By DayakDaily Team
KUCHING, June 23: The Ministry of Women, Early Childhood and Community Wellbeing Development Sarawak (KPWK) and Affin Bank Berhad today signed a Memorandum of Agreement (MoA) for the management of Endowment Fund Sarawak (EFS) 2.0.
Under this agreement, Affin Bank will manage EFS 2.0 effective Jan 1, 2025, to Dec 31, 2029. EFS is a long-term savings initiative designed to provide newborns in Sarawak with a financial foundation from birth.
During the signing ceremony, KPWK Minister, Dato Sri Fatimah Abdullah, said that since 2019 (year of establishment) until May 31, 2025, a total of 136,004 Sarawakian children hold EFS TDT (Term Deposit Tawarruq) accounts.
“EFS is proof of the Sarawak government’s attentiveness in long-term investment to benefit Sarawakian children,” she said.
At the same time, she also expressed her gratitude to Bank Islam Malaysia Berhad as it has been the State government’s strategic partner in managing EFS since 2019 until 2024.
However, she said, the Sarawak government will still work with Bank Islam as it is responsible for managing the EFS accounts of Sarawakians born from Jan 1, 2019, to Dec 31, 2024.
“This means that when applications for accounts are made this year for 2024 births, it will still be managed by Bank Islam,” she said.
Under EFS 2.0, each eligible newborn is offered a structured savings package totalling RM1,000, comprising:
- RM550 placed in Affin Islamic Term Deposit-i (AITD-i) with an annual profit rate of 3.40 per cent.
- RM450 placed in the Affin Emas Account-i, offering an indicative average return of 8.98 per cent per annum.
This structured approach supports sustainable wealth accumulation over 18 years since the account was opened, reinforcing long-term financial wellbeing and enhancing the financial preparedness of the next generation.
Additionally, each beneficiary will receive a Complimentary Takaful Protection Plan, providing RM10,000 coverage for one parent in the event of accidental death or permanent disability during the child’s first year of life.
EFS applications under Affin Bank for births beginning Jan 1, 2025, can be submitted through the Sarawak National Registration Department (JPN), and a text message or e-mail will be sent once the account has been opened.
The EFS criteria require the child to be a Malaysian citizen, born in or outside Sarawak, with at least one parent holding a MyKad with ‘K’ status. — DayakDaily
