EPF Account Opening at Your Fingertips - KWSP Malaysia

Myra Athena

Date: 12 Aug 2024

EPF Account Opening at Your Fingertips

In today's reality, preparing for retirement can be daunting. The ever-increasing cost of living adds to the uncertainty and raises concerns about financial security in later years. Thus, it is essential to take proactive steps and plan diligently to ensure a worry-free retirement.

Based on the EPF Basic Savings Quantum, every prospective retiree should have at least RM240,000 as a minimum at 55 years old, which allows them to spend RM1,000 monthly for 20 years.

However, as of December 31, 2022, 51% of all EPF members aged 55 and below do not have sufficient basic savings for retirement. This is why having retirement savings is crucial as it can provide you with a secure income stream when you’re no longer working. Retirement savings also sets the foundation to your financial stability after retirement. By consistently saving from a young age, you can plan for your retirement with more confidence, knowing that your financial needs will be well taken care of.

If you’re self-employed, you may be exposed to the risk of insufficient finances after retirement. Therefore, take the initiative to start saving early on.

To reduce this risk, you are encouraged to open your EPF account (if you don’t already have one!) and begin saving as early as possible. Our step-by-step guide below will guide you through the process and ensure that you have all the information you need.

Requirements to open an EPF account

Open to all within 14 years old to before 75 years old.

Can I register my EPF account online?

Great news! You can register an EPF account with ease through the KWSP i-Akaun mobile application.

Step 1: Prepare your MyKad or MyPR and ensure you’re in a safe and well-lit area.
Step 2: Open the KWSP i-Akaun application.
Step 3: Tap on the ‘Don’t have EPF account’ menu.
Step 4: Follow the on-screen steps until your registration is successful.
Step 5: Once you have successfully opened your EPF account, proceed to register and activate your i-Akaun.

Apart from MyKad or MyPR holders, you must visit the nearest EPF office and register in person at the counter.

What is KWSP i-Akaun?
KWSP i-Akaun is an online platform for EPF members to effortlessly monitor and save for their retirement savings. With i-Akaun, you can easily track your contributions, apply for withdrawals, access your EPF saving statements, and perform a variety of essential tasks offered in the app.

How can I activate my i-Akaun?
Once you have successfully registered and opened your EPF account in the app, you’ll proceed to activate your i-Akaun.
Step 1: Key-in your user ID, Password, Secret Phrase and choose your Secure Image.
Step 2: Tap ‘Agree’ to the terms and conditions, and you’re ready to go.

With only these two steps, you're ready to go and access all functions available in the app! By activating i-Akaun, you’ll have the capability to monitor your savings anytime, anywhere.

So, what are you waiting for? Download the KWSP i-Akaun app to fully utilise its functions and manage your EPF savings more seamlessly!

You can download the KWSP i-Akaun mobile application on Google Play Store, Apple Store or Huawei App Gallery.

Read also: Boost Your Savings with EPF Account

Alternative options for registering and opening an EPF savings account

Self-Service Terminal

EPF also offers a Self-Service Terminal (SST) service, which allows you to open an account without having to wait in line at the counter. You can open your EPF account at the SST by following the five (5) steps below:

Step 1: Find the nearest EPF (SST).
Step 2: Insert your MyKad/ MyPR then verify your thumbprint.
Step 3: Fill in your personal mobile number and email.
Step 4: Confirm your personal details.
Step 5: Your EPF member number will be displayed on the screen, and an email will be sent to you upon successful registration.

You may also use the SST to activate your i-Akaun as a new user.

Step 1: Choose the i-Akaun registration menu on the SST.
Step 2: Review and verify your personal information.
Step 3: Key-in your User ID, password, Secret Phrase and select your Secure Image.
Step 4: Wait for the notification signifying successful i-Akaun activation.
Step 5: Scan the displayed QR-Code to download the KWSP i-Akaun mobile application.

To note, only Malaysian citizens and permanent residents can open an EPF account and activate their i-Akaun at the SST. For foreign applicants, they must visit the counter to register their EPF account and bring along Borang KWSP 3 (Daftar) as well as their passport or other proof of identification.

EPF counter

Step 1: Bring your ID to the counter. For example, MyKad, MyKAS or passport.
Step 2: Verify your identity with a thumbprint.
Step 3: Get your EPF member number after your registration is successful.

To locate any EPF offices near you, please visit our website here.

We hope this simple guide can help you in registering and opening your EPF account and effectively manage your EPF savings. If you have any further questions, you may ask ELYA.