KUALA LUMPUR: The Employees Provident Fund (EPF) has reduced the minimum amount that can be withdrawn at any one time to RM50,000 from RM100,000 previously for members who have at least RM1.05 million in their savings.

In a statement yesterday, EPF general manager, public relations, Nik Affendi Jaafar, said withdrawals could be made once every three months subject to there being sufficient amount in the member’s account.

EPF said the withdrawal of savings of more than RM1 million was first introduced on Nov 1, 2007 as part of the ‘Beyond Savings’ strategic initiative.

It said the withdrawal offered members who had savings in excess of RM1 million an opportunity to manage and invest their savings on their own as total savings of RM1 million was considered sufficient to meet members’ basic needs during retirement.

To apply, members are required to complete KWSP 9B (AHL) Form and provide a certified true copy of their respective identification card/myKad or Passport (for non-Malaysians or Malaysians who are residing overseas), together with their bank book or current account statement of an account which is still active.

EPF said payments would be made directly to the member’s bank account for application submitted within the country. However, if applications are made from abroad, payment will be made through a foreign bank draft.

This article appeared in The Edge Financial Daily, April 8, 2010.