Starting 25 Sep, the Central Provident Fund Board (CPFB) will lower the maximum Daily Withdrawal Limit (DWL) for online CPF transactions from S$200,000 to S$50,000.
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In a statement issued on Thursday (22 Aug), CPFB explained that this change aims to enhance safeguards against scams.
Since November 2023, CPFB has implemented a default online DWL of S$2,000 for members aged 55 and above.
Members have had the flexibility to adjust their DWL within a range of S$0 to S$200,000.
With this new measure, the maximum DWL for online CPF transactions will be capped at S$50,000.
CPFB assures that this reduction will not affect the majority of members making legitimate withdrawals.
Since the introduction of the default DWL, most members have opted to maintain a DWL of S$50,000 or less.
For the very small group of members who have set their DWL above S$50,000, notifications will be sent prior to the change, which will take effect next month.
Source: PP on Canva, for illustration purposes only
Members planning to make large withdrawals should prepare in advance.
They can either spread their withdrawals over multiple days or complete the transactions in person at CPF Service Centres.
To withdraw in person, members must book an appointment, which typically has a waiting period of about a week.
The withdrawn sum will then be transferred to their registered bank account within five working days.
The maximum withdrawable amount for CPF members aged 55 and above remains unchanged and is subject to the member’s year of birth and CPF balances.
Of the 26,587 scams reported in the first six months of 2024, only 0.1% involved CPF withdrawals.
However, CPF Board noted that most victims of these scams had increased their DWL beyond the default S$2,000 limit before making the withdrawals.
The Board emphasised that such scams can have a significant impact on affected members.
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Featured image by MS News and adapted from PP on Canva, for illustration purposes only.
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