EPF gets nearly 3 million applications to transfer funds to Account 3

THE Employees Provident Fund (EPF) has received 2.86 million applications to transfer an initial amount from Account 2 (Akaun Sejahtera) to Account 3 (Akaun Fleksibel) as of May 22, involving RM8.78 billion.

EPF chief operating officer Sazaliza Zainuddin said a total of 3.04 million withdrawal applications from Account 3 were approved, amounting to RM5.52 billion.

“We expect the number of applications from members choosing to transfer an initial amount to continue to rise until the deadline on August 31.

“We are also pleased to see the significant increase in applications via the KWSP i-Akaun mobile app. 

“This reflects our efforts to enhance user experience and accessibility, as we continue to innovate and expand our digital offerings,” he said in a statement.

Starting May 12 until August 31, members will have the option to transfer one-third of their savings from Account 2 to Account 3. 

The transfer of the initial amount to Account 3 is based on the balance in the member’s Account 2 on the application date. 

Withdrawals from Account 3 can be made at any time for any purpose, with a minimum withdrawal of RM50.

Members who have yet to register with KWSP i-Akaun are encouraged to do so to enable withdrawal transactions from Account 3. 

“Members are advised to register or update their mobile phone number via the self-service terminal (SST) available at any EPF branch for the purpose of receiving a transaction authorisation code (TAC) to verify their identity when conducting transactions,” added Sazaliza. – May 27, 2024