Malaysia Financial Blogger | Financial Freedom Ideas | imDavidLee.Com

Maybank vs Public Bank Gold Investment

This is continued from my previous topic Buying Gold As Investment, which dated 21st June 2008. So, as everybody known, now we can buy gold as investment through local bank. You can either open gold investment account from Public Bank or Maybank. You will be given gold savings passbook account, which used to record every purchase or sale order.

But, a lot of my readers keep on sending email ask me what’s the different between Maybank Gold Savings Passbook Account (GSPA) vs Public Bank Gold Investment Account (GIA). Previously, I could not find much different between both local banks offer and these are my initial stage of research:

But after going into further details, now I found some interesting part, which can be shared here.

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Multiple Sources of Income

I always think that creating multiple sources of income is the best way for you to retire peacefully. It is important as you no need to worry much even do not have to work anymore.

Multiple sources of income do not mean that you need to work for several jobs for multiple incomes. If you have more sources of income, then the more stable you are when facing global economy crisis. For example, when you loss your main job and most probably you will be jobless for few months. During this time, you still have passive income that can support your living expenses.

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Streamyx Cool Uni Pack Student Package

Streamyx has launched the latest promotion Cool Uni Pack since 1st of April 2010. This is great package for you to subscribe. If not mistaken, it is one of the highlight in our budget 2010 which provide affordable computer with internet connection for students who study in local university.

This new Cool Uni Pack only cost you as low as RM38 per month and it does not only offer broadband services at student price, but also offering a FREE HP Mini 210 netbook(market price at RM1299), FREE wireless modem and FREE Streamyx broadband Internet access at 384kbps for 2 years. At the same time, you will get the waiver of activation fee RM75 and installation fee RM88.

It’s not necessary you must subscribe RM38 per month package; you can choose a list of these complete packages:

i) 384kbps unlimited broadband - RM38/month
ii) 512kbps unlimited broadband - RM53/month
iii) 1Mbps unlimited broadband - RM68/month
iv) 2Mbps unlimited broadband - RM83/month
v) 4Mbps unlimited broadband - RM88/month

How to Sign Up Streamyx Cool UNI Pack?

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Standard Chartered Gold & Platinum Card Offer

For those who interested to apply a credit card then Standard Chartered credit card will be your right choice at this moment.

Both Standard Chartered Platinum & Gold Credit Cards offers 0.5% cash back on every transaction excluded petrol. There’s no minimum charge required, no limit on cash back given and the more you use your card, the more cash back you gain. Besides that, it’s also comes with point rewards in which RM 1 = 1 point, so basically it is a 2 in 1 card. It comes with 2 years annual fees waiver, 3rd year onwards normally you can call for waiver.

Activate the card and spend once for any amount within 30 days and enjoy the cash rebate RM80.00 for Gold Card approved and RM150.00 for Platinum Card Approved. Based on my credit card agent information, the cash rebate will be credited into the following month bill statement. So, hurry up and grab this golden opportunity! This promotion is valid until 31st Aug 2010 so try to submit your credit card application before as soon as possible.

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Which Restaurant Eligible to Charge 5% Government Tax?

Do you know since 1st July 2008 onwards, all food restaurants other than hotels exceeding RM3million per year will be charged 5% government tax? I was in doubt whether certain restaurants like Old Town, Mcdonald’s and KFC can earn RM250,000/month for each outlet or not.

Sometimes, we as a consumer need to think whether the restaurant has the eligibility to charge us or not. If let say they are not eligible to charge us and still collecting 5% government tax from us then for sure it will become illegal !!!

Basically, a company could only collect 5% government tax from consumer if they have the license to do so, meaning they have to apply for it and obtain approval before charging it to customer as they are merely collecting on behalf of the Inland Revenue. And the money is not kept by them but need to be remitted to Custom at the required time.

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How to Calculate Loan Interest Monthly Rest and Daily Rest?

If you have purchased house before then you may hear that the home loan is calculated on monthly rest and another is on daily rest. But, nowadays most banks calculate your mortgage interest based on daily rest. Have you even heard people saying that daily rest loans are more cheaper? If you do not know what this means, then you really need to understand how it works.

Here are my brief explanations.

i) Monthly Rest

Your loan interest for the current month will be calculated based on the previous month’s outstanding balance (which consists of principal and interest not paid, if any).

The Advantage of Monthly Rest

You do not have to worry about making installments at a certain date, as long as the payment comes in before month end.

Example: For a RM100,000 loan at 4.05% interest per year, monthly rest for a 30 years loan. The monthly installment is RM481, paid on the 20th of the month.

Month 1
Outstanding loan amount: RM100,000
Interest charged: RM481
Monthly capital repaid: RM481- RM337.5 = RM143.50
Outstanding loan at month end: RM100,000 - RM143.50 = RM99,856.5

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EPF Death Withdrawal

Most of the time, we are highly urged to name our nominees because the process of withdrawing EPF savings will not be as simple but may be more time- consuming. When there is no nominee, the EPF will pay the savings of the deceased member to the next-of-kin. He or she may apply to withdraw the deceased member’s savings by producing the following documents:

* Member’s death certificate
* Applicant’s identification card
* Letter of Administration which is produced by the High Court
* Documents that verify the applicant’s relationship with the deceased
* Marriage certificate
* Children’s birth certificate (if any)
* Personal savings account passbook

Payment will be made to the next of kin and is subjected to the member’s total savings as follows:

i) Member’s total savings is less than RM2,500
- All of member’s savings will be paid in full.

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