- CPF Board to lower maximum Daily Withdrawal Limit to S$50,000 from 25 September 2024.
- Change aims to protect CPF members aged 55 and above from scams.
- Members can still withdraw larger amounts through multiple transactions or at CPF Service Centres.
Singapore’s CPF Board is taking steps to protect older members from scams by reducing online withdrawal limits.
Key Terms Simplified
- Daily Withdrawal Limit (DWL) is the most money you can take out of your CPF account online in one day.
New Withdrawal Limits for CPF Members
According to CPF, big changes are coming for CPF members aged 55 and above.
From 25 September 2024, the most you can take out online from your CPF in one day will drop from S$200,000 to S$50,000.
This change aims to protect older members from scams.
The CPF Board said, “Lowering the maximum DWL provides a greater deterrence to scammers and can help to limit the potential losses in a scam.”
In the first half of 2024, Singapore saw over 26,000 scams.
Less than 0.1% of these scams involved CPF withdrawals.
How This Affects CPF Members
If you’re 55 or older and have set your daily withdrawal limit above S$50,000, you’ll get a notice about the change.
Your daily withdrawal limit will go down automatically.
But don’t worry, you can still take out larger amounts if you need to.
You have two options:
- Make several smaller withdrawals over a few days
- Book an appointment at a CPF Service Centre for larger withdrawals
The CPF Board added, “We seek CPF members’ understanding that this move aims to better protect them against scams.”
Why This Change Is Happening
Most scam victims had raised their daily limit above S$2,000 before falling for fraudulent withdrawals.
By lowering the maximum limit, the CPF Board hopes to make it harder for scammers to steal large sums quickly.
The CPF Board explained, “As scams continue to evolve, our safeguards must continuously be adjusted to ensure efficacy.”
Other Safety Measures
The CPF Board is also taking other steps to keep your money safe:
| Measure | What It Means |
|---|---|
| PayNow update | Members using PayNow need to do a one-time update of registered bank account with CPF for extra security. |
| Processing time | This update will be subjected to a 12-hour cooling period. |
| CPF Withdrawal Lock | Members can lock their accounts to prevent unauthorised withdrawals. |
What You Need to Do
If you’re planning to make a big withdrawal after 25 September 2024, here’s what to do:
- For amounts over S$50,000, plan to make multiple withdrawals over several days.
- Or book an appointment at a CPF Service Centre for larger withdrawals.
- Update your PayNow settings if you use it for CPF withdrawals.
- Consider activating the CPF Withdrawal Lock for extra security.
Remember, these changes are meant to protect your hard-earned savings from scammers.
