just for knowledge.....
what is the max amount of times or & value can be made PER DAY?
is there a limits?
like max 10 times (transaction/transfers) or max RM100k ....in a single day?

This post has been edited by yklooi: Mar 7 2020, 11:43 AM

Max I have tried is 3x RM5k in a day from M2U into single EPF. Have not tried other options.
My assumption could be linked to your from-account transaction limit per day which could be 30k/50k?

M2U (MBB) -> EPF rm20k 1 transaction is doable. Maybe need to set daily transaction threshold in MBB.

I’ve transferred $60K in a single transaction from PBB e-banking to EPF for self-cuntribution. Works fine.

Just curious, how well that u guys , the self-contributors have faith in epf since the fund is kinda locked down until 60 years old

some are >55 yrs old
some has extra cash,...sort of asset diversification
some just put a little extra % into it for retirement purpose, that amount put in does not affect their cash flow
some are near 50 yrs old, thus can take out 30% of it if and when needed at 50
etc, etc

The lowest it can get is 2.5% plus if it goes bust, so as the government then.

Asset diversification is a good point there for younger ppl to self-contribute in this low risk investment tool

Legally, the EPF is only obligated to provide 2.5% dividends (as per Section 27 of the Employees Provident Fund Act 1991). The 2.5% is cited from her right.But i heard a few aunty, uncle very scared of government, can withdraw then fast fast withdraw. Is there any protecting mechanism like PIDM for FD or we solely trust the gov.

PIDM is a Government agency...
you trust PIDM and not trust the Govt?

https://www.pidm.gov.my/en/for-public/frequ...bout-pidm-faqs/

EPF is protected by Employees Provident Fund Act 1991
Not safe enough?

Well, i just want to know how u guys thinks. If aunty uncle also think like, no ppl will panic withdraw ald. It is a fun thing to see different kind of opinion.

If the government of the day is above the law, then you need to afraid.

This post has been edited by GrumpyNooby: Mar 8 2020, 12:03 PM

you dont have to wait till 60. 50 also can withdraw.
and the more you put, the faster you can withdraw, dont even have to wait till 50

aunties and uncles withdraw could not be due to panic only
aunties and uncles withdraw could be that they wanted to "enjoy" the fruits of their labour before the end of time
aunties and uncles withdraw could be they wanted to use that money to further the educations of their family members
aunties and uncles withdraw could be they wanted to move to a higher yielding instrument that they think could increase to ROI.
aunties and uncles withdraw could of many things other than "panic" only

This is actually a sensible answer. Epf faster reach 1 million, the rest of compounding interest will be yours (freely withdrawable).

Well i am not talking about non-panic situation at all. I have seen one real case where my uncle say he could not trust the gov then take out put all fd, not to be spent and the answer to that behavior is as stated by forumer
At least he had the that perception during that time.

Anyway guys thanks for the answers

That differentiates between fake news / panics / gossips with reality and substance.

Their money. Their choice.

That’s like how some perceived cc as debt while others look at them as free pocket money.

And u don’t trust government but pidm? That’s kinda funny lol

Insurance terms can change over time.

force savings for those who cant discipline themselves which is good consider than epf declares reasonable rates, tax free and risk free.

I can't think of any investment vehicle which is risk free and gives consistent returns of more than 5% annually. Plus, majority of our savings are already in KWSP through our employment, and it's the easiest way to accumulate funds to reach RM1 million quickly. We are allowed to withdraw amounts in excess of RM1 million even before reaching 50 or 55 .

weird... end of Feb, I just do one transaction to epf around rm7k using MBB. no issue at all.

seems like transferred money doesnt "register" at EPF during the weekends.
normally it takes 2 days to appear but over the weekends, nothing is happening. suspense only now...