EPF vs ASB vs Tabung Haji Dividend 2026: Which Gives the Best Returns?
•By Mahersaham Team
Artikel ini juga tersedia dalam Bahasa Melayu
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Every year, millions of Malaysians await the same news — the dividend rate announcement for the country's three main savings instruments: EPF (KWSP), ASB, and Tabung Haji.
For 2026, all three institutions are expected to announce their respective dividend rates in the coming months. The question is — which one truly gives the best returns for your money?
In this article, we provide a comprehensive comparison of EPF, ASB, and Tabung Haji dividends based on actual data from 2019 to 2024, including projections for the 2025 financial year.
Before we dive into the comparison, it's important to understand the terms used by each institution:
Although the terms differ, the core concept is the same — the return you receive on your savings.
| Year | Conventional | Shariah |
|---|---|---|
| 2017 | 6.90% | 6.40% |
| 2018 | 6.15% | 5.90% |
| 2019 | 5.45% | 5.00% |
| 2020 | 5.20% | 4.90% |
| 2021 | 6.10% | 5.65% |
| 2022 | 5.35% | 4.75% |
| 2023 | 5.50% | 5.40% |
| 2024 | 6.30% | 6.30% |
The 6.30% dividend rate for financial year 2024 is the highest since 2017, with total payouts reaching RM63.05 billion for Conventional Savings and RM10.19 billion for Shariah Savings.
The official announcement is expected in mid to late February or early March 2026. Based on economic performance and EPF's investments, analysts forecast rates between:
Malaysia's GDP growth of 5.7% in Q4 2025, combined with an encouraging stock market performance, provides positive indicators.
To check your dividend, log in to i-Akaun at kwsp.gov.my or use the KWSP i-Akaun mobile app.
Read also: EPF Dividend 2026: Latest Rate, Announcement Date & How to Check
| Year | Dividend | Bonus | Total |
|---|---|---|---|
| 2019 | 5.50% | 0.50% | 6.00% |
| 2020 | 4.25% | 0.75% | 5.00% |
| 2021 | 4.25% | 0.75% | 5.00% |
| 2022 | 4.60% | 0.50% | 5.10% |
| 2023 | 4.25% | 1.00% | 5.25% |
| 2024 | 5.50% | 0.25% | 5.75% |
ASB's 2024 income distribution of 5.75 sen per unit is the highest in ASB's history, with total distributions reaching RM10.4 billion for over 11 million unitholders.
Besides ASB, there is also ASB 2, introduced in 2014. The combined investment limit for ASB and ASB 2 is RM600,000:
Check your distribution through the myASNB portal or the myASNB app.
| Year | Hibah Rate (after zakat) |
|---|---|
| 2019 | 3.05% |
| 2020 | 3.10% |
| 2021 | 3.10% |
| 2022 | 3.10% |
| 2023 | 3.10% |
| 2024 | 3.25% |
The 3.25% hibah for financial year 2024 is the highest in seven years, with total profit distribution of RM2.92 billion benefiting over 9.54 million depositors.
Tabung Haji's unique features: Fully Shariah-compliant, zakat is automatically deducted, and the deposit limit for hibah eligibility is RM100,000.
| Criteria | EPF | ASB | Tabung Haji |
|---|---|---|---|
| 2024 Dividend | 6.30% | 5.75% | 3.25% |
| 2023 Dividend | 5.50% | 5.25% | 3.10% |
| 2022 Dividend | 5.35% | 5.10% | 3.10% |
| 5-Year Average | ~5.73% | ~5.22% | ~3.11% |
| Eligibility | All employees | Bumiputera only | Muslims only |
| Savings Limit | No limit | RM200K + RM400K | RM100K |
| Withdrawal | Restricted | Anytime | Anytime |
| Shariah Compliance | Optional | No | Yes (fully) |
| Mandatory Contribution | Yes | No | No |
EPF wins with a 5-year average of around 5.73%. This makes sense as EPF is Malaysia's largest investment fund with assets under management exceeding RM1 trillion.
ASB and Tabung Haji win — you can withdraw your money anytime. EPF withdrawals are restricted to specific conditions. However, the introduction of the Flexible Account in 2024 has provided some additional liquidity.
Tabung Haji wins as the only instrument that is fully Shariah-compliant from the start.
