KUALA LUMPUR: Employees Provident Fund (EPF) contributors have been urged to ensure their bank accounts are active and registered under their own names before applying for the Special Withdrawal Facility.
EPF, in a statement today, said shared bank accounts or business registered accounts are not allowed to apply for the special withdrawal.
Prime Minister Datuk Seri Ismail Sabri Yaakob had on March 16 gave the green-light for people to make a fourth withdrawal from their EPF savings.
Under the Special Withdrawal Facility, EPF contributors aged 55 and below could apply to withdraw up to RM10,000 from their EPF savings between April 1 and 30. Payments will be rolled out starting from April 20.
"Members who wish to withdraw their EPF savings under the Special Withdrawal facility can do so through the pengeluarankhas.kwsp.gov.my portal, which can also be accessed via the i-Akaun mobile application starting April 1, 2022.
"A single payment of the amount applied will be credited directly into the members' respective current or savings bank accounts.
"Members are urged to ensure that their bank accounts are active and registered under their own names. Shared bank accounts or business-registered accounts are not allowed.
"Members can check their application status starting April 9, 2022, via pengeluarankhas.kwsp.gov.my
"The maximum amount allowed for withdrawal under the special withdrawal facility is RM10,000, with a minimum transaction amount of RM50. Members must fully utilise their savings balance in Account 2 first before accessing their Account 1.
"Members must also leave a minimum of RM100 in their account," read the statement.
EPF also reminded members to only make withdrawals if it is absolutely necessary, after taking into account their long-term income security.
"The special withdrawal is aimed to assist members who remain financially-impacted by the Covid-19 pandemic to meet their urgent needs.
"Members may consult the EPF's Member Advisory Service at EPF branches throughout the country for advice on their EPF savings," it said.
Since the Covid-19 pandemic gripped the country in 2020, some 7.34 million contributors have withdrawn RM101.1 billion from the EPF fund through the i-Lestari, i-Sinar and i-Citra schemes.
For further details, members can contact the Special Withdrawal Facility hotline at 03-8922 4848, starting 1 April 2022 or visit www.kwsp.gov.my.