First, some introduction:
Skim Amanah Rakyat 1Malaysia (SARA 1Malaysia) is a special Scheme initiated by the Government of Malaysia aimed at promoting the participation of the low-income group to save and invest; apart from to assist them in managing the impact of the rising current cost of living.
The Scheme will be implemented in collaboration with Permodalan Nasional Berhad (PNB) and selected financial institutions.
Through this Scheme, eligible Malaysians will have the opportunity to apply for a RM5,000 loan from participating financial institution to invest in Amanah Saham 1Malaysia (AS 1Malaysia) managed by Amanah Saham Nasional Berhad (ASNB), and will receive attractive incentive payments on their savings and investments.
About the loan:
- The loan amount is RM5,000 per household.
- The loan is for the purchase of 5,000 Amanah Saham 1Malaysia (AS 1Malaysia)I units.
- Participation will be opened for one year starting from 30 January 2012* or upon full subscription of the total allocation, whichever is earlier.
- Participation will be disqualified in the event of:
- The participant misses three consecutive monthly payments;
- The participant provided false information during application;
- The participant is declared a bankrupt; or
- The participant dies.
NOTE: there was supposed to be a cash based investment as well (meaning you don’t need to apply for the loan), but latest statement in BERNAMA says only loan-based application will be accepted.
So, what are the benefits?:
If you use your savings to invest, you will get a fixed dividend of RM134 monthly. But, if you choose to reinvest the dividend every month, you will receive RM13,000 at the end of the programme’s five-year lifespan. [but since you can’t use cash, so I’m not sure how this will work as nothing is mentioned on the official website].
If you take the loan, repayment is RM84 monthly, leaving RM50 to reinvest and a RM10,000 payout in five years.
Also, surprising to see quota in the allocation. If your aim is to help poor people, why have quota based on race?
1. Are you eligible? Check this out:
- Malaysians aged between 18 and 58 years old
- Gross household income of between RM500 and RM3,000
- Applicants must not be declared bankrupt throughout the loan funding period
- Any other terms set by the banks
- Applicants and / or spouse must not be a participant or beneficiary of any ASNB-related Government programme:
- Program Pembangunan Rakyat Termiskin;
- ASB Sejahtera; and
- ASW2020-Bandar
- Applicants and / or spouse do not have any investments in ASNB unit trust products OR applicants and/or spouse(s) (household) have a combined aggregate investment of less than RM10,000 in all ASNB products
- All-clear status for ASNB unit trust account
- Application is subject to the distribution of Amanah Saham 1Malaysia (AS 1Malaysia)I as stipulated and availability:
- Bumiputera – 50%;
- Chinese – 30%;
- Indian – 15%; and
- Others – 5%
- Only one member of the household is eligible to obtain the loan funding
- Application is approved for a loan at one bank
DEFINITION OF HOUSEHOLD
Eligible household refers to individuals with gross household monthly income of between RM500 and RM3,000 including the following categories:
- Married – a combination of gross income of the husband and wife; and
- Single mothers or fathers – individual gross income.
2. Fill up the Application Form
So, you are qualified? Then get the form: http://www.sara1malaysia.com.my/Borang_SARA1M.pdf
3. What documents to prepare and bring? Prepare the following:
Main Documents
- Application form to participate in Skim Amanah Rakyat 1Malaysia (BPPSARA1M)
- Loan Form from the participating financial institutions
- Registration form of Unit Amanah Akaun Dewasa ASNB P1
- Additional Investment Form ASNB 21
- Redemption Form ASNB 31
- Investment Book Renewal Form BS3
- Risk Disclosure Statement (RDS)
Supporting Documents
- Original and 2 copies of Mykad of applicants
- Original and 1 copy of Mykad of spouses (if applicable)
- Certified Income document
- For applicants and/or spouses, please provide original and copies of the latest three months’ Pay Slips or Bank Statements.
- For applicants who do not have Pay Slip or Bank Statement, the income declaration stated in BPPSARA1M Part C will be applicable.
* BPPSARA1M MUST be signed before a WITNESS – either the Employer/Penghulu/Official at the Department of Orang Asli Development/Government Official in a Managerial Position /Member of State Legislative Assembly/ Member of Parliament
4. Where to go to apply?
Go to any branches of the following banks: Maybank, RHB, CIMB, BSN. If your application is approved, the bank will inform you.
5. Got questions? Contact them! :
Special Project Unit – SARA 1Malaysia
28th Floor, Menara PNB
201-A Jalan Tun Razak
50400 Kuala Lumpur
Tel: 03-2057 3065
Fax: 03-2050 5140
Email: saracare@sara1malaysia.com.my
Website: http://www.sara1malaysia.com.my
HOTLINE from 9 a.m. to 5 p.m.
Monday to Friday (excluding public holidays)
reference: http://www.sara1malaysia.com.my/n_index.php