Best Fixed Deposit Accounts In Malaysia - September 2023

Last update: 5 September 2023

Best Fixed Deposit Promos – September 2023

Bank
Effective Rate (% p.a.)
Minimum Deposit
Maximum Deposit
Tenure
Promotion Period
Affin Bank
(
Banca Deposit Campaign 2023
 – requires customers to sign up for bancassurance or bancatakaful products)
Single premium/
contribution:
– 12.88 (1 month)
– 7.88 (3 months)
– 5.88 (6 months)
Regular premium/
contribution:
– 28.88 (1 month)
– 13.88 (3 months)
– 8.88 (6 months)
– RM10,000 (for bancatakaful single contribution plan and bancassurance/
bancatakaful regular premium contribution)
– RM50,000 (for bancassurance single premium plan)
N/A
– 1 month
– 3 months
– 6 months
1 Apr – 30 Sept 2023
Affin Bank
(
eFD/eTD-i Merdeka campaign
)
– 3.68 (4 months)
– 3.75 (6 months)
– 3.78 (9 months)
– 3.92 (12 months)
RM10,000
RM200,000
– 4 months
– 6 months
– 9 months
– 12 months
1 – 7 Sept 2023
Alliance Bank
(
Dash4Cash eFD promotion
 – requires customers to open a SavePlus account)
4.20
RM1,000
RM100,000
12 months
5 July – 30 Sept 2023
Alliance Bank
(
Alliance Privilege FD/TD-i promotion
 – open to new Alliance Privilege Banking customers, over-the-counter offer)
4.10
RM1,000
RM300,000
6 months
25 July – 30 Sept 2023
Alliance Bank
(
Alliance Personal FD promotion
 – open to new Alliance Personal customers, over-the-counter offer)
4.10
RM1,000
RM100,000
6 months
25 July – 30 Sept 2023
Alliance Bank
(
Alliance New Investor campaign
 – requires customers to invest in selected conventional unit trust products)
9.50
RM1,000 (FD placement amount)
Up to one time of the invested minimum UT amount
3 months
1 Apr – 30 Sept 2023
Alliance Bank
(
Alliance Bank Bancassurance & FD campaign
 – requires customers to invest in selected bancassurance regular premium products)
– 6.50 (RM10,000 bancassurance amount)
– 8.50 (RM50,000 bancassurance amount)
– 9.50 (RM100,000 bancassurance amount)
RM1,000 (FD placement amount)
N/A
6 months
1 Apr – 30 Sept 2023
Alliance Bank
(
Alliance Bank Investment & FD campaign
 – requires customers to invest in selected investment products)
– 7.50 (invest in conventional unit trust)
– 6.25 (invest in retail securities or structured investment)
RM1,000
– Up to one time of invested amount (for unit trust investment)
– Up to one third of investment amount (for retail securities and structured investment)
3 months
1 Apr – 30 Sept 2023
Bank Rakyat
(
Akaun Deposit-i Berjangka promotion
)
– 4.11 (8 months)

– 4.22 (12 months)
RM10,000
N/A
– 8 months
– 12 months
20 June – 30 Sept 2023
Bank Islam
(
MaxCash promotion
 – requires customers to deposit cash into TDT and invest in Al-Awfar)
5.90
RM10,000 (70:30 between TDT and Al-Awfar, respectively)
N/A
12 months
24 Mar – 31 Dec 2023
CIMB Bank
(
eFD/eFRIA-i campaign
 – only on CIMB Clicks website)
– 3.53 (3 months)
– 3.80 (6 and 12 months)
RM1,000
N/A
– 3  months
– 6 months
– 12 months
11 July – 13 Sept 2023
Hong Leong Bank
(
New-to-eFD/eFD-i customers promo
 – new customers to eFD or eFD-i only)
3.80
RM1,000
RM200,000
3  months
1 – 30 Sept 2023
Hong Leong Bank
(
HLB Connect eFD promo
 – only on HLB Connect)
– 3.75 (3 months)
– 3.85 (6 months)
– 3.95 (12 months)
RM1,000
RM200,000
– 3 months
– 6 months
– 12 months
1 – 30 Sept 2023
Hong Leong Bank

(
HLB Priority Banking Welcome Proposition Fixed Deposit promo
 – exclusively for new Priority Banking customers)
4.08
RM10,000
RM500,000
3 months
1 Aug – 31 Oct 2023
HSBC Bank
(
HSBC Premier Time Deposit promo
)
– 4.00 (FD only)
– 7.00 (FD and invest in selected unit trusts or structured investments)
– RM50,000 (for 4% p.a. promo)
– RM100,000 (for 7% p.a. promo)
– RM200,000 (for 4.00% p.a. promo)
– N/A (for 7% p.a. promo)
6  months
21 Aug – 30 Nov 2023
Maybank
(
Islamic eFD-i promo
 – only through Maybank2u website)
– 3.80 (5 months)
– 3.90 (7 months)
RM1,000
N/A
– 5 months
– 7 months
17 Aug – 13 Sept 2023
OCBC Bank
(
FD/FD-i promo
)
– 3.75 (6 months)
– 3.80 (9 months)
RM1,000
Subject to your online banking withdrawal limit with the other bank
– 6 months
– 9 months
15 Aug – 30 Sept 2023
Public Bank

(
PB RCB Special FD/TD-i campaign
 – Red Carpet Banking customers are required to maintain a minimum
aggregated deposit amount)
RCB Gold
– 3.65 (3 months)
– 3.75 (6 months)
– 3.80 (9 months)
– 3.85 (12 months)
RCB Elite
– 3.70 (3 months)
– 3.80 (6 months)
– 3.85 (9 months)
– 3.90 (12 months)
RM10,000
RM10 million
– 3 months
– 6 months
– 9 months
– 12 months
1 July – 30 Sept 2023
Public Bank

(
PB Special Fixed Deposit campaign
 – for PLUS Fixed Deposit)
– 3.60 (3 months)
– 3.70 (6 months)
– 3.75 (9 months)
– 3.80 (12 months)
RM5,000 per receipt
RM10 million per customer
– 3 months
– 6 months
– 9 months
– 12 months
1 July – 30 Sept 2023
Public Bank

(
PB eFD via FPX campaign
)
– 3.65 (3 months)
– 3.75 (6 months)
– 3.80 (9 months)
– 3.85 (12 months)
RM5,000
RM2 million
– 3 months
– 6 months
– 9 months
– 12 months
1 July – 30 Sept 2023

Monthly Update

Here’s a roundup of this month’s updates to the best fixed deposit accounts in Malaysia.

Overall, Islamic FD products continue to offer higher interest rates compared to conventional FD products.

Junior savers can opt for MBSB Junior Term Deposit-i (3.30% for 9-month tenure).

Meanwhile, senior customers can go for the BSN Term Deposit Senior Citizen account, which lets you earn 3.50% over a 12-month tenure.

The highest interest rate recorded in this month’s round-up is 3.50% (Bank Simpanan Nasional; 12-month FD), whereas the lowest stood at 2.65% (Al Rajhi Bank; 1-month FD).

Original article follows below.

“What’s the best fixed deposit in Malaysia?” It’s one of the most common questions we hear from Malaysians who want a stable and secure form of savings. With its combination of zero risks, guaranteed returns, and the flexibility of choosing the duration of the deposit, many turn to fixed deposits as a reliable form of short to medium-term savings.

Most fixed deposit accounts in Malaysia are also regulated by Perbadanan Insurans Deposit Malaysia (PIDM) that gives protection for your investment in the unlikely event of member bank failure. So when identifying which fixed deposit account to put your money in, the main points of consideration should be interest rates, minimum deposit amount, and if they are insured by PIDM.

Here are the highest interest fixed deposit accounts in Malaysia, arranged by duration. The tables below will be updated every month.

Top 1-month FD rates in Malaysia

Bank Name
Product Name
Minimum Deposit
Interest/Profit Rate
Profit on RM10,000
Depositor’s Insurance
MBSB Bank
MBSB Term Deposit-i
RM500
3.00%
RM25.00
PIDM
Bank of China
Bank of China Fixed Deposit Account
RM1,000
2.90%
RM24.17
PIDM
Alliance Bank
Alliane Bank Fixed Deposit
RM500
2.75%
RM22.92
PIDM
India International Bank
India International Bank Fixed Deposit
RM1,000
2.70%
RM22.50
PIDM
Al Rajhi Bank
Al Rajhi Term Deposit-i
RM500
2.65%
RM22.08
PIDM

Top 3-month FD rates in Malaysia

Bank Name
Product Name
Minimum Deposit
Interest/Profit Rate
Profit on RM10,000
Depositor’s Insurance
Bank Muamalat
Bank Muamalat Fixed Term Account-i
RM1,000
3.10%
RM77.50
PIDM
Agrobank
Agrobank Fixed Return Investment Account-i
RM1,000
3.05%
RM76.25
Malaysian Govt
Bank of China
Bank of China Fixed Deposit Account
RM1,000
3.00%
RM75.00
PIDM
Alliance Islamic Bank
Alliance Islamic Term Deposit-i
RM500
2.95%
RM73.75
PIDM
Maybank
Maybank Fixed Deposit
RM1,000
2.75%
RM68.75
PIDM

Top 6-month FD rates in Malaysia

Bank Name
Product Name
Minimum Deposit
Interest/Profit Rate
Profit on RM10,000
Depositor’s Insurance
Bank Rakyat
Bank Rakyat Term Deposit Account-i
RM500
3.25%
RM162.50
Malaysian Govt
Bank Muamalat
Bank Muamalat Fixed Term Account-i
RM1,000
3.20%
RM160.00
PIDM
Bank Simpanan Nasional
BSN Term Deposit
RM500
3.10%
RM155.00
PIDM
Alliance Bank
Alliance Bank Fixed Deposit
RM500
3.05%
RM152.50
PIDM
Bank Islam
Bank Islam Term Deposit-i
RM500
3.00%
RM150.00
PIDM

