OVERVIEW
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)I managed by Amanah Saham Nasional Berhad (ASNB)*, and will receive attractive incentive payments on their savings and investments.
*ASNB is a wholly-owned subsidiary of PNB responsible for managing the AS 1Malaysia unit trust fund.
SCHEME SPECIAL FEATURES
- Monthly incentives are provided to the participants in the form of additional Amanah Saham 1Malaysia (AS 1Malaysia)I units.
- Participants need to pay only the minimum monthly payments for 5 years.
- Incentive payments are provided every month for 5 years. Participants need to ensure that the minimum 100 units are reserved in the AS 1Malaysia book at any time.
LOAN FEATURES
- 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.
SPECIAL FEATURES OF THE SCHEME
A total of RM500 million funding is offered to 100,000 households. Allocation is based on first-come-first-served basis. Application is opened for a duration of one year from the date the application is opened to the public or upon full subscription, whichever is earlier.
The distribution of funds is opened to all Malaysians based on the allocation of Amanah Saham 1Malaysia (AS 1Malaysia)I, i.e. Bumiputera – 50%; Chinese – 30%; Indian – 15%; Others – 5%.
Through this Scheme, monthly incentives shall be paid to the participants in the form of additional AS 1Malaysia units.
Participants need to pay only minimum monthly payments for 5 years.
DOCUMENTS REQUIRED
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
ELIGIBILITY - 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.
GENERAL
| 1. | What is "Skim SARA 1Malaysia"?
This is a special scheme introduced by the Government of Malaysia aimed at promoting the participation of the low income group to save and invest; apart from assisting them in managing the impact of the rising current cost of living. The Scheme will be implemented in collaboration with Permodalan Nasional Berhad and selected financial institutions. Through this Scheme, eligible Malaysians will have the opportunity to apply for a RM5,000 loan to invest in Amanah Saham 1Malaysia (AS 1Malaysia)I managed by Amanah Saham Nasional Berhad (ASNB)*, and will receive attractive incentive payments on their savings and investments. *ASNB is a wholly owned subsidiary of PNB responsible for managing AS 1Malaysia unit trust fund. |
| 2. | What are the special features of the Scheme?
Participants need to pay only minimum monthly payments for 5 years. Monthly incentives are provided to participants in the form of additional AS 1Malaysia units. |
| 3. | What is the total amount of loan available for the Scheme?
The total amount of loan available is RM500 million. |
| 4. | How many people are expected to benefit from the Scheme?
The Scheme aims to achieve a participation of 100,000 households with an allocation based on first-come-first-served basis. |
| 5. | Is there a limitation to the number of eligible participants per household?
Yes, only one household is eligible to obtain the loan funding. A household refers to individuals with gross household monthly income of between RM500 and RM3,000 including the following categories: - i. Married - a combination of gross income of the husband and wife;
- ii. Single mothers or fathers - individual gross income.
|
| 6. | When is the programme launched?
The programme is expected to be launched on 12 January 2012. |
APPLICATION PROCEDURE | 1. | How do I apply for the Scheme?
Interested applicants must obtain forms from participating banks starting from January 30, 2012**. Completed forms together with the required documents are to be submitted to the banks for verification and consideration. **Subject to change |
| 2. | Which are the participating banks?
There are four banks namely Maybank, CIMB, RHB and BSN. |
| 3. | How long is the application open?
Application will be opened for a duration of one year from the launch date or upon full subscription, whichever is earlier. |
| 4. | 4. What is the required documentation for application?
Applicants are required to provide original and certified true copies of the following: | a. | Identity card of applicant – 2 copies | | b. | Identity card of spouses(s) (if applicable) – 1 copy | | c. | Proof of income:
- - 1 copy of latest three months' Pay Slip
- - 1 copy of latest three months' Bank Statement
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| 5. | How do I know if my application is successful?
Successful applicants will be informed by the banks. |
PARTICIPATING BANKS | | |
Malayan Banking Berhad
Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur
Malaysia
Call Centre Tel : 03-5891 4789
Website : www.maybank2u.com.my | CIMB Bank Berhad
Tingkat 19, Menara Bumiputra Commerce
No. 11, Jalan Raja Laut
50350 Kuala Lumpur
Call Centre : 1 300 880 900 or +603 22956100
Email : callcentre@cimb.com
Website : www.cimbbank.com.my |
| | |
RHB Bank Berhad
ASB & CPM Fee Operation
Level 2, Tower 2
RHB Centre
Jalan Tun Razak
50400 Kuala Lumpur
Call Centre : 03-9206 8118
Email : customer_service@rhbbank.com.my
Website : www.rhb.com.my | Bank Simpanan Nasional
Customer Service Division
Level 4, Block B
Wisma BSN,
117, Jalan Ampang
50450 Kuala Lumpur
Tel : 03-2142 5258
Fax : 03-2710 7252
Email : servicemanager@bsn.com.my
Website : www.mybsn.com.my |
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