EPF Investment Fund is those Unit Trust Funds that are eligible to use savings in EPF to invest in.
However, EPF only allows their members to withdraw their money from Account 1 to invest in local unit trust funds. (i.e. funds that is investing 100% in Malaysia)

There are some withdrawing criteria which is based on age and the maximum withdrawal is 20%, with a minimum of RM1,000.

for example....

Case 1
at age 22, Mr. ABC has RM8,000 in his Account 1 (EPF)

The minimum savings required in Account 1 for Age 22 is RM5,000.

The withdrawal amount = (8,000 - 5,000) X 20% = RM 600

Therefore...MR ABC is not eligible to withdraw his money from his Account 1 to invest in unit trust.

Case 2
at age 25, Mr. DEF has RM22,000 in his Account 1 (EPF)

The minimum savings required in Account 1 for Age 25 is RM9,000.

The withdrawal amount = (22,000 - 9,000) X 20% = RM 2,200

Therefore...Mr. DEF is eligible to withdraw up to a maximum of RM 2.2k or a minimum of RM1k to invest in unit trust.

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Besides, the withdrawal can only be done once every 3 months & any profit (capital growth / distribution) will go back into EPF...

So far EPF have managed to give out about 5.5% p.a. It is a safe place to keep your money.
But if you want your money to grow more, unit trust will be one of the investment vehicle that is available for you to do that. But in any case, investment comes with risk...same with unit trust, just that the risk is less than direct share investment.

FD is definitely another safe place to keep your $ and a puny interest of 3.75% p.a. which i doubt that it can hedge against the inflation. But i dun think u can take your $$ from EPF to put in FD though.

If you want your money to grow...investment will be one of the best way...Unit Trust is one of the easy one....
There are others as well like share trading, properties..etc.