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 EPF SELF-CONTRIBUTION

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MGM
post Nov 17 2019, 07:15 AM

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Anyone has tried paying EPF for i-Saraan via Maybank2u?
Can let me know the steps, browse thru M2U but couldn't find.
MGM
post Nov 17 2019, 06:12 PM

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QUOTE(keah.kyle @ Nov 17 2019, 03:40 PM)
u must use the web version, not mobile phone.
MUST BE THE CLASSIC M2U site. Not the new one
Go to the invest tab, EPF.

From there u can transfer.
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Thanks tried rm30 1st.
MGM
post Aug 5 2020, 10:25 AM

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I am retired n can withdraw EPF anytime. Early this year I self contribute 60k to EPF. If I were to withdraw 40k now, can I deposit 40k back to EPF at year end n still earn dividend accordingly?
And how long it takes to withdraw?
Can I choose 1st day of d month for withdrawal like 1-Sept so that i will still get the dividend for August?

This post has been edited by MGM: Aug 5 2020, 10:32 AM
MGM
post Aug 12 2020, 07:31 AM

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QUOTE(guanteik @ Aug 10 2020, 04:20 PM)
If you've contributed 60k earlier this year, withdrawing 40k and re-deposit it back to the account is not possible at all.

It only take 1 day to withdraw and processed. Usually next day payment. So far the method of withdrawal that I knew of is manual withdrawal, so you can target 1st if it's a weekday.

Note: This is based on my experiences withdrawing from my 1st account.
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Thanks.
So u mean if I deposited 60k on 1Feb2020, then withdrew 40k on 1July2020, I can't deposit back 40k on 1Oct2020 but have to wait until 2021?
MGM
post Mar 7 2022, 10:07 AM

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QUOTE(N9484640 @ Mar 7 2022, 10:04 AM)
Lets say once you are retired, no more income. Not doing any investment etc. Would you still continue putting money in EPF via Self Contribution? Its either FD or EPF.
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How much money? Rm100 or rm 1million?
MGM
post Mar 7 2022, 10:53 AM

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QUOTE(N9484640 @ Mar 7 2022, 10:10 AM)
how much money what? put in EPF? 60k every year
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Refer to u said:
Would you still continue putting money in EPF via Self Contribution? Its either FD or EPF.
If < rm1000 put in pocket
If < 6 months expense put in CASA.
If >100k put in epf.
MGM
post Mar 7 2022, 12:16 PM

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QUOTE(Human Nature @ Mar 7 2022, 11:12 AM)
Any of you made a self contribution on the 1st week of March? It is reflected at your EPF account yet?
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If contribution amount not credited on 1st of the month u lose 1 month dividend.
I always transfer at d end of the month.
MGM
post Mar 7 2022, 12:35 PM

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QUOTE(Human Nature @ Mar 7 2022, 12:21 PM)
Yeah. I am just checking because my transfer made on 2nd March is still not reflected. Would like to see if it is EPF problem or my CIMB Clicks problem.
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For me i would put 60k in high interest CASA n transfer to epf at d end of the month. 60000x2%x27days/365days=rm88.
MGM
post Mar 7 2022, 01:25 PM

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QUOTE(Human Nature @ Mar 7 2022, 12:49 PM)
Thay is my plan too. I did on 2nd March with a small amount to verify that the transfer is working. And if it does, transfer a larger amount when nearing the end of month. But now is missing  sweat.gif
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Sorry i tot u did with 60k.

QUOTE(N9484640 @ Mar 7 2022, 01:00 PM)
For me takes 3 days, doesn't matter sat/sun. Using Maybank
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Mbb normally credit on next working day but i would do it 1 or 2 day earlier to play safe
MGM
post Mar 8 2022, 01:23 PM

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QUOTE(SKYjack @ Mar 8 2022, 10:50 AM)
I also just found out EPF carrys on till 100. But they allow to withdraw at 55. I with drew 90% at 65.

From experience I'd strongly suggest don't withdraw, especially if you have a good amount. If amount is a $Mil or more, EPFs dividends are more than sufficient to live a good quality of life. Just fill the beneficiary column & live hassle-free!
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Yes better leave as much as u can in epf n use other money with low returns unless u have better investment but at 65 i doubt there is any others with epf's risk factor.
After withdrawal then want to put it back it will be limited to 60k/year.

This post has been edited by MGM: Mar 8 2022, 02:29 PM
MGM
post Mar 9 2022, 10:57 AM

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QUOTE(mushigen @ Mar 8 2022, 11:56 PM)
Trying to drag till 1/4 laugh.gif
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QUOTE(SKYjack @ Mar 9 2022, 10:37 AM)
Yes this is true. I now want to put back the money, cos at 72 don't want to take any more risky investments. It will take me 20 years to put back. Dont know if I'll live that long.... hmm.gif
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mushigen is thinking of selling a big sum of ASMx, just in case u r interested.

MGM
post Jan 3 2023, 09:18 AM

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QUOTE(MGM @ Jan 1 2023, 10:51 PM)
WTA, say if a non working housewife aged 55 on 1-Mar-2023:
If she is to self-contribute 60k BEFORE 1/3/23 this amount will go into acc55 n withdrawable after 1/3/2023?
If she is to self-contribute 60k AFTER 1/3/23 this amount will go into acc EMAS n withdrawable after 1/3/2028 at age 60?
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Repost here for more comments. Didnt know there r 2 same titled thread, the other at kopitiam.
MGM
post Mar 5 2023, 07:37 PM

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QUOTE(mushigen @ Mar 5 2023, 06:40 PM)
May I know, is there any difference in terms of amount of interest gained if I self contribute on first day of the month vs last day of the month?

I read somewhere that interests are compounded daily, but at the same time there are also articles that say it's compounded based on the amount you have on the last day of the month.
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If amount deposited is credited b4 1April(ie in March) u will get 1 day of dividend for March + 9 months for 2023.
However if it is credited in April, we will get 1 day for April + 8 months for 2023

 

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