The newly introduced Account 3 of the Employees Provident Fund (EPF) will facilitate convenient and flexible withdrawals of up to RM250 per day.
As outlined in an update on the EPF’s i-Akaun app, members can withdraw a minimum of RM50 per day from this flexible account. These withdrawals can be directly transferred to members’ bank accounts, according to The Star.
For withdrawals exceeding RM250, members must undergo identity verification via the e-know-your-customer (e-KYC) process. The e-KYC process on the i-Akaun app involves facial recognition for identity confirmation.
EPF states that physical presence at EPF Offices for identity verification is unnecessary as it can be completed online. However, withdrawal amounts are contingent upon members’ previous withdrawal history and cannot exceed RM30,000.
Members without withdrawal history or whose bank details have changed will need to verify their identity either through thumbprint verification at an EPF Self-Service Terminal (SST) for withdrawals exceeding RM10,000 or through online verification for withdrawals below RM10,000.
