer Megat Jalaluddin Megat Hassan, the smart meter has the technology to help consumers control electricity consumption effectively.

“One of the advantages of the smart meter is that customers can track their electricity consumption trends and with this information, they can control their consumption trends,” he said. “During the MCO period, users who had installed the smart meter were not affected by the
estimate bill
, instead they received the actual bill.”

Megat Jalaluddin also highlighted that the actual bill could be accessed directly through email as well as on the MyTNB app and website. He added that through the MyTNB app, bill payments are easier, more accurate, and transparent, with users being able to control and monitor electricity usage while getting educated on energy savings.

The utility company began installing smart meters under a pilot project in Melaka and Putrajaya from 2014 until 2016. Smart meters are also being used in other countries, with 700 million smart meters installed worldwide including in Europe and the United States.

(Source:
Malay Mail
)

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Double Happiness Duck Dine-in from AmBank Credit Card

Enjoy a complimentary Peking Duck from
Chuai Heng restaurant
 when you dine-in with a AmBank credit card. To be eligible for this offer AmBank credit cardmembers must spend a minimum of RM88 in a single receipt (excluding Government Tax & Service Charge) and make payments with an AmBank credit card.

This promotion is valid until 30 September 2013 and is not applicable with other on-going promotions, discounts, vouchers and all set menus. Please refer to the
Terms & Conditions
 for further details.

Having trouble finding the right AmBank credit card? Find one that suits your lifestyle on
RinggitPlus.com

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Ministry Of Finance Confirms No Interest Accrual On Hire Purchase Loans & Fixed Rate Islamic Financing

In an interesting twist of events, Finance Minister Tengku Dato’ Sri Zafrul Abdul Aziz has announced hugely positive news for Malaysians: interest will no longer accrue on hire purchase loans and fixed rate Islamic financing. This effectively reverses the announcement made by the Association of Banks in Malaysia (ABM) last week, which
enabled interest accrual on the two credit facilities
.

On 30 April, press releases by both Bank Negara Malaysia (BNM) and ABM caused a huge uproar among Malaysians, who saw the statements as a reversal of the original terms of the 6-month bank loan moratorium. While
home loan terms were fairly straight forward and interest accrual was universally accepted
, fixed-rate loans and financing such as hire purchase agreements technically cannot accrue interest due to the nature of the loan/financing. Shortly after the press releases were posted, banks began informing customers of the effects of interest accrual to their existing loans/financing, even when they were previously told there would be zero interest accrual during the moratorium period.

In light of the uproar among Malaysians who were already struggling to cope financially with the effects of Covid-19,
Finance Minister Tengku Dato’ Sri Zafrul stated that
 his ministry would attempt to discuss the matter with both ABM and BNM, to reach “the right decision for the benefit of the rakyat.”

Today, the minister confirmed the good news – albeit slightly vaguely. In his statement, Tengku Zafrul confirmed that there will be “no additional charges” on hire purchase agreements (both conventional and Shariah).

“An agreement has been reached to confirm that the total monthly instalment will not change for hire purchase borrowers (conventional and Shariah) throughout the tenure.

It also means that there will be no additional charges imposed during the moratorium period.

As such, the borrower need only continue instalment payment as usual based on the existing agreement with their respective banks, and include an extra 6 months in the tenure if they choose to opt in to the moratorium. Additional information can be obtained from the respective banks.”

While the Malay-language statement initially left some doubts on the interpretation of “additional charges”, we can confirm that with this statement, there will be no interest accrual for hire purchase/car loans as well as fixed-rate financing during the moratorium period, effectively nullifying the ABM press release on 30 April.

However, the “operationalisation” of the moratorium agreement, in which the borrower must inform the bank of their decision to opt in or out of the moratorium (as it is no longer automatic), will continue. Banks must get in touch with borrowers and provide an easy solution for them to make their decisions.

(Source:
Tengku Dato’ Sri Zafrul Abdul Aziz
 (Twitter))

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ABM

Association of Banks

Bank Negara Malaysia

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Finance Minister

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Tengku Dato' Sri Zafrul Aziz

About THE AUTHOR

Pang Tun Yau

Pang Tun Yau

A seasoned tech journalist who now focuses on his other passion, Pang is a firm believer in old-school DCA and optimised spending.

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    Anonymous

    2 years ago

HI Mr Pang, this article is dated when actually? May 2021 i believed?

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