24 December 2017

How to apply ADAM50 for your baby born in 2018 - 2022 ???

When we have free things from Government, don't miss the chance to grab it. All you need to do is knowing how to apply for it. Right? In this article, we wrote about how to apply for the latest ADAM50 scheme introduced by Government during the 2018 Budget announcement.

What is ADAM50 actually ???
It stands for 'Amanah Dana Anak Malaysia 2050' which was introduced by the government with the co-operation with Permodalan Nasional Bhd (PNB), for all Malaysian baby born in the period of 1 Jan 2018 until 31 Dec 2022. The objective is to encourage parents to kick-start the saving/investment habit since born, with the help of some free incentive units as the initial investment amount.

How much incentive from Government ???
For all the eligible babies who born in the prescribed period mentioned, RM200 / 200 units of the unit trust fund will be credit into the account, after registration process by respective parents/legal guardians.

Can I choose which fund to be invested ???
By default, the fund chosen for the said incentive will be Amanah Saham Bumiputera (ASB) for Bumiputera baby or Amanah Saham 1Malaysia (AS 1Malaysia) for non-Bumiputera baby.

Can I top up the amount inside that account ???
Can. You may do so up to a maximum of 50,000 units per account. This amount inclusive of the 200 free initial units allocated.

Then, can I withdraw any amount from the account ???
Yes. You may withdraw anytime any amount from the account, EXCEPT the initial 200 units and any dividends (if any) from the initial 200 units. The initial 200 units and its dividends can only be withdrawn after the child reaches age 18.

Can the ADAM50 registration done anytime ???
All registration must be done within 1 year from the birth date of the baby. Otherwise, it can't register anymore and the free incentive will be canceled accordingly. Example, for a baby born in 2 Jan 2018, registration must be done before 2 Jan 2019.

Eligibility criteria for ADAM50:
  • Baby born in the period of 1 Jan 2018 until 31 Dec 2022
  • Malaysian citizen
  • Parents or legal guardian must be a Malaysian age 18 and above
  • Parents and legal guardian not a bankrupt during the period of investment
How to apply for it ???
Parents or legal guardian can visit any ASNB branches or any ASNB agents nationwide:
  • Maybank
  • Maybank Islamic
  • CIMB
  • CIMB Islamic
  • RHB
  • RHB Islamic
  • Pos Malaysia
  • Affin Bank
  • AmBank
  • AmBank Islamic
Please bring along the following documents:
  • A copy of MyKad of parents/legal guardian
  • A copy of MyKid of the baby or Birth Certificate (if haven't get the MyKid)
  • Any supporting documents such as high court letter, for registration done by non-parents.

Source: ASNB

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