Top 9-month FD rates in Malaysia

Bank Name
Product Name
Minimum Deposit
Interest/Profit Rate
Profit on RM10,000
Depositor’s Insurance
Agrobank
Agrobank Fixed Return Investment Account-i
RM1,000
3.40%
RM255.00
Malaysian Govt
MBSB Bank
MBSB Junior Term Deposit-i
RM500
3.30%
RM247.50
PIDM
Bank Simpanan Nasional
BSN Term Deposit-i
RM500
3.15%
RM236.25
PIDM
Bank of Nova Scotia
Bank of Nova Scotia Fixed Deposit
RM1,000
3.05%
RM228.75
PIDM
OCBC Bank
OCBC MYR Fixed Deposit
RM1,000
2.90%
RM217.50
PIDM

Top 12-month FD rates in Malaysia

Bank Name
Product Name
Minimum Deposit
Interest/Profit Rate
Profit on RM10,000
Depositor’s Insurance
Bank Simpanan Nasional
BSN Term Deposit Senior Citizen
RM5,000
3.50%
RM350.00
PIDM
Agrobank
Agrobank Fixed Return Investment Account-i
RM1,000
3.45%
RM345.00
Malaysian Govt
MBSB Bank
MSBS Term Deposit-i
RM500
3.40%
RM340.00
PIDM
Bank Muamalat
Bank Muamalat Fixed Term Account-i
RM1,000
3.30%
RM330.00
PIDM
Bank of China
Bank of China Fixed Deposit Account
RM1,000
3.15%
RM315.00
PIDM

Ready to apply? Check out the
RinggitPlus Fixed Deposits page
, where you’ll find useful information for fixed deposit promotions available in Malaysia, as well as a useful
fixed deposit calculator
!

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    Martin

    3 years ago

I am retiring soon. Looking to park my pension Rm2m approx in a safe product with monthly devidents of Rm8k.

Any ideas?

85

Reply

    Kasman Muslimin

    2 years ago

    Reply to

        Martin

Public Mutual have product called unit trust money market which provide dividend every month with no sales charge, if you interested to know further, let me know. I’m please to help

58

Reply

    Anonymous

    10 months ago

    Reply to

        Kasman Muslimin

what is the name of the fund??

0

Reply

    Anonymous

    3 months ago

    Reply to

        Kasman Muslimin

Keep in your EPF, bullshit just want to eat your money.

28

Reply

    ckc

    1 month ago

    Reply to

        Kasman Muslimin

Although unit trusts do give dividends but the nett asset value (NAV) is adjusted to a lower value accordingly. If you reinvest the dividend, you end up with exactly the same value but with more units at a lower adjusted NAV. If you take out the dividend, your fund value becomes lower. Profits from unit trust have to come from capital appreciation of NAV due to stock or bond appreciation.

2

Reply

    CK LIM

    1 year ago

    Reply to

        Martin

You better off stick with EPF, which gives about 100k annual return which you want to.

84

Reply

    mugun

    1 year ago

    Reply to

        CK LIM

He need monthly withdraw ….EPF can withdraw monthly?

6

Reply

    Anonymous

    1 year ago

    Reply to

        mugun

Yes you can request monthly withdrawal.

5

Reply

    Anonymous

    1 year ago

    Reply to

        mugun

Can

1

Reply

    Anonymous

    1 year ago

    Reply to

        mugun

He can coz he is a retiree soon

5

Reply

    Anonymous

    7 months ago

    Reply to

        mugun

Can be arranged with EPF .

2

Reply

    Helen Mee Tsin Ryder

    1 year ago

    Reply to

        CK LIM

Epf only accept RM60k voluntary contribution annually only… not 2M.  There is no way RM8000/month with RM2M.  Unless you are good in stock market.  Equity and unit trusts bonds all depreciating in this pandemic period.  No interests incomes can be fixed.  Except conventional bank FD only.  Interest rates are still very low.

8

Reply

    Azizan

    10 months ago

    Reply to

        Helen Mee Tsin Ryder

Got.

There are a few depending on your risk appetite.

0

Reply

    Anonymous

    6 months ago

    Reply to

        CK LIM

U cannot deposit 2m

0

Reply

    James

    1 year ago

    Reply to

        Martin

If u can have 2m pension but don’t know where to park it.. U likely don’t belong to blue collar group and not have the 2m

0

Reply

    Jimmy

    4 months ago

    Reply to

        James

What’s the point of saying this? 🤦🏻♂

14

Reply

    Naz

    3 months ago

    Reply to

        Jimmy

hahahahahhaha

0

Reply

    Nalni Parthipan

    11 months ago

    Reply to

        Martin

All Banks and Insurance companies are regulated under BNM, instead insurance one step forwards not only given dividends and Interest . Perhaps given coverage as well.

0

Reply

    Azizan

    10 months ago

    Reply to

        Nalni Parthipan

Rule of thumb: Insurance/Takaful meant for coverage purposes not investment.

Yeah, there are product linked to the investment platform, but still cannot rely there to get good profits.

7

Reply

    Anonymous

    6 months ago

    Reply to

        Martin

Uncle go buy ETF…average 7-10% p.a.

or  leave it in EPF average 6%/p.a. roughly 120K/yr

low risk and reasonable return

or go buy  a few 300k house and collect rent..reasonable yield and future house appreciation.

Good luck

5

Reply

    Jimmy

    4 months ago

    Reply to

        Anonymous

Epf already can more than meet the rm8000 per month Martin requires.

0

Reply

    Anonymous

    4 months ago

    Reply to

        Martin

EPF

1

Reply

    Anonymous

    3 months ago

    Reply to

        Anonymous

EPF only allowed max 60K deposit per year. For RM2M, he needs 33 years to deposit all in 😛

0

Reply

    Joe

    3 months ago

    Reply to

        Martin

put in EPF…little did I expect that there are so many kind soul here asking you to park in EPF…pls listen to them…dont listen to those asking you to invest.

0

Reply

    Patrick Liew

    3 years ago

Inform me the best All FD offer by banks

Other products offer are also welcome

208

Reply

    Sasa

    2 years ago

ambank got new promo 2.98% 9 months until year end only

43

Reply

    ALAN CONRAD CHEONG CHI LOONG

    2 years ago

Hi, is the OCBC FD rate 2.9% until the end of Dec 2020?

19

Reply

    Jessie

    2 years ago

Hi, what is the interest rate in Public Mutual unit trust money market ?

45

Reply

    Arultharuman

    1 year ago

    Reply to

        Jessie

For 200’000 rm pls inform public mutual interest rate

20

Reply

    lim

    1 year ago

    Reply to

        Jessie

local banks gives pathetic interest rate. Where else overseas investment s gives 6 to 7 precent per month!!!

6

Reply

    Anonymous

    11 months ago

    Reply to

        lim

Park inside EPF.

0

Reply

    Anonymous

    11 months ago

    Reply to

        lim

yah – Japan offers close to zero rate

0

Reply

    Anonymous

    8 months ago

    Reply to

        lim

pakistan with 14% interest rate lol

0

Reply

    Anonymous

    4 months ago

    Reply to

        Anonymous

Yeah but is their central bank governing the safety of your money?

Tomorrow your money may disappear like Alibaba.

0

Reply

    Anonymous

    1 year ago

Hi is it possible to put 1bil in FD for 12months?

0

Reply

    Jan

    1 year ago

Hi, for the top 1 month FD rates, is no. 1 Bank Rakyat or Bank Muamalat? Thank you.

0

Reply

    Philip Lee

    1 year ago

Latest updated & promo FD term rate.

Thank you.

19

Reply

    jessy

    1 year ago

hi there, pls advise best bank interest FD rates for RM 50K or RM 100K for 2 years, pls share

17

Reply

    chookn

    1 year ago

How about UOB?

12

Reply

    Anonymous

    7 months ago

    Reply to

        chookn

uob has good rate.with monthly interest payout..

2

Reply

    Pat Liew

    1 year ago

The best FD rate bank offer ?

8

Reply

    Anonymous

    1 year ago

Affin has good promotional 6,9,12m FD rate too(I can’t find online, but visible when I apply new FD).

5

Reply

    Anonymous

    11 months ago

    Reply to

        Anonymous

Why considering FD where you have the EPF who offers 6% annually?

5

Reply

    Anonymous

    10 months ago

    Reply to

        Anonymous

because FD is not liquid enough la

0

Reply

    Anonymous

    11 months ago

MBSB bank giving 3.6% on 12M basis

0

Reply

    Shu Jean

    10 months ago

The FD interest rate is higher now

1

Reply

    amad663

    9 months ago

    Reply to

        Shu Jean

Yup maybank offer as high as 3.85% for fresh funds. Crazy deals !!

0

Reply

    Captain Jack Sparrow

    9 months ago

Acquire a shop house and rent it out. Make sure the rental can generate RM8k a month.

0

Reply

    Anonymous

    8 months ago

    Reply to

        Captain Jack Sparrow

better return rate if buying a factory lot

-1

Reply

    nis

    9 months ago

If I’m nit mistaken maybank has other promos to like fresh funds (28/11-7/12) and their rates are superb

0

Reply

    Pang Tun Yau

    9 months ago

    Reply to

        nis

Yup, saw the flash deal. Keep an eye out for our updated FD promo for December post tomorrow!

0

Reply

    Henry Lim

    5 months ago

    Reply to

        Pang Tun Yau

Foreigners can apply for Sg Gov Treasury Bill for 6 months or 12 months,  In Dec I placed S$600k in treasury bill at 4.4% cut-off year, equivalent to 4.5% per annum.

