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Singapore implements default online CPF withdrawal limit of S$2,000, effective 30 Nov 2023

Singapore implements default online CPF withdrawal limit of S$2,000, effective 30 Nov 2023

Introducing this default daily limit is part of CPF Board’s efforts to safeguard CPF savings against fraudulent online withdrawals.

Effective 30 November 2023, a default online CPF withdrawal limit of S$2,000 a day will be applied to all CPF members aged 55 and above.

The default daily limit can be adjusted to any amount, including S$0 and up to S$200,000, at any time online. However, any increases to the daily withdrawal limit will be subject to Singpass Face Verification (SFV) and a 12-hour cooling period to prevent unauthorised adjustments.

With the above change, CPF members who wish to disable online withdrawals can easily do so by activating the CPF Withdrawal Lock which instantly sets the daily withdrawal limit to S$0. With the lock activated, withdrawals can only be made in person at CPF Service Centres. To re-enable online withdrawals, members must increase the daily withdrawal limit, which would require the above verification.

This default limit and option to limit online withdrawals is part of the CPF Board's implementation of new security measures against fraudulent online withdrawals online. This is on top of existing precautionary measures, which include SFV as a step-up authentication challenge for certain CPF e-services.

In addition, CPF savings can only be paid to bank accounts that are verified as belonging to the CPF member. They will also be notified immediately of any CPF withdrawals.

Update of personal account details

Apart from the daily online withdrawal limit, SFV and the 12-hour cooling period will also apply when members update their contact details with CPF Board from 30 November 2023.

By end December 2023, changes to bank account details will also be subject to SFV. New bank accounts will only be activated after the bank confirms that the account belongs to the member. This will take up to two working days. Members can view and update their bank account used to receive payouts under CPF schemes, via the CPF website.

Notifications via SMS or email will be sent to CPF members whenever they make a withdrawal, update the daily withdrawal limit, or update their contact or bank account details. Members must update their contact details online before they can adjust the daily withdrawal limit or update their bank account details. They will likewise be notified once the changes have taken effect, after the 12-hour cooling period or after their bank account has been verified by the bank. 

CPF acknowledges that these precautionary measures may cause some inconvenience for CPF members, but seeks their understanding owing to their objectives, of helping to find the right balance between convenience and security.

What to do in case of a potential scam

If CPF members suspect that they have fallen prey to a scam involving their CPF savings, they should contact CPF Board, in addition to getting their bank to immediately freeze their bank accounts, resetting their Singpass password and setting their CPF daily withdrawal limit to S$0. CPF also advises them to make a police report immediately.

ALSO READ: CPF (Amendment) Bill 2023 passed in Parliament: Key changes to note

Lead image / 123rf  

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