PF Calculator
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EPF Fund Available After Retirement ₹

PF Calculator

PF Calculator is an online tool used to estimate how much amount a person will accumulate in his or her PF account until his retirement. It is also used to check whether the present monthly contribution is adequate to reach the pre-determined retirement corpus. The tool is very useful, simple, convenient, and free to use for all provident fund related calculations. The key inputs to the calculator are:

  • Your current age
  • Your basic monthly salary
  • Your contribution to PF
  • Employer's contribution to PF
  • Retirement Age
  • Current PF Balance
  • Current Interest Rate
  • Expected average annual hike in salary

This is a basic structure of a PF calculator, through which you can have a general idea about your PF investment. But the features and input data changes according to the type of provident fund.

Let us know more about different types of provident fund in India and their calculators.

Types of Provident Funds In India

There are six different types of provident funds in India that helps to cover the large, diverse user base. Provident Funds are an attractive and preferred investment option for many and helps to deliver an adequate amount as retirement corpus.

Public Provident Fund (PPF)

Public Provident Fund, or the PPF, was introduced in 1968. It is a risk-free, tax-free retirement saving scheme which can be opened by any Indian citizen, both salaried class or self-employed. However, the scheme is restricted for NRIs, but, if it has been opened prior to an individual becomes an NRI, he/she can continue it till maturity.

All PPF accounts have a maturity period of fifteen years, which can be extended by another five years after maturity, or as long as you want. The minimum yearly contribution to the scheme is Rs. 500, and the maximum permissible limit is Rs. 1.5 lakhs per annum. A PPF account can be opened with any of the 19 nationalised banks including SBI, any private Indian bank or at a post-office. A PPF account holder can raise a loan against the PPF balance and also partially withdraw from it.

PPF Calculator

A PPF calculator is a versatile tool, available online for free to calculate PPF returns over a pre-determined period and with specific set frequency.

The key inputs to the PPF calculator are:

  • Investment Tenure
  • Deposit Frequency (Monthly/Quarterly/Semi-Annually/Annually)
  • Investment Amount
  • Interest Rate

PPF calculator also helps you to know how much sum you are eligible for a loan or how much you can withdraw from your PPF balance. In general case, a PPF account holder can raise a loan of 25% against the PPF balance after the third year, till the end of sixth year.

The loan amount will be based on PPF balance for the year preceding the year of PPF loan application.

The loan must be repaid within three years, and the interest on a loan issued is 2% higher than the PPF rate.

For withdrawal from PPF account, the account holder is allowed to withdraw after the sixth year, up to 50% of the PPF balance in the year preceding the year of withdrawal application.

And if a loan has been raised against PPF balance, then you can withdraw in the fourth year preceding the year of the loan application.

Benefits of PPF

  • It is a risk-free, sovereign-guaranteed retirement saving scheme with good returns potential.
  • It’s an affordable and flexible retirement saving scheme, where you can decide on the monthly contribution, irrespective of the income level. Further, the maturity tenure of the PPF account can also be extended by five years.
  • PPF allows mid-term partial withdrawal and loan facilities against the PPF balance.

Tax on PPF

PPF enjoys EEE tax status which means triple tax exemption benefit. Following are the tax exemptions.

  • The contributions are subject to deductions under Section 80C upto Rs. 1.5 Lakh.
  • The interest gained on deposits as well as accumulated interest is exempted from tax.
  • The maturity proceeds at the end of tenure are also exempt from tax.

Employee Provident Fund (EPF)

Employee Provident Fund, or the EPF, is a saving scheme introduced under Employees Provident Fund and Miscellaneous Act, 1952, which is governed and managed by the Ministry of Labour and Employment.

The fund's governing body consists of representatives from government, employers, and the employee. It is mandatory by law for every organisation with an employee count of more than twenty to be a signatory to EPFO.

The scheme requires an equal contribution of 12 % of the employee's salary (Basic+DA) from both the employer and the employee. The contributions, as well as the accumulated amount, earn a fixed level of interest (notified by the government) each year until the retirement.

This scheme has a wide user base, with over six crore subscribers and is governed under three acts.

  • Employees Provident Fund Scheme, 1952.
  • Employees Pension Scheme, 1995.
  • Employees Deposit Linked Insurance Scheme, 1976.

