EPF Has Approved RM5.52 Billion In Withdrawal Requests From Account 3 Since 12 May

According to the Employees Provident Fund (EPF), close to three million members have applied to transfer more than RM8 billion to the newly launched account 3.

Cover image via Mohamad Shahril Badri Saali/New Straits Times & Bernama

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Close to three million applications to transfer an initial amount from Account 2 to Account 3 have been submitted, and the Employees Provident Fund (EPF) expects the number to continue rising

This comes after EPF restructured its members' existing two accounts into three, offering members a one-time option to transfer part of their savings from Account 2 to Account 3 as an initial balance.

The option for members to transfer a portion of their savings will remain available until 31 August.

According to EPF, it has received 2.86 million applications as of 22 May, involving RM8.78 billion. Of these, a total of 3.04 million withdrawal applications involving RM5.52 billion were approved for Account 3.

"The EPF is expecting the number of applications from members choosing to transfer an initial amount from their Account 2 to Account 3 to continue to rise until the deadline on 31 August," EPF chief operating officer Sazaliza Zainuddin was quoted as saying by the New Straits Times today, 27 May.

EPF said that there's been a significant increase in withdrawals applications via its official i-Akaun mobile app

"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," Sazaliza said.

To reiterate, members can transfer a portion of their Account 2 balance to new Account 3 between 12 May and 31 August. This is a one-time option; if not exercised, the funds will remain in Account 2.

There are conditions to withdraw funds from Account 3.

While EPF encourages members to utilise withdrawals from this new account in case of emergencies, members can make withdrawals from Account 3 at any time. The minimum withdrawal amount allowed is RM50.

For more information, check out our EPF explainers:

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