While the option offers greater financial flexibility, experts have warned against impulsive withdrawals except in dire emergencies that require additional cash flow. — FAIHAN GHANI/The Star
With the introduction of the Employees Provident Fund (EPF) Flexible Account, also known as Account 3, contributors under 55 years old have withdrawn a total of RM10.78bil as of Sept 2024.
This guide aims to provide Malaysians wishing to withdraw with clear instructions on how to withdraw their Account 3 savings via the EPF mobile app.
Getting the app installed
First things first, users will need to install the KWSP i-Akaun app from either the Google Play Store or the Apple App Store, depending on their device.
Those with an existing EPF i-Akaun may simply log in using their existing credentials. However, users who have not set up their account yet will need to pay a visit to an EPF counter in person to obtain a temporary User ID and password for activation.
A complete step-by-step guide on performing a first-time login and account activation is available on the EPF website.
Making the withdrawal
Once logged in, users will be brought to the Home screen in the app, which displays their current balance in all three of their EPF accounts.
From here, they should go to the Withdrawal tab in the app via the navigation menu at the bottom of the screen, and tap on the "Fleksibel" button to access the Account 3 withdrawal page.
The page will state the terms and conditions for the withdrawal. This includes a limit to only a single withdrawal per day, a minimum withdrawal amount of RM50, and requiring that those withdrawing over RM3,000 in their first transaction perform a thumbprint verification.
Users should then scroll to the bottom of the page and tap on the "Withdraw Savings" button, after which they will be prompted to input or select from several preset options for the amount they want to withdraw from their account before tapping on the continue button.
The next screen will prompt users to add a bank account for the withdrawal to be credited to. Simply follow the on-screen instructions depending on the bank of choice while making sure that the details being input are accurate before continuing.
Users must then confirm all details, including the withdrawal amount and contact information, before accepting the withdrawal declaration on the following page.
Finally, all that's left is to authorise the transaction using either the i-Akaun Secure feature or through an SMS TAC code sent to the registered mobile number. Once authorisation is complete, the withdrawal request will be submitted for processing.
After approval, the withdrawal amount will be deposited into the registered bank account within seven working days. Users can track the status of their withdrawals through the i-Akaun app for updates.
It is worth noting that Malaysians are also able to make withdrawals in person by paying a visit to an EPF counter.
While the mobile app withdrawal option does offers greater financial flexibility, experts have cautioned against impulsive withdrawals except in dire emergencies that require additional cash flow.