The employer contribution of 12% includes 8.33% towards the Employee’s Pension Scheme and 3.67% towards the Employee’s Provident Fund.

However, an employer can only contribute Rs 1,250 or 8.33%, whichever is minimum towards the pension scheme. The difference in the amount is contributed to the EPF Fund by the employer.

EPF Calculator

An EPF calculator provides a detailed and comprehensive estimate of your EPF balance at the time of your retirement. The key inputs to an EPF calculator are:

  • Your current age.
  • Your retirement age.
  • Current EPF balance.
  • Current EPS balance.
  • Employee's monthly contribution.
  • Employer's monthly contribution.
  • Rate of Interest.
  • Estimated growth rate in EPF contribution (%).

An EPF calculator shows the year-wise details of all contribution by both employer and the employee, opening and closing balance of both EPF and EPS at the end of each year till the age of retirement.

Benefits of EPF

  • The subscriber to EPF is entitled to a life-long pension under Employees Pension Scheme 1995, if he/she has ten years or more of contributory membership.
  • The employee gets a life insurance coverage under the Employees Deposit Linked Insurance Scheme of the EPFO.
  • The holder of an EPF account is allowed to withdraw and raise a loan against the EPF balance under special circumstances like meeting medical expenses, home loan repayments child education or marriage with various limits.
  • In the case of unemployment, a member is allowed to withdraw 75% of the corpus after one month and rest after two months of unemployment.

Tax on EPF

Contribution to EPF account is tax-deductible under Section 80 C. Plus, interest earned as well as maturity proceeds are exempt from tax.

Income Tax on EPF Withdrawals

  • EPF withdrawals are taxable and exempt under different circumstances.
  • No TDS on withdrawals of Rs. 50,000 or less before the completion of five continuous years of employment. However, if he/she falls under the taxable bracket, then have to show such EPF withdrawals in his return filing.
  • 10% TDS on EPF withdrawals of over Rs 50,000, made before the completion of five continuous years of employment. If the member has submitted Form 15G/15H, then no TDS is deducted.
  • No TDS on EPF withdrawals, in case of employment terminated due to employee’s ill health before five years of continuous employment.
  • And, no TDS on EPF withdrawals, if it's done after five years of continuous service.

Unrecognized Provident Fund (UPF)

Unrecognized Provident Fund or the UPF, are those provident fund schemes, which are started by employer and employee of an establishment, but is not recognised by Commissioner of Income Tax or is bound by the rules of EPFO.

Since the scheme is not recognised by the government, the benefits and tax treatment on withdrawals are limited compared to any regular PF schemes like EPF and PPF.

UPF Calculator

One can use the basic PF calculator, to calculate their returns and interest earned on UPF contributions.

Tax on UPF

  • The employee is not entitled to receive any deductions under Section 80C for the contributions made to UPF. But, the employer's contribution is not taxable.
  • The interest earned from UPF is also exempt from tax during the contribution period.
  • However, at the time of retirement, the contribution made by employer and interest earned on that is taxable under the head 'Income from Salaries’. Also, the interest earned from the employee's contribution is taxable under the head 'Income from Other Sources.'

Voluntary Provident Fund (VPF)

Voluntary Provident Fund or the VPF is an extension of EPF, where any salaried class employee is allowed to contribute in excess of his threshold limit of 12% to his EPF account.

The maximum contribution allowed is 100% of the Basic Salary and Dearness Allowance, and the interest earned on excess contribution is at the same rate that of EPF. The plan is fully optional to an employee, and there is no obligation for them to contribute.

The VPF facility is available to those who receive their monthly income through salary. Moreover, once it has been started, it cannot be terminated mid-way until the completion of minimum five years tenure.

VPF account can be opened by submitting a VPF registration form to your employer, requesting an additional contribution to the EPF. Once, approved, your existing EPF account will serve as VPF account.

VPF Calculator

For calculation of full estimates of retirement benefits under voluntary provident funds, you can use the EPF calculator. In place of employee's monthly contribution, you need to enter your total monthly contribution (EPF+VPF), and every other input remains the same.