0

Reply

    dania

    9 months ago

    Reply to

        nis

that one with 3.85%? yeaaaa that deal is very tempting, might place funds on maybank soon

0

Reply

    Lmp

    9 months ago

    Reply to

        dania

Deal for 6 months

0

Reply

    Bathe

    8 months ago

    Reply to

        Lmp

AM Bank 4.5 for 18mnths

1

Reply

    fateh12

    9 months ago

For sure will go maybank bcs I heard that it is shariah compliant + their rates is 3.85%, who wouldn’t want that?

0

Reply

    ENCIK NIK

    8 months ago

I AM SO HAPPY FOR THE DETAILS FIX DEPOSIT INFORMATION AND I ANALYSIS FIRST ,THANK YOU.

0

Reply

    G.P

    8 months ago

Which is best investment platform FD or Unit trust? with low risk

0

Reply

    Jimmy

    4 months ago

    Reply to

        G.P

Lowest risk is FD. So depends on your appetite

1

Reply

    Ren

    8 months ago

Hi Agrobank have promo until 24/2/2023. 4.25% for 12 months, 4.1% for 6 months.

1

Reply

    Pat

    6 months ago

    Reply to

        Ren

Are all the banks now asking to register CRS before u can place a fix deposit ? And why ?

0

Reply

    Shirley Erndt

    7 months ago

Life is too short the world is wide.. I would’ve spent some.

1

Reply

    Jimmy

    4 months ago

    Reply to

        Shirley Erndt

Do spend in Malaysia. Thank you

0

Reply

    Anonymous

    1 month ago

    Reply to

        Jimmy

Malaysia is boring shit place. I will rather stay at home turn on air cond and watch Netflix. Just spent RM30k in Japan for Sakura season this year. Worth every cent.

0

Reply

    Anonymous

    4 months ago

MBSB Bank offrering 4.3 % effective rate as of now April 25th 2023

0

Reply

    Anonymous

    3 months ago

    Reply to

        Anonymous

Now BSN is High rate 5.8% untill 15 ogos 2023.

0

Reply

    Sindy

    4 months ago

Can someone explain about the 6months & 12 months FD which one is better?

1

Reply

    Retiree

    2 months ago

Your best option is to leave them in EPF. Visit EPF to apply a fixed monthly of your choice and that’s it.

1

Reply

    Nona

    2 months ago

    Reply to

        Retiree

What’s min epf Fixed monthly?

0

Reply

    Tin

    1 month ago

Current safe and best bet for you monies still keep them safe in your EPF, unless the EPF changed their policy to force everyone and allow only monthly widrawer and No more One lump sum and flexible widrawer any Time you want like current practise.If government can suka suka change their policy,then better keep your hard earned monies outside of EPF.

2

Reply

    Yumi

    1 month ago

Is it safe to deposit of over RM2m to public  bank fd personally?

0

Reply

    Anonymous

    1 month ago

    Reply to

        Yumi

You will be marked for kidnapping….

1

Reply

    Anonymous

    1 month ago

The above is outdated. PB is only 3.8% for 12mths since 12th July 2023

0

Reply


Best Cashback Credit Cards In Malaysia

Last update: 18 May 2020

At RinggitPlus, we constantly get bombarded with questions about the
best credit card
 to apply for. In reality, there is no “best” credit card out there – there are many variables that need to be considered, as well as the spending habits of the individual to be taken into account. Most of the time, a credit card that’s great for one person may not be so for another individual.

That said, with over 300 credit cards to choose from in Malaysia, there are some good credit cards to look out for when it comes to one of the main perks of a credit card: cashback or cash rebates. This perk isn’t the most rewarding benefit of a credit card, but it is the most immediate and quantifiable.

Here, we take a look at 10 credit cards that are great for cashback. Each card has its own cashback mechanism, which we’ll explain alongside our reasons why we think they’re worth taking up a slot in your credit card arsenal.

Note that this list is presented based on the salary requirements of each card. Remember, there is no “best” credit card for everyone.

Hong Leong Wise

Benefits
: 8% cashback on petrol, groceries, & dining on weekends, max RM18/month per category

Minimum income requirement
: RM24,000/year or RM2,000/month

Annual fee
: RM98

Like the Citi Cash Back, the
Hong Leong Wise
 offers cashback for basic expenses that one would spend on every month – petrol, groceries, and dining. However, the Hong Leong Wise is only a rewarding cashback credit card when used on the weekends, as it offers an 8% cashback rate on Saturdays and Sundays. On other days of the week, the cashback offered is much lower at 1%.

The Hong Leong Wise also requires you to spend a minimum of RM500 to unlock the 1%/8% cashback rate; all spends below that amount in a month (or on other categories) will only earn you 0.25% in cashback. However, if you were to earn the full RM54 in cashback available each month, you’d be spending more than RM500 anyway, so hitting the minimum spend would not likely be a problem.

UOB ONE Card

Benefits
: 5% cashback on petrol & groceries, and 2% cashback on telco on weekends, max RM24/month

Minimum income requirement
: RM24,000/year or RM2,000/month

Annual fee
: RM68

The
UOB ONE Card
 can be the cashback card for you if you’re looking for a credit card with no minimum spend requirements to unlock cashback rates. With petrol, groceries, and telecommunication spend as its cashback categories, the UOB ONE card is a steady option for fresh graduates who are looking for their first credit card to cover their most basic and minimal expenses.

Do make sure that you’re willing to limit your expenses to the weekends, as the weekday rates offered by the UOB ONE Card are not very enticing. On the weekends, you can get up to RM10 in cashback per category for petrol and groceries, and up to RM4 in cashback for telecommunication expenses.

When taking into consideration whether to get the UOB ONE Card, don’t forget to factor the RM68 annual fee into your cashback returns calculations.

Maybank 2 Gold/Platinum

Benefits
: 5% weekend cashback (Amex), max RM50/month

Minimum income requirement
: RM30,000/year or RM2,500/month

Annual fee
: Free for life

The
Maybank 2 Gold
 is arguably the most popular cashback credit card in Malaysia. It’s an easy card to recommend because of its “clean” fine print – there’s no other requirement to be eligible for cashback beyond using the American Express card on weekends. There are no specific categories to adhere to (besides an exclusion for transactions made to utilities, government bodies, and e-wallet top-ups), nor is there a requirement to spend a specific amount every month. On weekdays, you can earn 5x TreatsPoints for every RM1 spent with the Amex card.

The Maybank 2 Gold’s low income requirement also means fresh grads may start enjoying the benefits of this card. But if you’re eligible for the Platinum, you should always apply for that, as it adds travel insurance when you make your travel-related purchases with the card.

The only drawback is the fact that Amex cards are still not as widely accepted as Visa or Mastercard, though it is much less of an issue today. Do note however that with the re-introduction of SST, every credit card you own will be charged RM25 per year – because Maybank 2 cards come in a pair (non-negotiable), you’ll be forking out RM50 a year in SST.

Public Bank Quantum Visa & Mastercard

Benefits
: 5% cashback for contactless and online transactions, max RM30/card per month

Minimum income requirement
: RM36,000/year or RM3,000/month

Annual fee
: Free for life

Public Bank’s answer to the Maybank 2 credit cards, the
Quantum credit cards
 also come as a pair: a
Visa
 and a
Mastercard
. Both offer cashback for a specific category, with cashback capped at RM30 per card per month. This means the maximum cashback you can receive for these cards is RM60 a month.

The Visa offers cashback for contactless transactions, while the Mastercard cashback category is online shopping. However, do note that the Quantum Visa’s cashback has an extra requirement of a minimum of RM30 per transaction.

In our review, we found the Public Bank Quantum cards to be
a great combination for online and offline expenditure
, giving it a better balance compared to the Maybank 2 Cards. Finally, like the Maybank 2 cards, the re-introduction of SST means you’ll have to pay RM50 in tax for these cards, as they also come as a pair.

Citi Cash Back Credit Card

Benefits
: 10% cashback on petrol, groceries, dining, & Grab rides, max RM10/month per category

Minimum income requirement
: RM36,000/year or RM3,000/month

Annual fee
: RM120

Here is a credit card for the novices looking for something basic and simple, but with high effective cashback returns. The
Citi Cash Back Credit Card
 is pretty straightforward, offering 10% cashback for four categories (but capped at RM10 a month for each category), and 0.2% cashback for everything else. You’d need to hit RM500 spend every month with this card to activate cashback, however.

All four categories are sensible, as they are usually what most Malaysians would spend money on every month. The cashback cap per category is definitely low, and is easily hit thanks to the high 10% rate. If you hit all four cashback caps and spend RM500 a month, you’re looking at an effective cashback rate of 8%, which is very rewarding for such a low spend amount.

The RM120 annual fee is high for a card at this level, but Citibank is offering a 3-year annual fee waiver for most of its credit cards for new applications.

Standard Chartered Liverpool FC Cashback Card

Benefits
: Up to 5% cashback on all retail, max RM50/month

Minimum income requirement
: RM36,000/year or RM3,000/month

Annual fee
: RM175

A rebranded version of StanChart’s old cashback credit card, the
Liverpool FC Cashback Card
 is a
solid card to earn cashback across a variety of categories. The LFC Cashback card offers cashback on all retail transactions except for petrol, insurance, and government-related transactions, while the maximum 5% cashback tier is unlocked with a minimum monthly spend of RM2,000.

Petrol and insurance transactions are not applicable for cashback, but still count towards the minimum retail spend amount. All told, this is a solid cashback card for general spending, including for online shopping. However, the Liverpool FC Cashback credit card does come with a pretty hefty annual fee of RM175, and this is only waived for the first year.

