Last updated : 02 May 2023 
The Account 2 Support Facility (FSA2) is aimed at enabling EPF members to make advance application for Age 50 or Age 55 Conditional Withdrawal in obtaining personal financing from banking institutions.
The Account 2 Support Facility is to enable EPF member applies for advance notice of Conditional Withdrawal age 50 years or 55 years to assist the EPF member obtains personal financing from a banking institution.
The advance application allows members to consider using their savings in Account 2 to obtain personal financing from participating banking institutions where the payment will only be made to the banking institutions when the member reaches the age of between 50 to 55 subject to the member’s choice of withdrawal age.
At the same time, members are required to pay the monthly installments as per agreement with the banking institutions.
i) Open to EPF members who have not reached the age of 55
ii) Malaysian citizens
iii) Application is one-time only
iv) Approved application cannot be cancelled
v) Minimum savings amount of RM3,000 in EPF Account 2
vi) The maximum amount for conditional withdrawal is not more than RM50,000 in Account 2 (subject to the amount of personal financing approved by banking institutions)
Note: Members are required to undergo an awareness assessment and understanding of the Account 2 Support Facility with the banking institutions before deciding whether to take on the personal financing or not. In addition, during the financing period, members can seek further financial advice directly from EPF Retirement Advisory Service (RAS), AKPK, or the banking institutions’ financial advisor, if there is a need.
Applications can be made online through the participating banking institutions. There are 3 main steps that members need to take:
i) Step 1: Check EPF Account 2 eligibility through the participating banking institutions’ portal;
ii) Step 2: Apply for personal financing via the participating banking institutions’ portal according to the agreed terms and conditions with the banking institution;
iii) Step 3: Submit the advance application for Age 50 or Age 55 Conditional Withdrawal to the EPF through the participating banking institution portal, based on the approved amount of personal financing by the banking institution.
After the advance application for Age 50 or Age 55 Conditional Withdrawal is approved by the EPF, the following will occur:
i) The withdrawal amount and accumulated dividends will be paid to the banking institution when the member reaches the selected withdrawal age between 50-55 years old,as determined by the member; and
ii) Members can make other pre-retirement withdrawals subject to the balance of their Account 2 after deducting the amount of the Age 50 or Age 55 Conditional Withdrawal.
The eligibility amount for the financing through the Age 50 or Age 55 Conditional Withdrawal is based on the savings amount in Account 2 minus any withdrawals that have not been approved (if any) such as Education and Health Withdrawals, etc.
An illustration on eligibility calculation is as follows:
|
|
Ahmad |
Rita |
Sara |
|
Account 2 savings balance |
RM70,000 |
RM3,000 |
RM7,500 |
|
Pre-retirement withdrawal application amount that has not been approved |
RM10,000 |
None |
RM5,500 |
|
Advance eligibility amount |
RM50,000 Maximum financing limit is RM50,000 |
RM3,000 |
RM 0 Not eligible because it does not meet the minimum requirement of RM3,000 |
Note: The actual amount of the Conditional Withdrawal for Age 50 or 55 is based on the amount of personal financing approved by banking institutions.
The process to make an advance application for the Age 50 or 55 Conditional Withdrawal is as follows:
i) Members need to register or update their mobile phone number for the purpose of receiving the Transaction Authorisation Code (TAC) from EPF to verify their identity when conducting transactions.
ii) The application is made online through the participating banking institution portal.
Members can apply starting from April 7, 2023, subject to the readiness of the participating banking institutions.
Members can check the amount of savings in their Account 2 via:
i) i-Akaun (Member) / i-Akaun mobile app; or
ii) Self-Service Terminal (SST) at any EPF branch.
Members can still apply for the Age 50 Withdrawal once they reach 50 years old, subject to the balance of savings in Account 2.
Members who have made the Age 50 Withdrawal can still apply for the Age 50 Conditional Withdrawal, subject to their savings balance in Account 2 and the terms stated in Question 3.
As a start, the participating banking institutions are as follows:
i) MBSB Bank
ii) Bank Simpanan Nasional (BSN)
The Conditional Withdrawal Age 50 Years or Age 55 Years application can be rejected due to:
i) The savings balance in Account 2 is less than the amount of personal financing approved by the banking institution; or
ii) The personal financing is rejected by the banking institution
Yes. Members will receive notification on the status of Conditional Withdrawal Age 50 Years or Age 55 Years from the EPF via Secured Inbox i-Akaun (Members).
Members cannot cancel the advance notice for Conditional Withdrawal Age 50 Years or Age 55 Years once it has been approved by the EPF.
The approved application will be rescinded under these circumstances:
i) The member dies before reaching the chosen age in the advance notice for Conditional Withdrawal Age 50 Years or Age 55 Years; or
ii) The member has fully settled the personal financing amount with the banking institution. It is the member’s responsibility to inform the EPF about the full settlement of the personal financing.
Members are not encouraged to make more than one personal financing application. If a member submits more than one application, the EPF will only approve the first Age 50 or Age 55 Conditional Withdrawal application received from the member.
If a member dies before reaching the chosen age specified in the advance notice of the Conditional Withdrawal Age 50 Years or Age 55 Years, the conditional withdrawal application is rescinded, and all the deceased member’s savings will be distributed to the heirs / nominees according to the existing Death Withdrawal and Nomination policy.
After full withdrawal has been approved by the EPF, the EPF will pay the total withdrawal amount in the Conditional Withdrawal Age 50 Years or Age 55 Years application, together with the accumulated dividends into the member’s financing account with the banking institution.
Members are responsible for notifying the EPF when early settlement of the personal financing has been made.
Upon receiving the notification, the EPF shall rescind the Conditional Withdrawal Age 50 Years or Age 55 Years.
If the EPF does not receive any notification, the withdrawal amount in the Conditional Withdrawal Age 50 Years or Age 55 Years, together with the accumulated dividends, will be paid into the member’s financing account with the banking institution upon reaching the chosen age.
Members may refer to the participating banking institutions to know more about the product features offered. Members need to understand the terms and conditions set by the banking institutions.
Even though the Conditional Withdrawal Age 50 Years or Age 55 Years is subject to the member’s savings in Account 2 - member who has been declared bankrupt by the Department of Insolvency Malaysia may refer to the participating banking institutions for further information.