Benefits of VPF

  • Since EPF is a risk-free government-backed retirement saving scheme, it becomes a safer option for employees to increase the contribution beyond the 12% threshold.
  • VPF offers a boost to your retirement kitty, by increasing the monthly contribution with greater impact of compounding, which translates in higher returns.
  • VPF account offers the benefit of raising a loan for different purposes like child's education or marriage, home-loan repayment, etc.
  • As VPF contributions are added to the EPF account, the total proceeds at the time of retirement are completely tax-free including the earned interest.

Tax on VPF

  • The VPF contributions are eligible for tax deduction under Section 80 C.
  • Withdrawals after the lock-in period of five years are completely tax-free. However, if the withdrawals are made before the completion of five years, then the interest earned over the deposits will be subject to tax.

General Provident Fund (GPF)

General Provident Fund or the GPF is a provident fund meant only for the government employees, who were hired before 1st January 2004. GPF is mandatory for all temporary government employees who have had a continuous service of one year, all permanent government employees and re-employed pensioners. It is managed by Department of Pension and Pensioner’s Welfare under the Ministry of Personnel, Public Grievances and Pensions.

In this fund, both the government and employee contribute 6% of employee's total salary (Basic + DA). However, the employee has the option to contribute in excess of 6%. The accumulated amount is paid at the time of retirement or at the superannuation of the employee.

GPF Calculator

Online free GPF calculators are very handy to calculate the interest accrued on GPF contributions. One of the main features of GPF interest calculators are, you can include monthly contribution, loans paid back on a monthly basis and withdrawal from time to time, to calculate the interest accurately.

Key inputs in GPF interest calculator are:

  • Opening balance at the beginning of the year.
  • Monthly subscription amount (if fixed), or edit it month-wise in the calculation sheet.
  • You can separately edit the calculation sheet, in case, you have withdrawn or have taken a loan against GPF balance in any specific month.
  • Select financial year.
  • Enter recovery amount, if any. In the output, the GPF interest calculator will show you:
  • Total Deposit (subscription + Recoveries).
  • Total GPF amount withdrawn during the year.
  • Total GPF advance taken during the year.
  • Net balance excluding interest.
  • Interest accrued.
  • Net balance with interest at the end of the year.

Benefits of GPF

  • The employee can withdraw from his/her GPF funds after completing ten continuous contribution year. However, if the employee rendered unemployed or service tenure expired before the ten year period, he/she can fully withdraw the amount.
  • All the loans issued against GPF balance are interest-free and must be repaid within 60 months.
  • No documentary evidence is needed by the subscriber in order to raise a loan against the GPF balance.

Tax on GPF

  • All the contributions made in GPF are exempt from tax, and deductions are eligible under Section 80C of the Income Tax Act
  • The interest earned of GPF contribution and all the maturity proceeds are exempt from tax

Statutory Provident Fund (SPF)

Statutory Provident Fund is another type of provident fund, restricted for the government, semi-government, university, or education institutes affiliated to university employees.

It was introduced under the provisions of the Provident Fund Act, 1925 and the scheme features are similar to General Provident Fund.

Tax on SPF

  • The employee's contribution up to a maximum of Rs 1.5 lakh is deductible from taxable salary under Section 80 C of IT Act.
  • The interest earned on the contributions made to SPF is exempted from tax.
  • The whole amount (contributions + interest earned) withdrawn at the retirement age is also fully exempted from tax.

How to Check PF Balance?

PF balance can be checked online through different modes. Following are the methods through which users can check the balance of different PF accounts.

To Check EPF Balance

EPF balance can be checked through an SMS, missed call, EPFO portal, or the EPFO app. Below are the details, through which you can check the EPF balance.

  • Via EPFO Portal :

    • To check the balance, you need to get the Universal Account Number (UAN) activated from the employer.
    • After that, visit the EPFO portal, select the tab 'Our Services' and click on 'for employees.'
    • You will be redirected to a log-in page, where you enter your UAN and password. After successfully logging in, you can check your EPF balance.
  • Via SMS :

To know your EPF balance update via SMS, you need to integrate UAN and KYC details.

After successful integration, send the message EPFOHO UAN ENG to 7738299899

  • Via Missed Call :

To inquire about your EPF balance by giving missed call, first integrate your UAN and KYC details.

Then, give a missed call to 011-22901406 from your registered mobile number. Shortly after placing the missed call, you will receive an SMS with details of EPF balance.

