Did You Know: You Can Withdraw From Your EPF If You Have More Than RM1 Million In Savings
No need to wait until 55.
By May Vin Ang — 15 Oct 2024, 03:50 PM
As a Malaysian, you likely contribute to the Employees' Provident Fund (EPF) to save for your retirement, and typically, withdrawals are only allowed after you reach age 55.
However, did you know that if you've accumulated over RM1 million in savings, you can make a withdrawal ahead of time?
The official EPF website states that members with more than RM1 million in savings have the flexibility to withdraw and manage excess savings on their own.
Members can withdraw any amount exceeding RM1 million, with withdrawals first deducted from their Akaun Fleksibel (Account 3). If that balance is insufficient, funds will then be taken from their Akaun Sejahtera (Account 2) and Akaun Persaraan (Account 1).
If you have over RM1 million in your account and wish to withdraw funds before age 55, you can easily apply online
As an active member, simply use the KWSP i-Akaun app to initiate the withdrawal, and the payment will be deposited into the bank account linked to your EPF account.
Alternatively, you can manually complete the KWSP 9B (AHL) form and submit it at your nearest EPF counter or mail it to them.
Meanwhile, if you are under 55, here are the other EPF withdrawal categories you should be aware of:
- Akaun Fleksibel (Account 3)
- Education withdrawal
- Housing withdrawals
- Health withdrawals
- Hajj withdrawal
- Death withdrawal
- Leaving the country withdrawal
- Age 50 withdrawal
For more information, check out the official EPF website.
