EPF vs ASB vs Tabung Haji Dividend 2026: Which Gives the Best Returns?
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.
What Are Dividends, Hibah, and Income Distribution?
Before we dive into the comparison, it's important to understand the terms used by each institution:
- EPF (Employees Provident Fund) uses the term "dividend" — this is the return paid to members based on EPF's investment performance across various asset classes including equities, bonds, and real estate.
- ASB (Amanah Saham Bumiputera) uses the term "income distribution" — consisting of two components: base dividend and bonus.
- Tabung Haji uses the term "hibah" — this is the return after zakat deduction, fully in line with Shariah principles.
Although the terms differ, the core concept is the same — the return you receive on your savings.
EPF Dividend 2026: What We Know So Far
EPF Dividend Rate History (2017–2024)
| 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.
EPF Dividend 2026 Forecast (Financial Year 2025)
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:
- Conventional Savings: 5.80% – 6.30%
- Shariah Savings: 5.50% – 6.00%
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
ASB Dividend 2026: Highest Returns in History
ASB Income Distribution History (2019–2024)
| 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.
ASB vs ASB 2
Besides ASB, there is also ASB 2, introduced in 2014. The combined investment limit for ASB and ASB 2 is RM600,000:
- ASB: Limit RM200,000 | 2024 Dividend: 5.75%
- ASB 2: Additional limit RM400,000 | 2024 Dividend: 5.25%
Check your distribution through the myASNB portal or the myASNB app.
Tabung Haji Dividend 2026: Highest in 7 Years
Tabung Haji Hibah History (2019–2024)
| 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.
Full Comparison Table: EPF vs ASB vs Tabung Haji
| 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 |
Analysis: Which One Is Actually the Best?
In Terms of Pure Returns
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.
In Terms of Liquidity
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.
In Terms of Shariah Compliance
Tabung Haji wins as the only instrument that is fully Shariah-compliant from the start.
In Terms of "Free Money" (Employer Matching)
EPF wins by far — your employer also contributes 12%–13% of your salary to EPF. No other instrument offers this.
New Policies for 2026: What Has Changed?
EPF — Enhanced Flexible Account
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.
ASB — Consistent Growth
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.
Tabung Haji — Continued Recovery
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.
Combined Strategy: How to Optimise All Three Instruments
The real secret to building wealth isn't choosing just one — it's optimising all three.
1. Maximise EPF Contributions
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.
2. Save the Maximum in ASB
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.
3. Strategic Deposits in Tabung Haji
Save up to RM100,000 to qualify for the full hibah. Amounts exceeding this limit will not receive hibah.
4. Add Stock Investments for Higher Returns
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
5 Common Mistakes Investors Make with Their Savings
1. Saving More Than RM100K in Tabung Haji
Amounts exceeding the RM100,000 limit do not qualify for hibah. It's better to redirect the excess to ASB or stock investments.
2. Not Choosing EPF Shariah
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).
3. Not Filling Up the ASB Limit
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.
4. Relying 100% on Savings Alone
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.
5. Not Naming Beneficiaries
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
FAQ (Frequently Asked Questions)
1. When will the EPF dividend 2026 be announced?
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.
2. How do I check my EPF, ASB, and Tabung Haji dividends?
- EPF: Log in to i-Akaun or the KWSP i-Akaun app
- ASB: Log in to myASNB or the myASNB app
- Tabung Haji: Check via the TH portal, counter, or partner bank ATMs
3. Can I save in all three instruments at the same time?
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.
4. Why is Tabung Haji's dividend lower than EPF and ASB?
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.
5. Is ASB Shariah-compliant?
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.
6. What is the EPF Flexible Account?
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.
7. How much should I save in each instrument?
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.
8. How can stock investing complement EPF, ASB, and Tabung Haji savings?
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.
Conclusion
| 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 →