Which banks are currently participating in the EPF Account 2 facility?

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Two Banks Currently Participate in the EPF Account 2 Support Facility

As of April 12, 2023, two financial institutions, MBSB and Bank Simpanan Nasional, are participating in the Employees’ Provident Fund’s (EPF) Account 2 Support Facility (FSA2). This facility, which opened on April 7, 2023, aims to assist EPF members in obtaining personal financing.
MBSB and Bank Simpanan Nasional Offer FSA2

MBSB and Bank Simpanan Nasional are the sole participating banks in the EPF Account 2 Support Facility. This initiative allows eligible EPF contributors to access personal financing, with a maximum loan amount of RM50,000, contingent on their Account 2 balance.
Facility Details and Eligibility

The FSA2 provides a repayment period of up to 10 years. A key condition for applicants is maintaining a minimum balance of RM3,000 in their EPF Account 2. The facility is specifically designed for individuals aged 40 and above, a criterion that led to a significant number of initial applicants being deemed ineligible.
Application Numbers and Ineligibility Reasons

As of April 11, 2023, a total of 59,230 contributors had applied for the FSA2. Of these, 27,705 were deemed eligible. The primary reason for ineligibility was the applicant's age, as only those aged 40 and above qualify for the facility.
EPF Withdrawal Options Remain Available

While the FSA2 offers a financing option, the government has not permitted general withdrawals from EPF savings. EPF funds can still be accessed for specific purposes such as housing, education, health, certain chronic illness protection plans, and a maximum of RM3,000 for Hajj costs. Account 1 remains exclusively for retirement savings.

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Which banks are currently participating in the EPF Account 2 facility?

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