PETALING JAYA: Almost three million applications involving RM8.78bil have been received by EPF to transfer an initial amount from their Account 2 to Account 3.

EPF said as at May 22, it had received 2.86 million applications after the option was opened to members on May 12.

"A total of 3.04 million withdrawal applications from Akaun Fleksibel (Account 3) were approved amounting to RM5.52bil," it said.

EPF chief operating officer Sazaliza Zainuddin said it is expecting the number of applications from members choosing to transfer an initial amount to continue to rise until the deadline on Aug 31.

"We are also pleased to see the significant increase in applications via the KWSP i-Akaun mobile app.

"This reflects our efforts to enhance user experience and accessibility, as we continue to innovate and expand our digital offerings," he said.

Starting May 12 until Aug 31, members will have an option to transfer one-third of their savings balance from Account 2 (Akaun Sejahtera) to Account 3 (Akaun Fleksibel).

The transfer of the initial amount to Account 3 is based on the balance in the member’s Account 2 on the application date.

Withdrawals from Account 3 can be made at any time for any purpose, with a minimum withdrawal of RM50.

EPF also advised members not to rush into making the transfer as the closing date for the option to transfer part of their savings in Account 2 Sejahtera to Account 3 is on Aug 31.

"Members who have yet to register with the KWSP i-Akaun are encouraged to do so to enable withdrawal transactions from Akaun Fleksibel.

"Members are advised to register or update their mobile phone number via the Self-Service Terminal (SST) available at any EPF branch for the purpose of receiving a Transaction Authorisation Code (TAC) to verify their identity when conducting transactions."

https://www.thestar.com.my/news/nation/2024/05/27/over-rm8bil-in-epf-transfers-from-account-2-to-account-3-says-ceo