The previous post on Skim Amanah Rakyat 1Malaysia (SARA 1Malaysia) was getting a lot of interest and many readers are asking for more details information, especially on how to subscribe. Where can you get an investment fund with a government guarantee of 32% annual return?
Kindly take note that, the scheme is only eligible to one member per 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
- Single mothers or fathers – individual gross income.
Below are updates regarding the scheme.
|Scheme Features||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 30th January 2012 or upon full subscription|
|Participant will invest in Amanah Saham 1Malaysia (AS 1Malaysia) through own savings or bank loan|
|Scheme allocation similar to Amanah Saham 1Malaysia (AS 1Malaysia), i.e. Bumiputera – 50%; Chinese – 30%; Indian – 15%; Others – 5%.|
|The government guarantee that investors would get RM134 monthly. For those who are taking loan, they have to pay monthly repayment of RM84. The remaining RM50 is their profit.|
|Eligibility||Open to all Malaysians aged between 18 and 58 years old|
|Combined gross household income of between RM500 and RM3,000 per month|
|Not declared bankrupt at the point of application and throughout their participation in the Scheme|
|Not a participant or beneficiary of any ASNB-related government programme such as “ASW2020-Bandar”, “Program Pembangunan Rakyat Termiskin” and “ASB Sejahtera|
|Do not have any investments in ASNB unit trust products OR if there is, household have a combined aggregate investment of less than RM10,000 in all ASNB products.|
|How to Apply||Obtain forms from participating banks ( Maybank, CIMB, RHB and BSN) starting from January 30, 2012.|
|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
– verification documents from related parties if do not have payslip
|Loan Feature||The loan is offered at a fixed amount of RM5,000 per household. for purchase of 5,000 Amanah Saham 1Malaysia (AS 1Malaysia)I units.|
|Loan tenure is 5 years|
|Early settlement of the loan is not allowed. However, prepayments by participants are allowed|
|A participant who misses three consecutive monthly payments will be disqualified from the Scheme programme.|
For more information kindly browse to Skim Amanah Rakyat 1Malaysia webpage.