PETALING JAYA: The newly introduced Employees Provident Fund's (EPF) Account 3 will allow hassle-free and flexible withdrawals of up to RM250 per day.
According to an update posted in EPF's i-Akaun application, the minimum sum members can withdraw per day from the flexible account is RM50.
The withdrawals could be transferred to the bank account of members.
EPF said members do not need to be physically present for identity verification at EPF Offices as it can be done online. However, withdrawals are subject to the member's previous withdrawal history and the withdrawal amount does not exceed RM30,000.
EPF said that for withdrawals above RM250, members are required to verify their identity through the e-know-your-customer (e-KYC) process.
For members who do not have a previous withdrawal history, or whose bank account information differs from previous withdrawal records, they will need to perform a thumbprint verification via Self-Service Terminal (SST) at any EPF office for withdrawals of more than RM10,000 or an online verification of withdrawals less than RM10,000.
Meanwhile, the e-KYC which could be done on the i-Akaun application required members to perform a facial recognition process for identity verification.
With the introduction of the flexible account on Saturday (May 12), the monthly contribution of members would be divided by 75%, 15% and 10% and channelled to Accounts 1, 2 and 3 respectively.
Previously, 70% of the contributions were deposited to Account 1 and 30% to Account 2.
