Maybank Enables Recurring Payment Feature For EPF Self-Contributions

Alex Cheong Pui Yin

19th July 2022 - 2 min read

Maybank has enabled a new feature that allows its individual and sole proprietor accountholders to set up automatic recurring self-contributions to the Employees Provident Fund (EPF) on a monthly basis.

In its notice, the bank said that the new recurring EPF contribution feature is currently accessible only on the Maybank2u website, but will soon be made available on the MAE by Maybank2u app in the future.

Meanwhile, those who wish to set up automatic recurring EPF contributions now can do so by following these steps after logging into their Maybank2u account on the bank’s website:

Step 1: Click on “Pay” under the Payment tab, and select to pay to “Payee”.
Step 2: Under the “Payee” bar, key in EPF as the name of the payee. You can then select it from the dropdown menu.
Step 3: Fill in your personal details as required, and switch on “Set Recurring”.
Step 4: Click on “Pay”, authorise the transaction via Secure2u, and you’re set!

Maybank has also shared some screenshots of the process to guide you along the way:

The feature has already been made live, and you can tap into it at any time that is convenient to you. With this, it will be easier for EPF members who are self-employed or do not earn a regular income to make voluntary contributions towards their retirement (under the i-Saraan scheme). To note, Finance Minister Tengku Datuk Seri Zafrul recently noted that the number of voluntary contributors under the i-Saraan scheme has risen by 77% in the first quarter of 2022.

(Source: Maybank)

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Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

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