Nearly three million applications have been submitted to transfer an initial amount from Account 2 to Account 3, and the Employees Provident Fund (EPF) expects this number to continue rising.

This follows EPF's restructuring of members' existing two accounts into three, allowing a one-time option to transfer part of their savings from Account 2 to Account 3 as an initial balance.

Members can transfer a portion of their savings until 31 August.

As of 22 May, EPF has received 2.86 million applications, amounting to RM8.78 billion. Of these, 3.04 million withdrawal applications totaling RM5.52 billion were approved for Account 3.

"The EPF expects the number of applications to transfer an initial amount from Account 2 to Account 3 to keep increasing until the 31 August deadline," EPF chief operating officer Sazaliza Zainuddin told the New Straits Times on 27 May.

EPF noted a significant rise in withdrawal applications via its official i-Akaun mobile app.

"We are pleased to see the significant increase in applications via the KWSP i-Akaun mobile app, reflecting our efforts to enhance user experience and accessibility as we continue to innovate and expand our digital offerings," Sazaliza said.

To reiterate, members can transfer a portion of their Account 2 balance to the new Account 3 between 12 May and 31 August. This is a one-time option; if not exercised, the funds will remain in Account 2.

There are conditions for withdrawing funds from Account 3.

While EPF encourages members to use withdrawals from this new account in emergencies, members can make withdrawals from Account 3 at any time, with a minimum withdrawal amount of RM50.