assuming your mom is either above 55 years old or have 1 million in EPF, yes, just contribute whatever possible into EPF.
no matter what, EPF dividend is minimum 2.5%, and she can withdraw anytime she likes either online or in person at EPF office. Win-Win.

well, the interest calculation is daily rest, so technically your mom don't have to worry about when she takes the money and kena penalty (forfeit her interest).

The next 2 points may not be too relevant for your mom, but they are benefits:
a) The money inside is creditor/bankruptcy remote, very similar to life insurance policy: meaning the balance inside cannot be touched even when she is declared bankrupt.

b) the money inside will be disbursed immediate to the nominated beneficiaries independent of the process of execution of will/estate (this better say carefully as some elderly people are quite pantang)

But to me the best part is the dividend rate is far superior to FD rates, and it is daily rest.

yeah, better late than never. This part is very true, especially with bank rates being so low.

Unfortunately, my parent already spent all their savings/money on my siblings' education many years ago, so their "savings" is basically from their kids. They are truly the old but magnanimous parents where kids education takes precedence.
I unfortunately not so magnanimous... :-P I won't spend all my wealth lor... lol.

lol....

another alternative is to aim and target the "10m" status.... then 6% pa is 600K...
now is the right time to dream... it is past midnight...

welcome. glad to share the info.

EPF is still the safest place to store one's funds... safer than any local banks, especially for cash denominated in ringgit.

Oh yeah, sometimes I think the elderly likes to go to banks as their activities... you know, they say it gives them chance to do something... just that with covid around, it is risker than normal.

Thank you for the update.

Didn't realize that there is such a small RM 500 limit for in-person contribution. This applies to cash only or also for cheque?
although I agree online transfer is easier...

No worries... i guess EPF didn't want to hire extra security at their branches and do not want to handle AMLA issues. Online transfer is cleaner from their point of view.

Well, I believe you can help your parents to transfer money in. nothing stopping a third party from sending money in, if not mistaken.

possibility is always there, and nowadays, everything is recorded electronically. All one need is a smart, honest and focused data scientist to do the necessary reconciliation of the 2dataset, and that is it. This is ignoring the fact that EPF will be guarding their member’s list and info viciously while LHDN will not be sharing their data right?

In reality, for the next X years (X is for you to guess), nothing of this sort will happen. The system/politicians will not encourage this as it would also mean that such “process” can be used to catch them as well. Data does not discriminate.... If people are flagged, means someone “corrupt” has to filter the list in order not to accidentally kena politicians.

(remember the first time BPR/N or whatever it was called, a certain ex-PM’s wife also can get the monetary help from gov despite being so rich with bags of cash. To mean it shows that we really don’t have such talents to do so much work).

Disclaimer: this is all for fun and discussion only. God knows what can or cannot be done in Malaysia. Look at LHDN needing to prove that a tax payer need to pay tax and not the other way around.... never heard of.

Need to factor in compound return.

if use 5% pa return, starting with zero and every year just put in 60K, basically need 45 years.

if change the return to 6% pa, a bit faster... only 40 years.

What I do find impressive is if allocate 60K rm pa and 6% pa return, it just takes 11 years to reach 1 million.

since we are talking about 45 years or 40 years, it doesn't really matter whether its at beginning or end or periodic.

the key is not simply to take it out to cover up the fact that our gov is useless and need US the EPF holders to save ourselves during COVID.

and then suddenly you notice that every month also can spend 10K rm.... nice rite?

and I get envious of the gratuity....

haha...

use EPF as your piggy bank.... no point any cash in any bank's FD with the rising rates environment.