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The restructuring of EPF accounts applies to all members under the age of 55. EPF savings are restructured from two into three accounts – Akaun Persaraan (Account 1), Akaun Sejahtera (Account 2), and Akaun Fleksibel (EPF Account 3). EPF Account 3 Withdrawals can be made at any time, and are not subject to the specific withdrawal criteria that apply to Accounts 1 and 2.
Complete Guide to EPF Account 3 Withdrawals via EPF i-Akaun
The Employees Provident Fund (EPF) has introduced EPF Account 3 to provide contributors with flexibility for making withdrawals in urgent situations. Here is a complete guide to applying for EPF Account 3 withdrawals via EPF i-Akaun for your reference:
1. Log In to the EPF i-Akaun Application
Select the Withdrawal from the menu, then select Withdraw Your Savings. The allowed withdrawal amount will be displayed in the upper right corner “You can withdraw up to RMXXXX”.
2. Select the Type of Withdrawal
Then, choose your withdrawal type – select Flexible Account or EPF Account 3 withdrawal.
3. Enter the Withdrawal Amount
Click Withdraw Now and enter the amount you need. Then, select Continue.
4. Select or Update Bank Information
Next, choose your preferred bank or update your existing bank account (if necessary). Then, select Continue.
5. Perform Member Verification
Select Accept if you agree with the member’s declaration and enter the TAC number received via your registered mobile phone. Your application has been successfully submitted. The payment will be credited directly to your bank account.
For the record, you can make withdrawals once a day with a minimum withdrawal of RM50. For EPF Account 3 withdrawal exceeding RM250, the e-KYC process must be done online. Besides withdrawing EPF Account 3 through EPF i-Akaun, withdrawal applications can also be easily made without forms at any nearby EPF office.
Important Things You Need to Know About EPF Account 3 Withdrawals
Besides the EPF Account 3 withdrawal process, it is important to know the withdrawal requirements, required supporting documents, and fingerprint verification process to help ease your procedure as follows:
1. Withdrawal Requirements
Members who wish to make withdrawals from Account 3 need to meet the following conditions:
- Open to Citizens and Non-Citizens;
- Under the age of 55;
- Have savings in the Flexible Account – fund transfers need to be done first, refer here;
- EPF Account 3 withdrawals can be made at any time with a minimum withdrawal limit of RM50;
- You can make the initial amount transfer from 12 May to 31 August 2024. Transfers to the Flexible Account can only be made once and cannot be canceled. If you do not make the initial amount transfer, the existing balance in the Akaun Persaraan and Akaun Sejahtera will remain.
2. Supporting Documents
Members do not need to submit any supporting documents to make EPF Account 3 withdrawals. However, members must ensure that the bank account status provided is active to ensure the payment process can be done smoothly.
3. Fingerprint Verification
Individuals who wish to withdraw more than RM250 from EPF Account 3 need to go through the e-KYC process. However, you do not need to visit the EPF office because this identity verification process can be done online*.
*subject to member’s history records and the withdrawal amount not exceeding RM30,000.
If you have no withdrawal record or the bank account information differs from the previous withdrawal records, you need to verify your identity through:
- Thumbprint verification via EPF Self-Service Terminal (SST) for withdrawal applications exceeding RM10,000; OR
- Online verification subject to the withdrawal application amount not exceeding RM10,000.
Manage Your Finances Well for Future Comfort
The EPF Account Restructuring Initiative (EPF Account 3), effective from 12 May 2024, aims to enhance retirement income security. Additionally, it seeks to meet the lifecycle needs of members. Although EPF Account 3 withdrawals can be made at any time, it is important to manage your finances well.
Avoid making withdrawals for non-essential items such as car modifications or purchasing luxury branded goods. You are encouraged to withdraw from EPF Account 3 during emergencies and to meet urgent needs. Financial planning is crucial to prevent excessive spending, unmanaged debt, or bankruptcy.
Furthermore, if you are considering insurance protection for your future security, visit the Qoala website for more information. Qoala is the best platform for comparing and renewing insurance in Malaysia.
