Withdraw EPF From Account 1 & Account 2

Withdrawing from EPF account 1 and epf account 2: Withdraw epf For Personal Use online & buy House loan, education, medical treatment, withdrawal age 55 in 2024

withdrawing from epf for personal use 2024

The Employment Provident Fund (EPF withdraw online) is a government agency responsible for managing pension savings schemes for public and private sector workers. This government-owned corporation was established in 1951. It is regulated under the jurisdiction of the Ministry of Malaysia, which is subject to the Employment Provident Fund Act 1991 (Akta 452). This EPF savings account is divided into two (2) types of accounts, namely Account 1 and Account 2.

These EPF savings can be withdrawn under certain conditions. This withdrawal can be done for house renovation, medical, house purchase, land purchase, education, and more.

It was authorized to make it easier for EPF members to obtain funds at an immediate rate without having to make any loans from the banking institution.

It’s good to make such a withdrawing epf, as it can ease as well as reduce the financial burden of EPF contributors. Nevertheless, these savings are crucial for future use after the retirement of an EPF member.

What Are The Conditions For Withdraw Epf 2024

Can i withdraw money from epf for personal use? How to withdraw money from epf account in Malaysia?

Any withdrawing epf made by member must meet the eligibility criteria established by the kwsp institution.

This kwsp withdrawal for personal use can be done online or through the EPF branch. Among the conditions of withdrawing epf for permissible purposes are as follows;

1. 2024 EPF Withdraw For House Renovation

How to withdraw money from epf account 2 for house renovation? The withdrawal of EPF reserves is subject only to certain conditions.

The withdrawal of the EPF for house renovation purposes is not authorized and unapproved by the kwsp. Therefore, the withdrawal of the EFP for house renovation is not allowed.

2. Withdrawing From EPF For Medical Treatment 2024

Withdrawals from Account 2 are authorized for medical purposes to finance the medical costs of critical diseases and health assistance equipment for members, withdrawal for parents medical, members’ spouses, siblings, and children, consisting of biological children, foster children, and stepchildren.

Among the conditions of medical withdrawing epf are the following: 

withdraw epf for medical treatment
  1. Members must be Malaysian citizens who are 55 years of age or below. 
  2. There are still savings in Account 2. 
  3. The medical costs are not fully funded by the employer. 
  4. Diseases and health care equipment required by members and individuals associated with members must be approved by the EPF. 
  5. Members and family members of members don’t receive any alternative treatment.

This medical withdrawal is also approved for fertility treatments such as intrauterine insemination (IUI), in vitro fertilization (IVF), and intracytoplasmic sperm injection (ICSI).

This withdrawing epf is only available to all members and legally married couples.

3. Withdrawal For House Purchase 2024 From Account 2

Withdrawal of EPF funds from Account 2 kwsp can be made for for buying a house loan.

The purchase of the house must be made by a member or a couple of EPF members.

The following are the conditions for the kwsp withdrawal for house installment loan from Savings Account 2 for housing loan by an EPF member: 

epf withdraw online for house
  1. Members must buy and build residential houses such as bungalows, terraces, twin houses, apartments, condominiums, studio apartments, service apartments, townhouses, or shops with residential units. 
  2. Members must submit a purchase agreement not exceeding three (3) years from the date of the withdrawal request received by the EPF.
  3. Members have never made a housing disbursement or made a housing withdrawal to buy a house for the first time and have sold it and then bought a second house. 
  4. Purchases of houses acquired by rental from parties authorized by EPF 2024.
  5. Members buy land and build houses on it simultaneously, according to the date of the purchase agreement and building houses. 
  6. Members buy houses by taking housing loans from financial institutions authorized by the EPF.

4. Withdrawing Epf For Land Purchase

Withdrawals for land purchases alone are not allowed to make withdrawals of EPFs from the Savings Account 2.

It’s supposed to be done in conjunction with building a house.

The purchase of this land in order to build the house must be done on land belonging to an EPF member or their spouse.

5. Withdrawal For Education

Can i withdraw my epf for education. YES!

EPF education withdrawals are authorized to help finance the education of EPF members, spouses, children, or parents who join their studies in or abroad approved by the EPF.

This kwsp withdrawal education is through EPF Account 2. Among the main conditions withdraw kwsp for education with the purpose of education are as follows: 

  1. The applicant is an EPF member who is 55 years of age and under. 
  2. Has savings in Account 2. 
  3. The level of study of the applicant’s EPF members is either diploma or above, such as diploma, bachelor’s degree, postgraduate degree, professional skills or vocational courses approved by the EFP, and executive diploma or professional diploma at a national university. 
  4. The applicants must take a course of study listed as a full- or part-time course offered by institutions in and abroad, distance learning or “off shore” with institutions abroad, and the French Programme.

6. Withdrawing For Personal Use By FSA2

EPF has introduced an initiative known as the Account 2 Support Facility (FSA2).

