EPF Calculator

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What is an EPF Calculator?

The EPF or PF calculator is an online financial calculator that shows you the total amount of money you’ll have in your EPF account when you retire. You can figure out the total amount accumulated in your EPF account, which includes both your and your employer’s contributions and the interest that the investment has earned.

After entering the required information, the EPF calculator will show you the accumulated corpus through EPF available at retirement. You can enter your present age, basic monthly salary and dearness allowance, monthly EPF contribution, and retirement age up to 58 years in the EPF calculator’s formula box. You can also enter the current EPF balance if you know the figure.

What is Employee Provident Fund (EPF)?

An employee provident fund is created, through contributions, to provide financial support to individuals above a certain age, such as post retirement age or the incapacitation of the employee to continue working either temporarily or permanently. Contributions are made on a monthly basis, by both employees and employers, thereby encouraging employees to save a portion of their salary each month. Investments made by a vast number of employees across India are pooled together and invested by a trust.

The EPF is a tax-free investment instrument for the salaried class having an Exempt-Exempt-Exempt status The contributions made by the employee eligible for tax deductions under Section 80 C, the interest earned on the total investments and the withdrawal (including partial withdrawals for specific expenses) are exempt from the purview of taxation.

Here, you contribute 12% of the specified salary (either Rs. 6,500 or your actual Basic if it is higher – whichever you choose) and your employer contributes 3.67% of the specified salary (either Rs. 6,500 or the actual Basic, whichever is higher, if it so chooses).

What is Employee Pension Scheme (EPS)?

In this fund the employer and the Central Government contribute a defined amount every month with the sole objective of providing regular pension to the employee post retirement. You as an employee do not contribute to your own Pension Scheme, this is contributed by your employer and by the Central Government. Your employer contributes 8.33% of Rs. 6,500 Basic salary to the Employee Pension Scheme, and the Central Government contributes 1.16% of the same. The EPS provides you with regular annuity after your retirement.

How can an EPF calculator help you?

Once you start using our PF calculator in India, you can easily track where your hard-earned money is being stored, and how much interest it has accumulated.

Here are some interesting advantages of using an EPF calculator online.

  • You do not have to manually calculate your total contributions each time.
  • We assure that our PF calculator online works correctly on every occasion.
  • You do not have to worry if the interest rates or contribution ratios vary over a period. The EPF calculator will automatically take into account the alteration. 
  • Finally, whenever you use our EPFO calculator, you are automatically informed of any recent transactions, contributions and changes, if any. For example, the current rate of interest on EPF is 8.15%. If it changes during the financial year due to any new legislation, you will be notified once you log in.

Check EPF balance via SMS or Missed Call

Employees can now check their EPF balance through SMS or by giving a missed call. One such way which comes in handy at times when you do not have an active online connection is via SMS or missed calls. For this you will need to have an activated UAN number. In case you have a valid UAN, your mobile number too will be registered with the EPF department. Giving a simple missed call to 011-22901406 will ensure that you receive a SMS that lists down your PF number, age and name as per the EPF records. However, you will require your UAN along with Aadhaar Number or PAN Number in order to know your EPF balance.

KYC details along with UAN are mandatory for knowing your EPF balance. Once your UAN is integrated with your KYC, every time you give a missed call to the Employee’s Provident Fund department, you will receive SMS with your EPF details including the EPF balance.

Advantages of Using EPF Calculator

  • Estimate future amount: The ET Money’s EPF Calculator shows you how much corpus you will have in your EPF fund when you retire. You gain a greater understanding of the retirement fund, which aids in the management of other investments.
  • Boost your retirement savings: You can use the ET Money EPF Calculator to boost your retirement contributions. If you believe your retirement fund is insufficient to satisfy your needs, you can look at other similar retirement investment options to supplement your retirement corpus.
  • Easy to use: The ET Money EPF Calculator is simple and quickly calculates your EPF corpus in retirement, total contribution, and interest income.
  • Automatically considers the current EPF interest rate: The EPF calculator will automatically consider the current EPF interest rate to calculate the interest earned and maturity amount. So, you do not have to worry about the changes in the EPF interest rate.

Check EPF balance via mobile app

EPFO recently launched a mobile app for PF balance tracking riding on the mobile application trend in the Indian market. The mobile app helps to check the EPF balance and generate an account statement. The mobile app currently in the market is only available for the android version. EPFO will soon be launching mobile app versions for both blackberry and iOS devices.

