With PayNow, you can withdraw CPF savings for immediate retirement needs from age 55 to your bank account almost instantly. As part of CPF Board’s ongoing efforts to better safeguard CPF members against scams, to make a PayNow withdrawal, you will need to do a one-time update of your registered bank account with CPF Board to your PayNow NRIC-linked bank account via Account settings. This update will be subject to a 12-hour cooling period and may require enhanced authentication, similar to existing safeguards when you update your personal account details. Once your PayNow NRIC-linked bank account has been activated with CPF Board, it will be used to receive your CPF withdrawals and monthly payouts.

 

This update is required even if you have withdrawn via PayNow previously, as a one-time exercise to strengthen security against scams. We recognise the inconvenience but seek your understanding that this additional safeguard is necessary to provide a greater level of security to CPF members.