Flexible KWSP Account 3: EPF Withdrawals exceeding RM250 require e-KYC process flow

The Flexible EPF Account 3, created by the Employees Provident Fund (EPF), also referred to as Kumpulan Wang Simpanan Pekerja (KWSP) in Malaysia, provides members with an easy method to access their savings for a range of uses. Although members of this account can withdraw their money at any time, there are particular rules to guarantee safe and effective processing, particularly for bigger transactions.

The daily withdrawal limit and the e-KYC requirements

Members may take out up to RM250 a day from their Flexible EPF Account 3 without further verification, according to the details shown on the KWSP i-Akaun app. Members must complete an electronic Know-Your-Customer (e-KYC) process, nevertheless, for withdrawals over RM250. This is a security enhancement and fraud prevention step.

What is e-KYC?

Using facial recognition technology, the KWSP i-Akaun programme facilitates the electronic identity verification process known as e-KYC. The person requesting the withdrawal is verified by this digital process to be the account holder in fact. Another option is to go to the closest KWSP office for fingerprint verification if you would rather do it the old-fashioned way or have trouble with the online process.

Process for Withdrawal

Members can visit any KWSP branch nationwide or utilize the KWSP i-Akaun platform to start a withdrawal from Flexible Account 3. User-friendly in design, the withdrawal method gives members the freedom and simplicity to access their money as needed. Once a day, members can move money to their bank account; the minimum transaction amount is RM50.

Learn in depth on <e-KYC Process: Step-By-Step Guide How to transfer funds to EPF Account 3>.

Structure of the Accounts

Recall that Flexible Account 3 works in conjunction with Accounts 1 (Retirement Account) and 2 (Wellbeing Account). While the Flexible Account 3 will begin with zero amount, the other accounts will keep their own balances. Members can move money right now into Flexible Account 3.

EPF Account 3 Withdrawal Duration Dates

Flexible Account 3 has withdrawal and transfer options open from May 11, 2024, until August 31, 2024. Members of KWSP can take use of the flexible withdrawal system at this time and be sure their identity is safeguarded by the e-KYC procedure.

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