Standard Chartered JustONE Platinum

Benefits
: Up to 15% cashback in auto billing, online, and petrol, max RM60/month

Minimum income requirement
: RM36,000/year or RM3,000/month

Annual fee
: RM250, eligible for waiver upon spending of RM20,000/year

The
Standard Chartered JustONE Platinum Mastercard
 is the practical family man’s credit card of choice. The 15% cashback promise may be a gimmick, since it’s only capped at RM60 and you’d need to spend RM2,500 a month to unlock the 15% cashback tier.

That said, the RM60 cap is one of the highest monthly cashback returns you can get from credit cards in Malaysia. This card is one of the few to offer cashback for utility bills and insurance premiums as long as you set them for auto-billing. Its other cashback categories are online transactions and petrol – essentially, all payments every breadwinner would make for their family. A revision to this card’s cashback features saw the
introduction of a sub-cap of RM30 a month for online transactions
 on the card, which means cardholders need to plan their transactions to effectively hit the RM2,500 spending and maximising cashback.

Therefore, it’s quite clear that this card isn’t for everyone. If your essential expenses don’t make up a huge chunk of the RM2,500 required to unlock the 15% cashback, there are better cashback credit cards in the market.

Maybank FC Barcelona Visa Signature

NOTE: Effective 1 August 2020, the Maybank FC Barcelona Visa Signature will be revised to offer fixed
1% cashback throughout the year.

Benefits
: 10% cashback in May & August, 2% cashback for other months, max RM100/month (May & August) or RM50/month (other months)

Minimum income requirement
: RM48,000/year or RM4,000/month

Annual fee
: Free for life

The
Maybank FC Barcelona Visa Signature
 credit card is our top choice as the best “conditional” credit card, and we love this card for its straightforwardness. This is an especially useful card that should only be used under specific circumstances and is best used as a secondary card – except for May and August.

This card offers a whopping 10% cashback with a maximum monthly cap of RM100 on any retail purchases made in May and August – easily the best return you can find on any credit card on any tier. This should be your go-to card for all transactions during these two months – and stop once you’ve hit RM1,000 in spending. That’s because you’d hit the monthly cashback cap, so spending more on this card has zero benefits. Do note that the card does not offer cashback for utilities, government bodies, and e-wallet reloads.

For other months, you should use other credit cards with better benefits first and maximise the benefits there – the Maybank FC Barcelona Visa Signature should be a backup option only. 2% cashback is not much to merit usage as a main credit card, but if you’ve already hit the cashback cap for another card, this is a great option to use instead of a debit card (or even cash).

There are also no annual fees for this card, so there’s no reason not to own this card as a backup from now until next May.

RHB Visa Signature

Benefits
: Up to 6% cashback (local, 3 categories), up to 2% cashback (overseas), max RM90/month (local), RM100/month (overseas)

Minimum income requirement
: RM80,000/year or RM6,667/month

Annual fee
: Free for life

The
RHB Visa Signature

is an interesting card, and it’s clearly designed for the more affluent consumers. You’ll need to spend at least RM3,500 in a month if you want to get the 6% cashback for the local categories and 2% cashback for overseas spend.

Given that more than half of the available card’s available cashback comes from the overseas spend category, it’s certainly a card better suited to those who are frequent travellers as well. The RHB Visa Signature offers up to RM100 in cashback for overseas spending, and RM30 per category for online, entertainment, and shopping expenditure locally. There’s also an unlimited 0.2% cashback for all local categories.

As added perks for travellers, you also get 5x free access to any Plaza Premium Lounge outlets in Malaysia, complimentary travel insurance coverage up to RM600,000, and even golfing privileges at selected courses in Malaysia.

Oh, it’s also free for life, with no conditions.

Public Bank Visa Signature

Benefits
: 6% cashback on online, dining, and groceries, max RM38/month

Minimum income requirement
: RM80,000/year or RM6,667/month

Annual fee
: RM338, waived with 12 transactions in a year

Like the RHB Visa Signature, the
Public Bank Visa Signature
 is one of the rare premium cards that offer cashback and complimentary premium lounge access. Unlike RHB’s offering, the Public Bank Visa Signature cashback has no minimum spend requirements, and has a higher monthly cashback cap (it doesn’t offer cashback for overseas transactions though). Cashback is eligible for three common categories: 6% for online, groceries, and dining transactions with no minimum spend.

For that, it is commonly seen as a higher-end variant of the Public Bank Quantum Mastercard. This card is also basically free for life, as long as you use it at least once a month.

Pro Tip: Maximise cashback by combining credit cards!

Now that we’ve given our recommendations, we’ve got one final tip before we end this guide. Bank Negara Malaysia has a stipulation that limits those who earn less than RM3,000 a month to a maximum of just 3 credit cards.You don’t actually need that many – but having multiple credit cards for different types of purchases go a long way in saving you money in the long run.

Credit card combinations are a great way to circumvent the cashback restrictions set by individual credit cards. For example, you can complement your
Maybank 2 Gold
 (which earns cashback only on weekends) with, say, the
Public Bank Quantum
 or the
Citi Cash Back Visa
 to be used during the weekdays. The
Maybank FC Barcelona Visa Signature
 is useful as a secondary card when you’ve hit the cashback cap of your main card, whichever it may be.

We’ll delve deeper into this complex chemistry of credit card combinations for a later guide. Stay tuned to our credit card reviews in the meantime!

Maximise your ringgit with RinggitPlus! Be among the first to apply, be approved, and fulfil the minimum requirements upon receiving your credit card and be rewarded with RM1,000 CASH! Find out more about the
RinggitPlus #RPBonusRaya campaign
.
Terms and conditions apply
.

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    lam lai beng

    3 years ago

do rhb credit card offer 0% balance transfer? else option,

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    Amran samsudin

    3 years ago

Every time apply the application was rejected without concrete reasons

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    Jacie Tan

    3 years ago

    Reply to

        Amran samsudin

Hmm. Could it be one of these reasons?
https://ringgitplus.com/en/blog/credit-cards/8-reasons-why-your-credit-card-application-got-rejected.html

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Soon, You Can Use GrabPay To Pay For Fave Deals

(Image: Mashable SEA)

Ride-hailing service Grab and deals platform Fave have announced a strategic partnership to accelerate growth for both platforms across the Southeast Asian region. In a joint statement released on 4 October, the two parties revealed that the partnership will see Fave’s merchant network and deals platform combining with Grab’s userbase and ecosystem.

Starting immediately, Fave will bring on board merchants for GrabFood and GrabPay in both Singapore and Malaysia. Later this month, Fave will also integrate GrabPay as one of its payment methods alongside the existing credit and debit card options.

This means that Fave customers will be able to use GrabPay to pay for deals on Fave, which span across multiple categories such as food and beverage, beauty, wellness, travel, and more. Grab and Fave also stated that there will be discounts and cashbacks in store for users.

According to Fave founder Joel Neoh, the collaboration will not only benefit the partners but also the customers and merchants.

“By providing GrabPay wallet as a payment option on the Fave platform, our merchants will immediately benefit from additional customer traffic from the millions of people who use the Grab platform daily,” he shared. “For customers, we have just made life easier for paying at our Fave merchants by partnering with the leading mobile wallet in the region.”

The integration of GrabPay onto Fave’s platform was done via
GrabPlatform
, a suite of APIs which enables partners to access parts of Grab’s technology like logistics and payments. The move is considered a “first of its kind” partner app integration for GrabPlatform.

In future, Fave and GrabPay will focus their collaborative efforts on adding more services on both platforms, such as rewards programmes and GrabPay’s QR code payment method.

(Source:
Straits Times
,
Malay Mail
)

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GST and the increase in price of goods

Three days ago Prime Minister Najib Tun Razak unveiled the much anticipated (and feared!) Budget 2014. As many predicted (though secretly wished to be proven wrong) the Goods and Services Tax (GST) was implemented. The GST at a rate of 6% will come into effect on April 1st 2015 replacing the current Sales Tax and Services Tax (SST) which stood at 10% for Sales  and 6% for Service. RAM Holdings Group Chief Economist Dr Yeah Kim Leng predicts that it will cause the
prices of goods to increase by 1%
. This is because the
SST is not charged on as many goods and services
 as the GST.

However, Dr Yeah also believes that the current low inflation environment would likely enable consumers to absorb the price increase. Despite many quarters lamenting the sudden imposition of GST at the high rate of 6%, Dr Yeah believes it to be better in the long run:

“If the Government had set a lower GST rate and increased it in

stages over the years, it would cause inflation to spiral upwards,”

“It is good that you have a one-off range that you

can hold constant for at least 2 to 3 years, because if you do it on a

staggered basis, it would create an inflation spiral. This is because

there is an expectation of price increase, and that would create higher

inflation,”

Nonetheless, the
GST could still increase after a few years
 if the government were to rely on it as a stable source of revenue.

“For the Government to rely on GST as a stable source of revenue, the

rate will need to be progressively raised over time. It could be

increased to 8% after the first three years and to 10% three years

later.

It would appear that whilst economists are looking toward the bigger picture of improving the country’s fiscal rating, they have forgotten a large portion of the population who can be forgiven for
not rejoicing at the prospect
 of a better economic outlook at the cost of GST: these are the masses who struggle simply to put food on the table with salaries that aren’t increasing in tandem with the nation’s inflation.

“Even with the exemption of the GST for essential goods, the poor, who

spend most of their income on food, will suffer,” said (RAM Holdings Group) president SM

Mohamed Idris.

With effect from June 1, 2018, the GST rate of
6%
 will be reduced to zero percent as per government directive.

*Picture courtesy of Sharonperry.ca

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Alliance Bank Revises Cashback Rates For You:nique Rebates Card

Alliance Bank will be revising the cashback rates on its
You:nique Rebates card
 come 21 May 2019. The revision will see reduced cashback rates for the lower-tier spending on the card.

