Epf's i-Citra Allows Members to Withdraw up to RM5,000

Prime Minister Tan Sri Muhyiddin Yassin announced a new withdrawal service that allows Employees' Provident Fund (EPF) members to withdraw fund from their accounts. 

i-Citra will allow 12.6 million EPF members to withdraw a maximum of RM5,000. There will be a fixed return rate of RM1,000 for five months, and it will depend on the amount of money in the member's EPF savings. 

Muhyiddin said that i-Citra's implementation would channel RM30 billion to EPF members for their daily needs. 

Through a live telecast this afternoon, the Prime Minister said it is a tough decision for the government as the EPF savings are the members' retirement savings. He explained that the i-Citra solution is trying to find the middle ground between those who need the money and those who do not. 

 

EPF supports the government's initiatives.

The EPF said that it introduced the i-Citra withdrawal service today to support the government's initiatives in addressing the needs of the people affected by the pandemic.

According to EPF, members can apply for withdrawal starting July 15, 2021. 

In a statement, EPF says its members can apply through the i-Citra online portal at icitra.kwsp.gov.my. It expects the first payment to be credited into members' bank accounts in August 2021. 

The i-Citra programme involves RM30 billion that will benefit 12.6 million EPF members.

All members under the age of 55 are qualified to apply for i-Citra. They can withdraw up to a maximum of RM5,000, subject to their combined balance in both Accounts 1 and 2.

The retirement fund says it will transfer the approved withdrawal amount for a period of up to five months. There will be a fixed monthly payment of RM1,000 subject to savings balance and a minimum of RM50. 

EPF also says that members will need to fulfil these two requirements to facilitate the application process: 

• An updated mobile phone to receive the transaction authorisation code (TAC), and
• An active personal bank account.

 

It said it developed the withdrawal service after careful considerations on how to best help affected members while upholding its mandate. 

EPF added that while it remains committed to safeguarding its members' retirement funds, it also acknowledges the need to balance the current demands against future needs and facilitate temporary relief for members during the pandemic. 

 

If you need more information on i-Citra, go to the EPF website at www.kwsp.gov.my.

You can also call the i-Citra Hotline at 03-8922 4848.

 

Source: EPF

 

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