Accessing interest from Fixed Deposit

For interest on the FD, when you set up the account you can specify whether you want the interest to be added onto the balance in your FD or sent to your savings/current account automatically. For the question regarding when that 12 months period begins, I would assume it started from when your MM2H begins.

Thank you Shill88.  I will check with bank as it is all quite a blur now and I don't recall what it was we nominated.
Do you know where I can find more information re what money can be used for?  Eg website?  Not sure where to start looking.

The Sarawak MM2H website is here.

https://mtac.sarawak.gov.my/page-0-179- … Forms.html

Withdrawals can be made for
1) Purchase of a used or new car.
2) Purchase of a property
3) Medical Expenses
4) Tuition and Fees for Students
]I suggested that they allow more withdrawals for "any goods or service purchased within Sarawak" as this would bolster the local economy, vs. simply freezing the amount into an interest gaining account that wasn't "spent down", but they did not accept that revision]

For the S-MM2H believe that all these withdrawals only apply to Sarawak purchases (i.e. you could not purchase a vehicle or property in the Peninsula; the school must be in Sarawak, etc.).

I'm unsure if the purchases have to be done more than a year later, or if the receipts must be submitted after a year on the program. One could possibly get around this by placing a deposit on the car or property and then finalising the payment after one year.

My understanding is that the allowed withdrawals are applied retrospectively. You get reimbursed for payments you have already made. You cannot withdraw from the account and apply to the purchase. One exception may be the regular payment of tuition.

Also the request to have the FD interest paid into a separate account generally has to be done when setting up the account as it influences what the rate will be. You do have to request that option. The interest rates are pretty low right now (compared to previous years) so you might not have gotten much anyways. You may ask them if you can have the the account changed at some point in the future when they readjust the rates.

Thank you cinnamonape.  Appreciate you help and clarification. 

I’m having some technical problems at the moment and my comments may have already been posted - not sure!

I hope to visit NZ in November (depending on COVID-19) and have my biennial ECG (heart valve surgery 2016) while I’m there.  However, it is expensive and I was considering  accessing some of the FD for that purpose.  Doesn’t sound as though I can do that.

My Cardiologist here in Kuching is not helpful and keeps asking if I am going back to NZ for my ECG!  I have checked with two other clinics - one does not do ECGs and the other didn’t bother to respond.

Other alternative is Penang where I confirmed that either Gleneagles or Adventist does ECGs.  However, it sounds as though I wouldn’t be able to use FD money there either.

Thank you for your help.

Since you are in Kuching maybe contact Dr. Sim Kui Han who is a cardiologist but also the Minster in the Sarawak Cabinet. He's familiar with MM2H and would understand the urgency of your situation.

https://en.wikipedia.org/wiki/Sim_Kui_Hian

Explain what is your needs and see if he can refer you to an appropriate clinic/hospital and clear the way for the use of your MM2H FD for use (either in Sarawak or Malaysia). He's not the Minister of Tourism but could likely explain what the problem is.

Be aware that the usual procedure is the payment of compensation only after the first year and after submitting receipts. You don't get the money in advance.

https://www.facebook.com/dr.sim.kui.hian/

Have you contacted the Sarawak Heart Center?

Thank you again Cinnamonape. 

I will contact Dr Sim Kui Hian.  It is possible that there is somewhere locally where an ECG can be undertaken.  I have found that it is often just a matter of knowing whom to ask!

I hadn't thought of contacting the Heart Hospial; i will check witb Dr Sim Kui Hian initially and take it from there.

BTW I have heard through Safe Travel that NZ isolation and quarantine facilities are 'heavily-subscribed until March.'  You have to have your quarantine facility booked before you can step foot on a 'plane to NZ.