KUALA LUMPUR, May 14 — The Employees Provident Fund (EPF) has completed its account restructuring and introduced a new Account 3 (Fleksibel) for members aged below 55 years. This new account offers members the flexibility to withdraw funds at any time. Account 3 starts at RM0, but EPF members will get an optional one-time transfer to transfer funds from Account 2 (Sejahtera) to Account 3 (Fleksibel).
However, some media reported that members could only enjoy hassle-free and flexible withdrawals of up to RM250/day. Is this really true? We’ve gone through EFP’s FAQ and terms and conditions for Akaun’s flexible withdrawal and here’s everything you need to know.
How can I withdraw money from EPF Account 3 (Flexible)?
EPF members can withdraw funds from Account 3 if the balance is sufficient. As mentioned earlier, Account 3 will start with a balance of RM0 and savings will be accumulated from your next contribution. With the new restructuring, your new monthly EPF contribution will be divided as 75% for Account 1 (Persaraan), 15% for Account 2 (Sejahtera) and 10% for Account 3 (Fleksibel).
The minimum withdrawal amount is RM50 and you can request withdrawals online through i-Akaun in the app available on Apple App Store, Google Play Store and Huawei App Gallery. As shown in the screenshot above, an eKYC process is required if the withdrawal amount exceeds RM250.00.
The RM250.00 is not a fixed limit but merely the threshold above which eKYC (electronic Know Your Customer) verification is required, which can be done online. If you are unable to do the eKYC verification online, you can go to the EPF office or Self-Service Terminal (SST) for fingerprint verification.
How to request withdrawal of funds from EPF Account 3 (Fleksibel) – SoyaCincau pic
Here is the step-by-step guide to withdraw your EPF funds from Account 3 (Flexible):
Step 1: Log in to your KWSP i-Akaun
Step 2: Tap Withdraw at the bottom of the screen and then select Withdraw your savings
Step 3: Select “Akaun Fleksible” and then “Withdraw Now”. (You cannot withdraw if you have less than RM50 in Account 3).
Step 4: Enter the amount you want to withdraw and select Next
Step 5: Select or update your bank account details to receive the funds and select “Continue”. Note that the bank account must be registered in your name.
Step 6: Read the member statement and select “Accept” to continue.
Step 7: Enter the TAC number to proceed. A confirmation page will appear indicating that your application was successful.
EPF Account 3 Withdrawal Limits and eKYC
As mentioned in EPF’s FAQ, withdrawal from Account 3 (Flexible) is only available for members below 55 years of age with sufficient savings in Account 3 (Flexible). They can request withdrawal of any amount from Account 3 as long as the amount is at least RM50.
Members do not need to submit any receipts, but an active bank account number is required for smooth payment processing.
EPF has stated that members do not need to physically attend EPF offices for identity verification as it can be done online, however, it depends on the member’s previous withdrawal history and the withdrawal amount cannot exceed RM30,000.
For members who have no previous withdrawal history or whose bank account information differs from that of previous withdrawals, identity verification is required. This can be done in two ways:
Thumbprint verification via a Self-Service Terminal (SST) at all EPC offices, for withdrawal requests over RM10,000, OR
Online verification if the withdrawal amount is less than RM10,000.
How long does it take for the money from EPF account 3 to reach your bank account?
If you have requested the one-time transfer to move funds from Account 2 (Sejahtera) to Account 3 (Fleksibel), it will take 3-5 working days according to EPF.
If you have sufficient funds in Account 3 and have requested a flexible withdrawal, the payment will be transferred to your registered bank account within 7 business days after the request is approved.
For more information, see the EPF Akaun Flesibel withdrawal page. – SoyaCincau