'This is on top of our existing precautionary measures, which include (Singpass face verification) as a step-up authentication challenge for certain CPF e-services.'ĬPF savings can only be paid to bank accounts that are verified as belonging to members.

'Introducing a default daily limit for online CPF withdrawals is part of CPF Board’s ongoing efforts to safeguard CPF savings against fraudulent withdrawals online,' it said. This also requires Singpass face verification and will take 12 hours to take effect. To re-enable online withdrawals, members must increase their daily withdrawal limit from S$0. Once the lock is activated, withdrawals can only be made in person at CPF service centres. The default daily withdrawal limit can be adjusted online to any amount, up to S$200,000.Īny increase to the daily withdrawal limit will require Singpass face verification and a 12-hour cooling period to prevent unauthorised adjustments.įor members who wish to disable online withdrawals, they can do so by activating the CPF withdrawal lock, which instantly sets the daily withdrawal limit to S$0. The default daily limit for online withdrawals is among the new measures that the CPF Board is progressively implementing to better protect CPF members from scams, it said on Monday (Nov 20). SINGAPORE: A default online Central Provident Fund (CPF) withdrawal limit of S$2,000 (US$1,500) a day will be applied from Nov 30 to all CPF members aged 55 and above.

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