Learn how to easily withdraw from your EPF Account 3 (Fleksibel) with our straightforward guide. Discover simple steps for online withdrawals, one-time transfers, and ensure a smooth process with detailed requirements. Maximize your EPF savings today
Read this : Memahami KWSP dan Peranannya dalam Perencanaan Persaraan
Understanding Before Withdrawing
Before initiating a withdrawal from EPF Account 3, it’s essential to know:
- The minimum withdrawal amount is RM50.
- Online withdrawals can be made through the KWSP i-Akaun app, downloadable from your device’s app store.
- There’s no upper limit to how much you can withdraw, but amounts above RM250 necessitate an eKYC (electronic Know Your Customer) process online. Should eKYC not be possible, visit an EPF office or use the Self-Service Terminal (SST) for thumbprint verification.
- Withdrawals from Account 3 are limited to once per day.
How to Withdraw from EPF Account 3
To withdraw:
- Log into your KWSP i-Akaun.
- Click ‘Withdrawal’ at the screen’s bottom, then select ‘Withdraw your savings’.
- Choose Akaun Fleksibel, and click ‘Withdraw Now’. Note: You cannot withdraw if your account holds less than RM50.
- Enter your desired withdrawal amount and click ‘Continue’.
- Update your bank account details, which must be registered under your name, then click ‘Continue’.
- Read and accept the Member’s Declaration. Key in the TAC number to finalize. A confirmation page will verify your successful application.
For visual aid, the EPF website offers simple infographics.
Limits and Verification
Members under 55 with sufficient Account 3 savings can withdraw any amount, provided it’s at least RM50. No supporting documents are necessary, but an active bank account under the member’s name is crucial for smooth payment transfer. Online identity verification is available and depends on previous withdrawal history and the withdrawal amount, capped at RM30,000.
Identity verification for members without prior withdrawal history or with differing bank details from previous withdrawals is mandatory through:
- Thumbprint verification at any EPF office via SST for withdrawals more than RM10,000, OR
- Online for amounts less than RM10,000.
One-Time Transfer to Account 3
Initially, Account 3 starts at RM0. To facilitate early withdrawals, members are allowed a one-time transfer from Account 2 to Account 3 from 12 May 2024 to 31 August 2024. This enables immediate fund withdrawal.
For transfers:
- Use the KWSP i-Akaun app for the fastest process.
- Once requested, the transfer process is irreversible.
Refer to the EPF FAQ for a detailed guide on this process including a BEFORE and AFTER visual of account balances post-transfer.
Understanding the One-Time Transfer
The transfer amount to Account 3 depends on your Account 2 balance. If it’s RM3,000 or more, 33.33% moves to Account 3, and 16.67% to Account 1. Visual examples on the EPF FAQ page illustrate this distribution.
Withdrawal Timeline
Withdrawals from Account 3, upon request, will see the funds in the registered bank account within 7 working days. For one-time transfers, the Account 3 balance is updated within 3-5 working days post-transfer.
This concise guide aims to clarify the process of withdrawing and transferring funds to EPF Account 3, making it more accessible for members to utilize their savings more flexibly while ensuring they are well-informed of all necessary steps and requirements.
Read this : Pengeluaran Akaun 2 KWSP Yang Dibenarkan