In addition to our existing safeguards such as ensuring that CPF savings are credited to bank accounts that are verified to belong to the members, Singpass Two-Factor Authentication (2FA) and Singpass Face Verification (SFV), we have also implemented a new suite of measures for our members to take fuller control of their online experience. These new measures include:

Daily Withdrawal Limit 

A limit that all CPF members aged 55 and above can set to determine the maximum daily amount they want to withdraw online. The amount withdrawable by CPF members aged 55 and above remains subjected to the current withdrawal rules.

All CPF members aged 55 and above will have their daily online withdrawal limit defaulted at $2,000 for a start. Members who prefer a different Daily Withdrawal Limit can adjust it to any amount, from $0 up to $200,000, at any time under Account settings. Any increase to the Daily Withdrawal Limit will be subjected to Singpass Face Verification (SFV) and a 12-hour cooling period to provide sufficient time for members to react in the event of unauthorised adjustments. 

CPF Withdrawal Lock

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 $0. With the lock activated, CPF withdrawals can only be made after 12 hours of members re-adjusting their CPF Withdrawal Limit upwards. However, members can also withdraw in person at CPF Service Centres if they do not want to adjust their online limit, nor unable to wait for 12 hours. To re-enable online withdrawals, members must increase the Daily Withdrawal Limit under Account settings. This requires SFV authentication and 12 hours to take effect. 

Please visit the FAQs below to find out more on the Daily Withdrawal Limit:

1. What type of CPF withdrawals does the Daily Withdrawal Limit apply to and how do I change the Daily Withdrawal Limit?
2. What happens after I have activated the CPF Withdrawal Lock?
3. Can I choose to opt-out of the Daily Withdrawal Limit?
4. What should I do if I need to withdraw more than the daily online withdrawal cap of $200,000?

Singpass Face Verification (SFV) and 12-hour cooling period when updating contact details via the Update Contact Details (UCD) form  

Members who are updating their contact details via the UCD e-form under Account settings will be subjected to a 12-hour cooling period. Members may also be required to verify their identity using SFV before submitting the update form. 

Singpass Face Verification (SFV) when updating bank account details via the new ‘Update Bank Account’ e-service

Members can update their bank account details with CPF Board to receive payments such as withdrawal of CPF savings and monthly payouts via my cpf digital services – Account settings with their Singpass.

Members will need to verify their identity using SFV to update their bank account details. As a further verification, new bank accounts will only be activated after we have obtained the bank’s confirmation that the account belongs to the member. This will generally take up to two working days. 

Please visit the FAQs below to find out more about the new “Update Bank Account” e-service:

1. How do I update my bank account details with CPF Board?
2. I am currently receiving monthly payouts.  Will my payments be affected by the new “Update Bank Account” e-service?
3. Do I have to provide my bank account details to CPF Board if I do not have any upcoming payments from CPF Board?
4. Which CPF payments will I receive in the bank account provided under my Account settings?