It is a facility provided by the EPF agency to EPF members to help in obtaining personal financing from banking institutions.

This initiative is aimed at helping individuals in need of a loan fund at an immediate rate for emergency affairs.

These FSA2 applicants must meet the eligibility criteria set by the EPF and the banking institutions. Here are the requirements for the application: 

  1. This application is open to EPF members who are under the age of 55. 
  2. The applicant is a Malaysian citizen. 
  3. An application can only be made once. 
  4. Applications that have been approved cannot be cancelled. 
  5. Applications are opened within one (1) year from the date to be notified. 
  6. The amount of EPF members’ savings in account 2 must be at least RM3,000. 
  7. The maximum amount of conditional withdrawal must not exceed RM50,000. 
  8. Applications must meet the terms and conditions established by the banking institution.

7. Withdraw For House Installment

Withdrawals of EPFs for the purposes of payment of the monthly installment of housing loans can also be made through the savings of Account 2 EPF.

It’s aimed at reducing the burden on homeowners who are EPF members.

This withdrawal is to help pay the monthly installment for at least six (6) months or until such installment is completed according to the savings that are in account 2.

Here are the conditions that must be met for this withdrawal: 

  1. EPF members must be 55 years of age or younger. 
  2. Savings in Account 2 must be at least RM500. 
  3. The installment is on a house purchased or built by an EPF member. 
  4. Members still have a residential loan with a lender recognized by the EPF. 
  5. Monthly repayment has begun.

How To Withdraw Money From Epf Account 1

When can withdraw from epf account 1? How old can withdraw? How to withdraw money from kwsp account 1?

Account 1 EPF holders can only withdraw their EPF contributions when they reach the retirement age of 55 or 60 years.

Account 1 is a savings account consisting of 70% of the monthly contribution made by the employer and employee.

Here are the ways to withdraw funds from Account 1 after reaching the retirement age established by the EPF:

  1. Browse the website https://www.kwsp.gov.my
  2. Log in to the EPF member’s “i-Akaun” account. 
  3. Click the “kwsp Withdrawal” section and click on the “e-Pengeluaran” section. 
  4. Then, select the type of withdrawal, which is “Full Withdrawal age 55 account 1”. 
  5. Next, submit a kwsp full withdrawal application online. 
  6. The EPF will contact the EPF account holder for fingerprint verification and send a full withdrawal application form. 
  7. If approved, the kwsp withdrawal money will be credited to the applicant’s bank account. 
  8. Finally, the withdrawing epf succeeded.

How To Withdraw Money From EPF Account 2

Account 2 EPF holders who are eligible for Account 2 withdrawal may make withdrawals at any time for educational purposes, home purchases, performing Hajj, settlement of housing loan balances, housing installments, medication, and savings exceeding RM1 million for Account 2.

Account 2 is a savings account consisting of 30% of the monthly contributions made by both, the employer and employee.

Here are the ways to withdraw from epf Account 2; 

how to withdraw money from epf account 2
  1. Browse the official EPF portal at https://secure.kwsp.gov.my
  2. Log in to the user’s i-Akaun by entering a valid user ID and password.
  3. On the main menu, click on the “Withdrawal” section. 
  4. Then, click on the “e-Pengeluaran” section. 
  5. Press the “New Application” button to withdraw kwsp request.
  6. Fill up the required information completely. 
  7. Click on the “Submit” button. 
  8. Finally, a withdrawal request from Account 2 will be processed and credited to the EPF member account bank.

Can I Withdrawing EPF For Prenancy

The EPF authorizes its members to withdraw their contribution funds for health purposes.

The withdrawal of Account 2 is for financing medical costs for critical diseases or health assistance for fertility treatment purposes.

Permissible fertility treatments are intrauterine insemination (IUI), in vitro fertilization (IVF), and intracytoplasmic sperm injection (ICSI).

Therefore, expenses for health purposes due to pregnancy are permissible as long as the EPF members require the stated fertility treatment.

FAQ Kwsp Withdrawal

1. Can i withdraw all my money from epf?

This EPF contribution is done as one of the alternatives to saving from the income earned by the employees.

When this individual reaches the age of 55, these EPF savings can be fully withdrawn from accounts 1 and 2.

This epf withdrawl is to facilitate to all members in preparing for a comfortable retirement.

2. How many times epf can be withdrawn online?

These EPF withdrawals can be made at any time online as long as EPF members still have funds in their Account 2.

There is no withdrawal limit set by the EPF. If it is authorized and approved by the EPF, such withdrawal may be carried out in compliance with the eligibility criteria set by the EPF.

3. How old can i withdraw from EPF?

EPF members can make full withdrawals from accounts 1 and 2 when they reach the epf withdrawal age of 55.

The interest in this withdrawal is for preparation to live a better life after retirement.

4. Can epf be withdrawn anytime