The Alliance Bank You:nique Rebates credit card offers cashback on all retail purchases every day of the week. If offers tiered cashback with different percentages of cashback that apply only to the amount spent in that range. This is unique to the You:nique Rebates card, as other cashback cards offer tiered cashback rates that apply to the entire amount spent in the statement cycle.

Currently, the You:nique card offers 0.5% cashback for the first RM1,000 on retail spending in a month and 1.5% for the next tier of RM1,001–RM2,000. After 21 May, You:nique cardholders won’t earn any cashback for the first RM1,000 of expenditure and will get a reduced rate of 1.2% for the second tier. The rate for Tier 3 and 4 will remain the same.

Cashback tier

Range

Current rates

New rates

1

RM0–RM1,000

0.5%

0%

2

RM1,001–RM2,000

1.5%

1.2%

3

RM2,001–RM3,000

3.0%

3.0%

4

Above RM3,000

0.3%

0.3%

To get a better idea of how the new percentages affect your cashback earnings on the You:nique credit card, compare the potential cashback amount from before and after the change.

Cashback tier

Range

Current cashback amount

New cashback amount

1

RM0–RM1,000

Up to RM5

None

2

RM1,001–RM2,000

Up to RM15

Up to RM12

3

RM2,001–RM3,000

Up to RM30

Up to RM30

4

Above RM3,000

Unlimited

Unlimited

Under the old rates, if you spent up to RM3,000 on retail transactions using your You:nique credit card, you would receive a total of RM50 in cashback. After the change, you will receive RM42 for the spending the same amount.

Alliance You:nique allows you to upload your own card face design so that you can have a truly personalised credit card. Besides the
Alliance You:nique Rebates
 card, there are two other variations of the You:nique credit card that offer benefits on
low interest rates
 and
rewards points
 respectively.

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    Tuventure (@tuventure)

    3 years ago

Every year, every time, without fail: credit card rewards, points validity, shrinks. Even redeeming points, example 10000 for McD, with GST (during Najip years) another 6% points ie 600 were deducted. End of the day (and decade) it seems we have a saviour. We the rakyat now use Boost, Grabpay, TNG – that rewards us instantly. The only real advantage of credit card is 14-20 days of grace. Same with airlines mileage, year after year, less points, less award, less validity of points. Disgruntled users then seek budget airlines.

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Do You Have One of These 4 Money Disorders?

The way we think about money can heavily affect how we manage our finances, but is the opposite also true? Perhaps the way we handle our money can also affect our thinking and the way we operate. For all the self-help books about how to get rich, there is surprisingly little literature in the fields of finance and psychology that link money to emotional and mental well-being.

This
academic study
 published in 2011, outlines the many ways that an unhealthy relationship with money and distorted beliefs around finances can result in self-destructive behaviours. These behaviours are called “money disorders”.

Having a money disorder is when a disproportionate level of value is attributed to wealth and money, which manifests itself in self-damaging financial behaviours. In this article, we explore a few of these disorders, their symptoms, and when it may be advisable to get help.

Hoarding

For some people, the stockpiling of money or other objects gives them a sense of security, safety, and a temporary relief from anxiety. To a certain extent, everyone has some tendency to keep certain items well past their practical use. But this behaviour may lean towards ‘disorder’ territory should it interfere greatly in our personal lives.

A heavy inclination to not throw anything away can cause financial harm in having to allocate exponential amounts of resources to maintain the items being stored and can also cause structural harm if large objects are not being kept in a place that is monitored to prevent hazards.

The
causes
 of this behaviour in the extreme might be from growing up in an environment with little security or a traumatic incident involving heavy loss of personal belongings. These two factors may contribute to the hoarder’s penchant for developing intense emotional connections to material objects that come into their possession.

In some cases, the hoarder may also tie the having of a material object to their sense of identity. Should a hoarder think “Having these nature magazines means I care about the environment”, it may mean, to them, throwing the magazines away is akin to denying a part of their identity.

If your hoarding has begun to interfere with your health and well-being (you are falling sick because of the dust or decay in your home from the items; you are avoiding family or friends for fear they may see the state of your home; or you cannot function normally in your home because of the clutter) then it is time to seek help.

Compulsive Buying

Compulsive buyers have the distorted belief that shopping is the only activity that provides escape from worry and anxiety. However, it must be noted, that ‘retail therapy’, as some call it, is a temporary high that can bring more harm than good. Purchasing necessities is inherently a good thing if we know what we’re buying and are aware of our choices. But once we start thinking about shopping for pleasure’s sake and buying things as an end unto itself, is when we should start worrying.

Compulsive shopping causes the obvious financial harm of overspending, and it also may lead to the overspender neglecting other financial responsibilities in life. Left unchecked, a compulsive spender can quickly shop themselves into ruin.

Overspending may be traced to several
factors
. One of them might be a higher level of susceptibility to marketing and advertising than is typical. Another reason could be a higher vulnerability to loss aversion, or a skewed judgement on the value of money.

Workaholism

Workaholics believe that their self-worth is tied directly to their net worth. Consequently, they overvalue the pursuit of earning more income and undervalue other responsibilities in life such as time spent with family, forming meaningful friendships, or social causes.

Those with this affliction might have the tendency to show off their status by buying expensive things, or conversely, be overly vigilant in their spending such that they never buy anything unless absolutely necessary, despite continuing to make more money for that purpose.

This skewed attribution of self-worth to their wealth harms workaholics not just through their neglect of other things, but also from having a more easily damaged self-esteem. A workaholic who loses their job due to economic turmoil may be prone to mental breakdowns or depression due to not placing any self-worth in anything outside of their work.

This distorted belief that worldly possessions and greed is the only thing to value in life may be
caused
 by crippling self-doubt or even self-loathing. A lack of healthy, fulfilling pursuits outside of the working life can also be a contributing factor to this.

Pathological Gambling

Characterised by an inability to resist the impulse to gamble, a pathological gambler can be difficult to distinguish from someone who is simply gambling too much. Whereas somebody who gambles too often, but not compulsively, can still be said to gamble more than they should, a compulsive gambler’s patterns of behaviour is much more self-destructive.

They may feel the need to gamble increasingly larger amounts in order to feel the ‘thrill’ of gambling, feel restless or irritable when trying to cut back or quit, lie about time spent gambling, and in extreme cases, may even commit crimes or jeopardise their jobs due to gambling.

People with gambling problems may also be susceptible to other forms of addictive behaviour such as alcohol or substance abuse. While the traditional mental image of a gambler is one stuck in a casino going from machine to machine, gambling can also manifest itself in a compulsive tendency to take unnecessary risks in investment.

An addictive personality is a major
cause
 of developing compulsive gambling behaviour and exposure to situations or settings that encourage gambling is also a contributing factor.

As it turns out, there are many ways our financial health can influence our psychology, and vice versa. Despite what you may assume, there are many other Malaysians out there who are dealing with mental health issues like these. If you or someone you know are going through it, we recommend checking out this
list of therapists and counsellors in and around Klang Valley
.

If what you’re looking for are tips, information, or guides on how to manage your finances better, feel free to
check out our blog for hundreds of articles
on money management. Have anything to add to this article? Feel free to share your thoughts or ideas in the comments section down below!

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Citibank Credit Cards Have A New Look

From this month onwards, five of Citibank’s credit cards will be sporting a new look. The
Prestige Card
,
PremierMiles Card
,
Rewards Card
,
Cash Back Card
, and
Simplicity+
 will all be aligned to a unified card design for Citi cards worldwide.

All of the new designs prominently feature the iconic Citibank arc, a semi-translucent focal point that acts as a symbol of optimism. Meanwhile, the Citibank crest symbolises the 200 years of Citi’s history, financial stability, and security. The designs are meant to reflect the brand’s modernity and bring about a common brand identifier globally.

Image: The previous designs for the Citibank credit cards.

New cardmembers will receive credit cards with the revamped design if the application is approved after 14 February 2019. Existing Citi cardholders will receive cards with the new design when their cards are due for renewal. There are no changes to the respective card benefits or conditions; cardholders can use their credit cards both locally and internationally as usual.

You can find out more about
Citibank credit cards here
.

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Get 10x TreatsPoints With The Maybank 2 Cards Amex Contactless Campaign

If you own a pair of Maybank 2 Cards, here’s some good news because Maybank is running a Maybank 2 Cards Amex Contactless Campaign. Running from now until 30 April 2021, you can get 10x TreatsPoints from your Amex credit card using the contactless feature instead of the usual 5x TreatsPoints on weekdays.

Under the campaign, you can earn 10x TreatsPoints on weekdays as long as you make a contactless payment with your Amex card by waving the card over the terminal. Only transactions that are RM250 and below in a single receipt will be eligible for the 10x TreatsPoints.

To take part in this campaign, you do need to register via SMS by sending
Amex<space>12-digit NRIC Number/Passport number to 66628
 (eg. Amex 810101086111 or Amex A84958477). You only need to register once within the campaign period to start participating.

Do note that the total TreatsPoints given out under this campaign will be capped at a pool of 25 million TreatsPoints per month on a first come first served basis. Fulfillment of TreatsPoints will be carried out within 12 weeks from the campaign’s end date and credited to the principal cardholder’s account.

This campaign is open to all new and existing principal and supplementary cardholders of both
Maybank 2 Gold
 and
Platinum
 Amex credit cards. So, don’t forget to register via SMS so that you can enjoy double the TreatsPoints on your weekday contactless transactions!

(Source:
Maybank
)

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5 Benefits The EcoWorld Stay2Own* Campaign Offers Young Malaysians

Looking for your own place to stay is an exciting milestone. Whether you are on your own, with a partner, or have a family and kids, everyone wants to settle down in the perfect home. Of course, there are a few considerations when it comes to finding a new home: your budget, finances, and whether to rent or buy a property.

