WITH the announcement that the Employees Provident Fund (EPF) will be introducing the new Account 3 on May 11, there has been some confusion if and when contributors can withdraw from it.
Some say that 10% of your funds in EPF will be immediately accessible on launch day, whereas others say you will have to wait awhile as the account will start with zero ringgit and it will take time to accumulate funds.
So is it true that you can withdraw from your Account 3 in May?
Verdict:
TRUE
Yes, it is true that EPF contributors will be able to withdraw from their Account 3 from as early as May 11, but only if they opt in between launch day and Aug 31.
Members who wish to take advantage of this opt-in can submit their application through the KWSP i-Akaun application or the Self-Service Terminals at any EPF branches nationwide.
Once you've opted in, it'll take EPF up to 24 hours to transfer the funds from your other two accounts to your Account 3.
ALSO READ: Is the dividend rate lower for EPF Account 3?
From there, if you decide to cash out from your Account 3, you would have to key in your bank details as well as your mobile number in the KWSP i-Akaun app.
You will then have to go through the necessary security checks (TAC etc) to prove that you are you and then the sum you wish to cash out will be transferred to your bank account.
EPF members can make withdrawals of a minimum amount of RM50 from their Account 3.
References:
1. https://www.thestar.com.my/
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