EPF wins by far — your employer also contributes 12%–13% of your salary to EPF. No other instrument offers this.
Starting 2026, new contributions will be credited at a 75:15:10 ratio: 75% to the Retirement Account, 15% to the Well-being Account, and 10% to the Flexible Account (withdrawable anytime).
The Hajj withdrawal limit has been raised from RM3,000 to RM10,000, and the i-Saraan Plus scheme has been introduced specifically for e-hailing/p-hailing drivers with government matching incentives of up to RM600 per year.
PNB continues to demonstrate improving fund management. The 5.75% income distribution for 2024 proves PNB's commitment. The introduction of ASB Plus also opens additional return opportunities.
After financial issues in 2018, Tabung Haji continues to show encouraging recovery. The 3.25% hibah in 2024 — the highest in 7 years — shows the institution is returning to stability.
The real secret to building wealth isn't choosing just one — it's optimising all three.
Ensure you fully leverage your employer's contributions. If you're a gig economy worker, register for i-Saraan Plus to get government matching incentives.
If you're Bumiputera, aim to fill the RM200,000 limit in ASB. An average return of 5%+ per year with zero risk of capital loss — hard to beat.
Save up to RM100,000 to qualify for the full hibah. Amounts exceeding this limit will not receive hibah.
All three instruments provide returns of 5%–6% per year. To build real wealth, you need to allocate a portion of your money to higher-potential investments — such as stock investing on Bursa Malaysia.
With the right knowledge, stock investing can deliver returns of 10%–15% per year or more. The first step? Open a CDS account to start investing on Bursa Malaysia.
Open a CDS Trading Account Now →
Want to learn the basics of stock investing first? Get our free Stock Market Basics Ebook:
Read also: Why EPF Contributors Should Understand Stock Purchases and Sales Involving EPF
Amounts exceeding the RM100,000 limit do not qualify for hibah. It's better to redirect the excess to ASB or stock investments.
If you want Shariah-compliant savings, switch to EPF Shariah Savings through i-Akaun. The Shariah dividend rate is now on par with Conventional (6.30% in 2024).
Many Bumiputera have yet to reach the ASB RM200,000 limit. With a 5.75% return in 2024, every RM10,000 not saved means you're missing out on RM575 per year.
EPF, ASB, and Tabung Haji are a solid foundation — but not the only way to build wealth. Diversify into stock investments, real estate, or business for higher return potential.
Many forget to name beneficiaries for all three accounts. Without nominations, the claims process for heirs becomes difficult and time-consuming.
Read also: Why It's Important to Name Beneficiaries for Your EPF
Based on historical patterns, the announcement is expected in mid to late February or early March 2026. For financial year 2024, the announcement was made on 1 March 2025.
Yes, highly recommended. EPF is a mandatory contribution, while ASB and Tabung Haji are voluntary. The best strategy is to optimise all three according to your eligibility.
Tabung Haji invests 100% Shariah-compliantly and more conservatively. Additionally, zakat is deducted before hibah distribution. Although the rate is lower, it is the best instrument for Muslims who want fully Shariah-compliant savings.
ASB has received approval from the Shariah Advisory Council of the Securities Commission Malaysia as safe to invest in. However, it is not officially categorised as a Shariah-compliant fund like Tabung Haji.
This is EPF's third account. 10% of new monthly contributions will be directed to this account, and funds can be withdrawn anytime without special conditions.
Basic recommendation: EPF (mandatory 11% + voluntary top-ups), ASB (aim for RM200,000 full limit), Tabung Haji (up to RM100,000 only), and invest any surplus in stocks or other instruments.
All three instruments deliver 3%–6% returns per year. Stock investing has the potential to deliver 10%–15% or more with the right knowledge. Combine both for a balanced portfolio.
| Instrument | Key Advantage |
|---|---|
| EPF | Highest returns (6.30%) + employer matching |
| ASB | Zero risk of capital loss + flexible withdrawals |
| Tabung Haji | 100% Shariah-compliant + Hajj preparation |
The best strategy isn't choosing one — it's optimising all three, then adding stock investments to accelerate your wealth growth.
If you haven't started investing in stocks, the easiest first step is to open a CDS Trading Account to access Bursa Malaysia:
Open a CDS Account & Start Investing →
And if you want to learn the basics of stock investing before getting started, download our free ebook:
Download Free Stock Market Basics Ebook →