CPF adjusts daily withdrawal limit to $2000, updates security measures

Singpass Face Verification (SFV) and a 12-hour cooling period will be required when accessing account information.

The Central Provident Fund Board (CPF) sets the default online withdrawal limit to $2,000/day for members aged 55 and up. 

This daily limit can be adjusted to any amount from $0 to $200,000 any time online subject to Singpass Face Verification (SFV) and a 12-hour cooling period to prevent unauthorised adjustments.

Online withdrawals can also be disabled by activating the CPF Withdrawal Lock which instantly sets the daily withdrawal limit to $0. 

While the lock is enabled, withdrawals can only be made at CPF Service Centres. Re-enabling withdrawals will require members to increase the daily limit. This requires SFV authentication and 12 hours to take effect.

SFV and the 12-hour cooling period will also apply when members update their contact details from 30 November 2023. 5. Changes to bank account details will also be subject to SFV by the end December 2023.

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 on 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. 

Having a 12-hour cooling period provides members sufficient time to take action to prevent any unauthorised adjustments or updates from taking effect. Notifications on updates to contact details will be sent to both their old and new mobile number or email address. 

Scam victims are advised to contact the CPF Board to immediately freeze their accounts, reset passwords, set the daily limit to $0, and file a police report.