Starting today, Amanah Saham Nasional Berhad (ASNB) unit holders can redeem their ASNB units online via the myASNB portal. Under this new feature, you can withdraw up to RM500 a month across all unit trust accounts except ASN Equity 5 and ASN Sara 2.
According to ASNB, the provision of this online redemption facility acknowledges that its investors also need emergency financial sources in times of need. However, the withdrawal amount is capped so that unit holders can get the best returns from their investment in the long term, with RM500 being the set limit as it is an adequate amount for immediate emergency cash. To withdraw larger amounts, you can do so through an ASNB agent or at an ASNB branch.
The online redemption service is free, with ASNB absorbing the fees and paying the charges to the bank. Thus, the number of transactions allowed is limited to three times a month, with a minimum redemption amount of RM100. The redeemed funds will be transferred directly to your bank account the following working day.
You can make your redemptions online during the existing operating hours of the myASNB portal: 7am-6pm daily for fixed price unit trust funds and 7am-4pm daily for variable price unit trust funds (excluding national public holidays). You must be a registered myASNB user in order to make the online redemptions.
According to ASNB, the introduction of the online money withdrawal facility is in line with the government’s call for financial institutions to make digital transaction facilities available, and to meet unit holders’ demand for more flexibility in managing their investments. However, ASNB also cautioned unit holders to use the facility wisely and only make redemptions when in pressing need.
In addition to the myASNB portal, unit holders will also be able to make online withdrawals via the myASB mobile app from 27 April 2020 onwards.