Thankfully, there are options that make moving into your dream home a whole lot easier than you might think – and EcoWorld’s Stay2Own* is one of them.

What Is Stay2Own* By EcoWorld?

Stay2Own* is a campaign where you can Stay Now, Enjoy First, and Pay Later. With Stay2Own*, in partnership with Maybank, you will be staying in one of EcoWorld’s homes with an option to purchase it within five years. At any time after the first year and up to the fifth year, you have the option to purchase the very home you’ve been living in at the price it was the day you moved in. Once you decide to purchase your Stay2Own* home, your tenancy agreement basically switches to a traditional mortgage plan.

Here are the main advantages Stay2Own* can offer you as a young Malaysian.

No Down Payment

When buying a house, you would need to put down a deposit (usually 10% of the property price). This down payment can sometimes be a bit of a struggle to raise – especially if you’re currently paying rent every month.

With Stay2Own*, you don’t need to make any down payment at all. You just need to pay 3 months’ rental deposit when you start renting your home, and that’s it. Just like that, one of the biggest barriers to home ownership is removed. You don’t have to fork out any huge sums of money upfront, and you can still enjoy your current lifestyle without the additional stresses of financial repayment.

Stay First, Buy Later

Many Malaysians who can’t afford to buy a home right now tend to stay in rented properties until they can finally make a purchase. If you’ve ever been in this situation, you’ll know that this can take years before you settle into a place you can properly call home.

Stay2Own* lets you rent your home before having the option to buy it later. This is a bonus for those who aren’t sure about making a huge commitment to a place they haven’t lived in before. If you decide not to buy the property in the end, you can walk away after your five-year rent period with no strings attached.

Lock In Your Property Price

As we all know, property prices fluctuate over the years. With Stay2Own*, you lock in the purchase price of the property for five years. Let’s say you started to rent your Stay2Own* home this year and the property was priced at RM750,000. During your fourth year, you decide to exercise your option to purchase and the market value of your home is now RM980,000. Thanks to Stay2Own*’s price lock-in mechanism, you can purchase your home for the earlier value of RM750,000.

Collect Savings From Your Rent

One of the long-run disadvantages of renting is that the money you pay in rent is expenditure that you’ll never get back. At the end of a tenancy agreement, you receive no return on the amount of rent paid; money paid in rent is basically a sunk cost.

That said, did you know that you can get part of your rent money back through Stay2Own*’s savings element? Stay2Own* converts at least 30% of your rental paid into savings when you exercise your option to purchase. The savings converted from your rent money will offset part of the down payment of your home, making it even more affordable.

Don’t Pay More Than You Have To

Stay2Own* is the perfect solution for all you home renters and prospective property buyers out there. If you’re with Stay2Own*, both the rental payments and the monthly payments afterwards are on par with the current market rate, and an affordable option for new homeowners.

Moreover, because Stay2Own* allows you to purchase the very same house you’re renting, you don’t have to worry about moving from your rented property to one you’ve purchased later on. This saves you additional cost and hassle. It’s the little things that make your journey to become a homeowner all that much smoother.

Realise Your Dream Of Being A Homeowner With EcoWorld

Stay2Own* is part of EcoWorld’s HOPE initiative, which stands for Home Ownership Programme with EcoWorld. Whether you’re looking for a home in the Klang Valley, Penang, or Iskandar Malaysia, Stay2Own* can make moving into your dream home a much quicker and easier journey. Find out more at
www.ecoworld.my/hope
.

*Terms and conditions apply.

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Government Confident Of Lowering Unemployment Rate To 3.5% This Year

(Image: Malay Mail/Choo Choy May)

The government has confidence in meeting its unemployment rate target of a lower 3.5% in 2021. In the second National Employment Council (NEC) meeting held virtually on Tuesday, the Prime Minister’s Office (PMO) estimated that more than 160,000 new jobs would be created in 2021 based on committed investment.

“Although the nation is still under MCO, the Government is optimistic of meeting its targeted [unemployment rate] as the strategic framework formed is in line with the MCO enforcement and the new normal,” the PMO said. “The new normal initiatives include the organising of 200 webinar sessions as well as 180 interview sessions conducted online.”

According to the PMO, the NEC Special Task Force (STF) has rolled out a strategy to address “issues of unemployment and mismatch in jobs via the matching of human capital to industry needs, increasing high-skilled job opportunities, and to strengthen cooperation between academics and industry.”

The government has also welcomed the Federation of Malaysian Manufacturers (FMM) and SME Association of Malaysia’s offers to assist in addressing the rise in unemployment through initiatives announced in Budget 2021. This is especially in terms of upskilling and digitalisation.

The finance ministry had
projected the decrease
 of the unemployment rate at 3.5% for 2021 in November of last year. Earlier this week, the Department of Statistics Malaysia (DOSM) revealed that the
unemployment rate for the year of 2020
 had settled at 4.5%, the highest rate recorded since 1993.

(Source:
The Edge Markets
)

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Top 10 things you can do with Kangkung

Finally there is something that has gone down in price! It has been reported that kangkung has become cheaper possibly due to climate change(?).

So we thought, how can we make the most of this sudden ‘windfall?’

And here are the top ten things we figured kangkung can do. P.S. we will not be responsible for what ensues upon trying some the following!

Valentine’s is coming; why not send your girlfriend a kangkung bouquet?

Feed it to your pets.

Instead of Mandarin oranges boxes for Chinese New Year, how about a basket of kangkung?

Make kindling for starting fires and use it to cook. Be sure to do this far away from anything flammable. Like your house.

Stuff in pillowcases to use as pillows.

A kangkung skirt. Fashion never looked so environmentally friendly.

Cut it up and throw it as confetti at weddings.

Use as a feather-duster.

Use it to paint. Remember that
potato printing
 we used to do in school? Yea, dunk those leaves in a pot of paint and go wild.

Stir-fry and eat it.

If you can’t guess – we’re kidding. Except for number 10 of course.

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3 Major Benefits of Working Outside Malaysia

The grass isn’t always greener on the other side, they say. But what if an amazing job opportunity happens to fall on your lap from out of the country and awaits a decision?

We’ve outlined some of the benefits you would be able to reap should you decide to pack your bags and head on overseas for greener pastures.

1) Better Opportunity to Save

Logically, one would be tempted to make the jump for one (or more!) of three likely factors. The first being better exchange rates, the other, lucrative remuneration and lastly, a promising start-up opportunity.

This is because taking up a job abroad requires leaving everything behind, includes loved ones in the form of friends and family – and this requires some form of compensation (or promise). However difficult that can be in the beginning, it will come in handy where money is concerned.

You are now less bound by the responsibilities you owe them as you are hundreds or maybe thousands of miles away from home. Meeting up with friends and family over weekends (weekdays too!) will be limited to every few months, allowing you to leverage on savings.

As a matter of fact, if the currency exchange rates are in the favour of your new earning denomination, your savings could multiply significantly. You could choose to send the money back home and make use of it should you decide to return after stock-piling in your bank account.

2) Explore New Parts of the World

A large part of taking up on a job opportunity overseas involves scrutinising the location of the job itself. For instance, accessibility into big cities amongst other important factors. Beyond just that, one should also assess its surrounding countries too.

This step is pivotal in creating yet another benefit should you choose to work abroad – one that can take a huge swipe on finances if not carefully considered – avid traveling. Apart from just trotting these lands, one is privileged to get acquainted with foreign cultures as well.

If your country of choice (for work) happens to be perched in the middle of a cluster of countries unknown to you, it opens up opportunity for cost effective traveling. You, first, would have plenty of time to travel locally (where you are posted) during weekends.

Should you get longer-stretched weekends from bank holidays or simply for you to quench your craving for travel (using annual leave days), neighbouring countries are all within arms reach for a dime. If you plan well, you could even rule out expensive air travel.

Most landlocked countries have interconnecting train rides that allow you to experience countrysides as well as other roads less traveled. If you wish to really cut back on spending, try looking for potential neighbouring countries with lower exchange rates from your earning denomination and you would be able to save heaps on leisure traveling whilst working abroad.

3) Expand Your Work Portfolio

Part of working abroad requires one to vacate their comfort zones as it first involves leaving their home country, and having to earn a living in a completely different working environment altogether.

From working styles and ethics, to the people you deal with on a daily basis, the experience gained would stretch your working repertoire for the better. This makes it easy for you to demand for greater remuneration anywhere you decide to go thereafter – even back home in Malaysia.

The challenge here is to pull through because we’re not saying it’s all going to be a walk in the park. But if you do pull through, the value of your experience provides credibility to your claim of possessing adaptability to various working environments.

This is why many organisations, not just in Malaysia but the world over, value international experience as it carries a tonne of weight where important aspects of work like adaptability and managerial prowess are concerned.

A Leap of Faith

What the lands abroad hold is available to anyone who has ever had to consider the option of working away from their home countries.

Should the opportunity arrive at our doorstep, let us be informed of their true benefits and seize it by making the most of especially its financial perks. Bon voyage!

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Unique Funeral Traditions Around The World

Times are indeed changing when we think about how we view death nowadays. Although we still have our beliefs and superstitions, but fear of the supernatural isn’t as real as managing your financial expenses, for instance. The cost of living is increasing, and so are the costs of a funeral these days.

Let’s take away some of the gloominess surrounding how expensive it is to live and die, and look instead at the many interesting funeral traditions societies uphold around the world.

Ma’nene
(The Walking Dead Ceremony) – Toraja, Indonesia

(Source: Bersabda)

If you’re wondering why this funeral tradition is nicknamed “The Walking Dead” ceremony, it’s because that is more or less what happens! In Toraja in South Sulawesi, Indonesia, the locals dig up the dead bodies of their relatives and celebrate with the corpses.