  • Via EPFO App :
    • Download UMANG app of EPFO from the Google Play Store.
    • After successful installation, open the app, select 'Member' and then go to 'Balance/Passbook.'
    • After that, enter the UAN and registered mobile number to get details of your EPF balance.

To Check PPF Balance

You can check you PPF balance by visiting the respective bank where you have opened the PPF account, and update the PPF passbook, to check the updated PPF balance. Since all PPF account is linked to your Savings account, you can check it through net banking.

To Check GPF Balance

For checking your GPF balance, you need to visit the website of Accounts General of the respective state that you are registered with. In the GPF portal, you need to select your department series, enter GPF A/C number, and mobile number, in order to get your annual GPF statement.

How is PF Interest Calculated?

Interest on PF is calculated on the total contribution made by both employer and the employee. There are two methods, through which you can calculate interest on your PF balance.

  • Formula Method.
  • Step Method.

By the Formula Method, suppose the EPF balance is Rs 10,000, and the interest rate is 8.65%, then you can calculate applying this formula. (Interest/ 12) x EPF Balance = (8.65 % / 12) x 10,000 = Rs 72 By the Step Method, you calculate the monthly interest percent and then calculate the actual monthly interest amount. = 8.65 % / 12 = 0.72%

Therefore, your monthly interest comes in at Rs. 72 with Rs. 10,000 as EPF balance.

Interest is calculated on the opening balance of the start of each month, and hence, it is always advised to make the contribution before the fifth of every month to get the maximum interest benefit.

FAQs on PF Calculator

When can you withdraw the balance from your EPF account?

EPF balance can be withdrawn partially under certain circumstances, like medical emergencies, house purchase, financing a child's higher education, or in case of unemployment. Since EPF is a retirement corpus, there are limits to withdrawal and the approval depends on reasons. A subscriber is allowed to withdraw 90% of the EPF corpus, one year before the retirement age.

What to do if the employer is not depositing to your EPF Account?

To know whether your employer is depositing to your EPF account or not, you can ask a copy of Form 12 from your employer. If not furnished, then you can file an RTI application to the regional EPFO.

If found guilty, you can file a criminal case against the employer with the Police or the Chief Vigilance Officer appointed by the labour ministry with the copy of the salary slip showing deductions, but not being reflected in the EPF balance.

An employer is liable to pay interest in case of delay in deposit of PF money.

  • 5% per annum: For delay of two months or less.
  • 10% per annum: For delay of over two months but less than four months.
  • 15% per annum: For delay of over two months but less than six months.
  • 25% per annum: For delay of six months and above.

How to withdraw money from your EPF Account without the employer’s signature?

You can withdraw from your EPF account without the employer's signature using your UAN. But the UAN should be activated by the employer and should be integrated with your KYC details.

How to know your EPF balance Online?

You can know your EPF balance online via EPFO Portal or EPFO's UMANG app using your UAN.

How to withdraw balance from your EPF account

EPF withdrawal can be made online without an employer's signature.

You can place an online withdrawal request using UAN in the EPFO portal by submitting the online claim form (Form 31, 19, and 10 C).

  • Form 31: It is used for Advance/Partial Withdrawal against EPF balance.
  • Form 19: It is used for complete withdrawal and final settlement.
  • Form 10C: It is used for Pension Withdrawal.

How to check your EPF claim status online?

You can check your claim status online on the EPFO portal by selecting 'Track Claim Status' under 'Online Services.'

How do you calculate PF?

In provident fund (PF), both employer and the employee makes a contribution of 12% of employee's basic salary plus dearness allowance.

How is EPF pension calculated?

The employer's 12% contribution to the EPFO, includes 3.67% to the EPF Fund and 8.33% to the Employee Pension Fund Scheme. However, an employer can only contribute Rs 1,250 or 8.33% of the employee's basic pay plus DA, whichever is lower towards the pension scheme.

How is PF calculated in CTC?

As CTC includes the employer's contribution to the EPF Fund, the EPFO rule calls for a deduction of 12% of the employee's basic pay, and an equal amount should be contributed by the employer.

How much PF gets deducted from salary?

In the case of EPF, UPF, and SPF, an employee has to make a contribution of 12% on Basic Salary plus DA. Whereas, in the case of GPF, the employee has to make a contribution of 6% on Basic Salary plus DA.