After cleaning the corpses and dressing them in new clothes, the people of Toraja then affix the corpses to bamboo sticks, so the bodies of their loved ones can be placed in an upright position and moved around. The whole ceremony is meant to be a joyous one, with everyone casually chatting to their dead relatives and even snapping family pictures together.

The locals aren’t against tourists taking part of these funeral traditions, so if you want to experience the Ma’nene ceremony for yourself, you can visit Toraja in August and witness corpses being paraded around the streets.

Muslim Mourning Period – Malaysia

(Source: OregonLive)

With many races living in one country, it’s hard to choose which funeral custom to emphasise on. Since there are many working expats in Malaysia, we think it’s good to help educate them on the funeral traditions of the Muslim community – in case they have to attend one.

What we find interesting is that there’s actually a rule for how you should mourn the death of a Muslim person. No matter how tragic or sad the situation is, you’re not allowed to express uncontrollable grief or cry loudly as this is discouraged in the Islamic faith. The
hidaad
 (mourning period) should last only three days.

For a Muslim woman who lost a husband, her
iddah
 or mourning period will last for four months and ten days. During the event, she is not allowed to wear perfume or jewellery, and can only leave the house for work and errands. She has to spend nights in her own house and is strictly prohibited from remarrying until the
iddah
 is over.

Día de los Muertos
– Mexico

So, you’ve seen Disney’s movie
Coco
, but what do you really know about
Día de los Muertos
– The Day of the Dead? This tradition is a multi-day holiday when family and friends gather to pray and remember the death of their loved ones. During the celebration, Mexicans build altars on the grave and decorate it with flowers, photos, memorabilia, and the favourite foods and drinks of the deceased. The bright orange flowers that you see in the movie is the marigold flower, widely used to attract souls to the offerings. Not only does the colour of the marigold stand out, the strong scent of the flowers also guides the souls to their family homes.

The symbol of
Día de los Muertos
 is the
calavera,
 a representation of a skull, usually in the form of a beautifully decorated, edible sugar skull. The
calavera
is marked with the name of the recipient on the forehead. Many people mistake the tradition as a “Mexican Halloween”, but in reality
Día de los Muertos
 takes place every 1–2 November. The festival isn’t meant to be scary like Halloween but is more towards reconciliation between the deceased and their families.

Professional Mourners – Egypt

(Image source: John Lehmann)

Have you ever attended a funeral where some unfamiliar women cried loudly for the deceased? If they’re not family members or close friends of the deceased, you could have met professional mourners. This tradition dates back to Ancient Egypt, where professional mourners are two strangers attending funerals – they are usually women as they represent the Egyptian goddesses, Isis and Nephthys. They will scream and pull their hair out, transferring energy to the deceased to reach the afterlife.

Now the Egyptian tradition has spread across continents to China and the United Kingdom. Why would someone hire professional mourners? There are various reasons. Maybe some relatives need help mourning because they’re secretly happy that they inherited a big chunk of fortune! More commonly, mourners are needed in modern China and Egypt because the funeral ceremony involves loud wailing or prayers in the form of song and poetry, which is better done by trained professionals.

After-Tears Party – South Africa

Funerals in South Africa are meant to be treated with dignity and respect, just like in most other cultures. Windows of a house are smeared with ash, beds are moved from the deceased’s room to make space for mourners, and sometimes there are animal sacrifices to please the ancestors. The funeral is held in complete silence and nobody should make noise. When it ends, people will wash off the dust and dirt from the graveyard before they enter the house to avoid bad luck.

However, an interesting tradition has popped up in modern South African culture. The after-tears party is held after the funeral where young people gather to drink alcohol, play loud music, and fondly remember the deceased. Some elders see this culture as disrespectful, unlucky, and just an excuse for the youngsters to drink excessively. However, not all after-tears parties are rowdy – some are quiet affairs, and most are trying to balance both new and traditional traditions.

Whether it’s a cheerful celebration or a loud, mournful affair, there are so many ways you can carry out a funeral. If there’s one thing in life that is certain, it’s death – and it’s interesting to see how different cultures in the world pay homage to it.

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Help! I can’t afford to pay off my debt

Interest rate charges can be deceptively sneaky,  they attach themselves stealthily on to money you owe the bank and before you know it…Boom! You’re being chased down by a giant boulder of debt.

It doesn’t matter how fast you run. If you are not making a concise effort to pay off money that you owe, then your debt will eventually catch up with and bury you under a mountain of shame and agony.

But don’t fret, its not the end of the world right?

Wrong!

Besides the obvious shame of having the bank send debt collectors to harass and embarrass you, having a consistently large amount of debt weighing you down could in fact, negatively impact your credit report.

Wait…What’s a Credit Report? Tell me now!

A credit report contains detailed information on your borrowing and payment history as well as your personal particulars. Think of a credit report as a file telling the bank everything they need to know about you. Bits of information such as when was your first bank account, how many times were you late on your credit card payments and how many times you were rejected for a loan are all reflected on your credit report. It doesn’t matter how small or insignificant you think these pieces of information are, they will always be on your credit report.

Within your credit report contains a ranking system called a credit score. A credit score is essentially a “trustworthiness” rating used by the bank to determine how well they can trust you to repay your loans on time. This is why whenever you apply for a loan or credit card, the first thing the bank does is take a quick peak at your credit report. Banks have easy access to your credit report in part due to the fact that all banks within Malaysia are linked directly with the Central Bank (Bank Negara Malaysia) through the
Central Credit Reference Information System (CCRIS)
. The CCRIS is always up to date, so even if you applied for a credit card yesterday and try to get a personal loan today , the bank will be able to track your activity.

I have a bad Credit Report….What’s going to happen to me?

Having a bad credit report can make your life extremely difficult for a long period of time. If your credit score is sour then the banks simply will not trust you. This means that whenever you apply for a loan of any kind, the only response you will get is no, no, no, no and no. Why? Because banks are risk averse. Think about it, would you want to lend money to a friend who won’t pay you back?

If you have a bad credit report, unfortunately there isn’t anything you can do to change that overnight. However, you can take steps to improve your credit rating over time.

What can I do to improve my Credit Report?

1. Verify that everything on your Credit Report is accurate

The very first step that you should take on your quest to repair your broken credit score is to check your credit report for errors. A copy of your credit report can be easily obtained from Bank Negara at absolutely no cost. All you need to do is bring your NRIC to the Bank Negara headquarters, fill in an application form and you’re all set. Alternatively, you could also download the application form online and mail it to BNMTELELINK.

Mistakes can happen sometimes and while it may not always be your fault, the consequences will be yours to bear. While most mistakes can sometimes be attributed to human error, it may also be possible that your shabby credit report might have been caused by identity theft. Believe it or not, identity theft occurs more frequently than you think and has lasting negative effects on your credit score.

The best way to protect yourself against pesky identity thieves is to frequently check and verify your credit score and report any discrepancies to the authorities as soon as you notice them. So if you notice a loan application on your credit report yet don’t recall ever making one, you should report this immediately without delay!

2. Cut down your spending and start paying off your debt

The next step towards paying off your debt lies with getting your spending under control. For starters, if you have more than one credit card, you should identify the total amount of debt and interest rate charged on each card and work towards paying off the card with the highest interest rate first, After you have paid off that card, you can move on to the card with the next highest interest charge and so on so forth.

Be disciplined with your spending, remember that your goal is to clear your debt not add to it. Clearing off your debt doesn’t just starve off the interest rate bug, it also helps improve your credit score. When banks notice that you are taking an interest in paying off your debt quickly, their confidence in your will increase which will subsequently give your credit report a much needed boost.

3. Start paying your bills on time

Being chronically late on your bill payments can have a detrimental effect on your credit score. Banks are extremely concerned about your repayment history especially if you have developed a habit of late payments. When a bank sees that you are never on time with your payments, they have the automatic impression that you’re going to be late on their payments as well.

So make an effort to list down on your calendar when your bills are due every month and work towards meeting those deadlines. While being early on your payments for 1 month won’t triple jump your credit report from “bad” to “good” in an instant, keeping this habit will eventually improve your credit score in the long run.

4. Stop applying for more loans

Take a loan to repay a loan. Although this idea might sound like an attractive short term band-aid solution to your mounting debt woes, all you’re going to is destroy your credit score. First things first, if your credit score is down the toilet, then applying for more loans will end up being a futile effort at the end of the day because it is highly likely that the bank will reject all your applications anyway. What you’ll be left with is a big pile of debt and a whole list of loan rejections on your credit score.

Focus your attention on lowering your debt not plunging yourself into more of it.

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Joshua Ong

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Bank Rakyat Rolls Out Its iRakyat Mobile Banking App

Bank Rakyat has launched its new iRakyat mobile banking app in a bid to develop the digital banking ecosystem to better fulfil its customers’ banking needs.

With the introduction of this new app, Bank Rakyat customers will be able to carry out a number of banking functions at their convenience. These include the ability to check account information, such as their remaining balance, as well as the statements for their savings, current, credit card, financing, and mortgage-i accounts whenever and wherever they want.

Aside from that, customers will also be able to make fund transfers and pay bills via the new iRakyat mobile app. The app also supports Lembaga Tabung Haji and DuitNow transactions, alongside JomPAY. With regard to safety and security, the iRakyat app has a biometric login feature which users can activate for their subsequent logins. These include the use of face identification, among others.

According to the chairman of Bank Rakyat, Datuk Abd Rani Lebai Jaafar, the roll-out of the iRakyat app is in line with the development of new norms and the needs of the current generation, where everything is readily available at their fingertips. “In tandem with the era of digitalisation, Bank Rakyat is always progressive in leveraging technology to ensure that we continue to remain relevant and sustainable to meet the Islamic banking needs of the millennials,” he said.

The chief executive officer of Bank Rakyat, Datuk Syed Abdul Aziz Syed Hassan also chimed in with similar sentiments, adding as well that Bank Rakyat is committed to achieving its digitalisation aspirations by offering a more efficient and integrated Islamic banking system that is driven by the latest technology. “The iRakyat application is also in line with the government’s intention in encouraging digital spending or cashless transactions,” he added.

The Bank Rakyat iRakyat mobile banking app can be downloaded from
Google Play
 or the
App Store
.

(Source:
Malay Mail
)

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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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ShopeePay E-Wallet Will Be Accepted In More Physical Retail Outlets Thanks To Partnership With Revenue Group

Cashless payment solutions provider Revenue Group has teamed up with Shopee Malaysia in an agreement to expand the acceptance of the ShopeePay mobile wallet in the country. The partnership will allow ShopeePay’s mobile QR payment to be accepted at Revenue Group’s 35,000 merchant payment touch-points across Malaysia.

According to Revenue Group managing director and group chief executive Eddie Ng, this move is part of the firm’s strategy to enable its merchant base with a wide range of payment solutions. “The tie-up with Shopee Malaysia will further strengthen our position as the e-payment solutions provider in Malaysia and preferred partner by merchants,” said Ng. “We look forward to adding more touch-points in Malaysia soon.”

The partnership also follows as the number of digital payments have increased in recent years, with the pandemic amplifying the need for this mode of payment. Consumers have been embracing digital payments for greater convenience and security, including even older users over the age of 50.

“Through the implementation of contactless transactions via ShopeePay for a safer interaction between customers and sellers, as well as the benefits and rewards that ShopeePay offers upon usage, more Malaysians are encouraged to shop,” said ShopeePay head Alain Yee. “Eventually, we want to be able to drive local consumption and help generate income for the nation as it enters the recovery phase.”

ShopeePay is a mobile wallet and payment feature that is integrated within the Shopee mobile app. It was
first introduced
 for use within the online shopping platform in July 2019, before being
expanded to offline use at selected merchants
 earlier this year. Currently, ShopeePay users can enjoy RM3 daily cashback with a minimum spend of RM15 in a single transaction at all ShopeePay enabled merchants until 31 December.

(Source:
The Edge Markets
)

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RHB Credit and Debit Card privileges at Zalora

RHB has teamed up with online shopping supersite Zalora to give it’s cardmembers special treatment. Score an upfront 15% discount on anything you purchase at Zalora.com.my  until 31 July 2013 when you pay with your RHB Credit or Debit card.

The offer is not available with other promotions unless otherwise stated.

To get your own RHB Credit card, check out our
credit card comparison chart
.

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Guaranteed RM600 Lazada e-Voucher Or Xiaomi Poco M3 For RinggitPlus Unbox This Week Campaign

With only a few days
 until
 Raya celebrations, get a jumpstart on the festivities with guaranteed gifts for all successful applications in RinggitPlus’ Unbox This Week Campaign.

As part of RinggitPlus’ Unbox This Week Campaign, every week we lay out fantastic flash deals from our featured bank partners. All you need to do is apply for selected credit cards from these banks of the week through RinggitPlus and you’ll take home some great prizes.

This week (10 May – 17 May), the featured banks are
Citibank and HSBC Bank
— if you’ve considered applying for a credit card with any of these banks, make the most out of your application and check out the rewards they’re offering below.

Citibank: RM600 Lazada e-Voucher

This week’s guaranteed gift from Citibank is a
Lazada e-Voucher worth as much as RM600
! Shop groceries, electronics, daily essentials, and more safely within the comforts of your home with this voucher.

All you need to do is apply for selected Citibank Credit Cards through us and make eight transactions with the card to be eligible. Be sure to submit your application by 17 May to be in the running, as well as activate and spend the minimum eight retail transactions on your new card within 60 days upon gaining approval.

Once the bank has confirmed your eligibility with us, you’ll receive instructions from us via email on how you can claim your gift. Take note that current cardmembers and individuals who have cancelled their Citibank credit cards within a year prior to this campaign do not qualify for this promotion.

Otherwise, those who wish to apply for their new Citibank credit cards can
head on over here to do so.

HSBC Bank: Xiaomi Poco M3

Here’s another treat for those looking to replace their smartphones! Just apply for selected HSBC credit cards through RinggitPlus, activate the card, and spend a minimum of RM1,000 on your new card within 60 days upon gaining approval to take home this awesome phone from Xiaomi!

The Poco M3 is equipped with a 48mp AI triple camera to help you capture important moments in life. Its large 1080P FHD+ display gives you crystal clear clarity when you’re watching your favourite shows.

Just remember that current cardholders and applicants who were denied within six months prior to this campaign, as well as those who have cancelled their HSBC credit cards within three months prior to this campaign are not eligible for our campaign. Otherwise, you can apply for your
HSBC credit card here.

***

Lastly, be sure to start your application with our WhatsApp chatbot so that your eligibility is guaranteed and we can always be at hand to help you if you need us.

While this week’s flash deals end on 17 May (1pm), you can also follow us on our
Facebook page
 to receive the latest Unbox This Week offers as we refresh the deals every week.

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    NOR AINI MOHD YUSOF

    2 years ago

Done unboxing this phone…

https://www.yamanaimy.com/2021/08/unboxing-xiaomi-poco-m3-guaranteed-gift.html

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Public Bank’s Mastercard Campaign Offers 30% Cashback For Weekend Spend With Selected Merchants

Public Bank is currently running its Weekend Special With PB Mastercard Credit Card campaign, which allows eligible credit cardholders to earn 30% cashback when they spend at least RM120 in a single transaction with selected merchants during the weekend. Already ongoing, it will continue until 25 September 2022.

Open to all Public Bank and Public Islamic Bank Mastercard credit cardholders – except for Public Bank Quantum Mastercard cardholders – this campaign is valid on every Friday, Saturday, and Sunday. During these three days, you will be able to earn 30% cashback when you meet the minimum spend requirement via transactions at six selected merchants, namely:

Agoda
HappyFresh
Lazada
Shopee
Taobao
Zalora

All retail transactions with these merchants will qualify for the campaign. Meanwhile, transactions such as recurring payments, as well as payments for utilities, insurance, and charities do not qualify. Transactions that are already earning cashback or rebates under other ongoing campaigns are also excluded.

Note that the maximum cashback amount that can be earned by each cardholder during each campaign month is capped at RM50, provided on a first-come first-served basis. A total of RM150,000 has been earmarked for the entire campaign, with an allocation of RM50,000 per campaign month.

Upon earning the cashback reward, it will be credited to you within 5 to 8 weeks after the end of the campaign period. The amount will also be reflected in your credit card statement, itemised as “PB Weekend Special with PB Mastercard Credit Card”.

To join in the campaign, you’ll need to register your participation by sending an SMS (
PBBS<space>16-digit principal PB Mastercard credit card number
) to 66300. If you have several qualifying cards, you only need to register once; your expenses charged to the 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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LHDN: Taxpayers Can Begin Filing Taxes For YA2021 From 1 March 2022

(Image: New Straits Times)

The Inland Revenue Board (LHDN) has reminded taxpayers that they will be able to begin filing their taxes for the year of assessment 2021 (YA2021) starting from 1 March 2022. The submission of their income tax form – for forms E, BE, B, M, BT, MT, TF, and TP – can be made through e-Filing.

In a statement, LHDN explained that the e-Filing system can accessed via the
MyTax portal
, which can be found on the
official LHDN website
. Once the taxpayer has logged into his or her MyTax account, he or she can tap on “ezHasil Services”, followed by “e-Filing” to begin the tax filing process.

“First-time users [of e-Filing] are required to obtain the PIN at LHDN’s branches or by filling in the feedback form on our website. If you have forgotten the e-Filing password, it can be reset online, via email or a mobile number registered with LHDN,” the board said, adding that those who continue to face further problems in resetting their passwords can also contact LHDN via the HASiL Care Line or the HASiL live chat, or visit the nearest LHDN branch.

“Taxpayers are advised to ensure that all documents, such as income statements, receipts, invoices, and other income tax-related documents are collected, neatly arranged and kept for at least a period of seven years as provided for under Sections 82 and 82A of the Income Tax Act 1967. It should be done in preparation to facilitate the process of completing e-Filing and a compliance review by LHDN in the future,” the board also stated.

Additionally, LHDN highlighted that taxpayers can use the MyTax portal to help them quickly check their return form submission status, refund process, e-ledgers, and the extension of schedular tax deductions (PCB). “We urge taxpayers to submit their return form and pay their income tax via the stipulated time to avoid any penalty,” it said, adding that taxpayers can refer to the
full schedule of LHDN’s return form filing programme for 2022
 for more information.

Malaysia’s tax season begins on 1 March every year, with the deadline for resident individuals to file their taxes typically falling on 30 April (for offline channels) or 15 May (for online submissions through e-Filing). That said, LHDN had previously
extended the deadline for the submission of tax returns in 2020
 (for year of assessment 2019) due to the nation’s implementation of the movement control order (MCO) to fight the spread of Covid-19. Meanwhile,
no extension was provided for 2021
 (for year of assessment 2020).

(Source:
LHDN
)

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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.

See all articles

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    Eastman

    1 year ago

I am a foreigner not living or working in Malaysia.  I have purchased a condo in KL and leased to a local person since 1 Sept at RM 3,200 per month (one year contract).  I do not have other income.  So I need to file my tax return for Sept to Dec 2021 (4 months with RM12,800 in total).  For a first time tax payer, do I need to obtain a tax number first before I submit tax return by post ? Please advise.

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