Steps for using the EPF mobile app:

  • Step 1: Open the mobile app – Umang (https://web.umang.gov.in/web/) – on your phone and click EPFO
  • Step 2: Under the Employee Services option, click passbook and then input your 12-digit UAN number. The system will send an OTP to the mobile number registered with the EPFO
  • Step 3: Once verified, you will be shown a screen which displays your updated EPF balance information along with personal details like your name, date of birth, Aadhaar number; PAN for tax deduction, last month EPF contribution etc.

The Mobile App is a good and handy way to check your EPF balance and that too on the go.

What is the Universal Account Number (UAN)?

UAN stands for Universal Account Number, which is a unique 12-digit number for all individuals enrolled under the EPF scheme. The best part is, UAN is a unique number assigned to each employee and remains permanent even when you switch your employment. UAN can be generated by logging in to the EPF website.

Once you have registered your UAN, you will receive details like EPF balance and other such information on your mobile phone via SMS.

The members who do not have smart phone can activate their UAN account by sending an SMS to 07738299899 from the comfort of their mobile phones which would enable them to avail all UAN related facilities.

The format of the SMS is EPFOHOLAN. LAN denotes the first three character of the preferred language in which the member desires to get the details.

This facility is available in ten different languages namely English, Hindi, Punjabi, Gujarati, Marathi, Kannada, Telugu, Tamil, Malayalam and Bengali. A missed call service has been launched for those members who have activated their UAN. Such members can give a missed call to 011-22901406 to fetch the details about their accounts.

The government has taken necessary steps to offer UAN upfront to employees thus paving the way to experience the next generation of e-enabled services of EPFO.

How to Transfer Your EPF Money Online

The UAN number makes it simple to track your funds even while you move from one organisation to another at any point of time. You, too, can follow these steps and complete the hassle-free transfer procedure:

  • Step 1: Check Your EligibilityYou can check your eligibility at the Online Transfer Claim Portal (OTCP) under the category “FOR EMPLOYEES” on the home-page of EPFO website – www.epfindia.gov.in
  • Step 2: Fill in the Application FormOnce you’ve followed the above procedure, fill in the application form.
  • Step 3: Submit the formAt this step, a Captcha code will appear; type that into the field and click on “GET PIN” button. But before you go ahead, don’t forget to signify your assent by selecting the button, “I Agree”.Soon, you will receive the PIN on your registered mobile number. Submitting the PIN you’ve received will complete your online application transfer process.
  • Step 4: Track your transfer statusA tracking ID will be generated once the application is over. With this, you can track your online application. And don’t forget to save the Printable Transfer Claim Form (Form 13) generated on your machine (desktop, laptop, tablet, phablet, smartphone or any other gadget you’re using), take a print-out, sign and send it across to the employer (current or previous) you’ve chosen to complete the claim process.Online transfer claim has simplified the whole process and is hassle free. It takes 30-60 days to complete the claim settlement process and for the transfer to be done. Even your employer can view, verify or correct, and submit your details online through this portal.

Benefits of EPF

For a salaried person, contributions to the EPF offer a lot of benefits:

  • Safe returnsThis is one of the safest debt instruments available in the country. It is government backed and guarantees safety of principal and interest earned. It can help you accumulate a significant corpus for your retirement, as the contributions happen month on month for your entire working life. This makes it suitable for very long term financial goals.
  • Friendly tax treatmentThis is an E-E-E instrument – meaning your contributions are deductible under Section 80C, interest earned is tax free and maturity proceeds are also tax free, provided contributions to the fund have been for more than 5 years of service.
  • Interest earned on EPF is the equivalent of a high pre-tax rateConsidering that the EPF is paying 8.75% this year, this is the equivalent of a 12.50% rate of interest (for somebody in the 30% tax bracket). This interest rate is guaranteed and risk-free.

Two common questions about EPF withdrawal

Can I withdraw my EPF money?

Yes, you can. Technically, the EPF is not withdrawable while you are still working, but there is some leeway here. There are certain circumstances when you can actually withdraw your money from EPF account before maturity. You can withdraw from your EPF account for the below needs:

  1. Construction / Purchase of a House including acquisition of site or plot for such purpose
  2. Addition / Repair to the existing house
  3. Repayment of loans
  4. Medical Treatment in case of certain major Illness
  5. Marriage or Education
  6. Withdrawal within one year before the retirement

Is it illegal to withdraw the PF in between jobs?

This is a little-known fact about the EPF that is often flouted. But yes, it is illegal to withdraw your PF between jobs.

Frequently Asked Questions

What is an EPF calculator?

An EPF calculator is a tool that helps calculate the contributions, interest, and accumulated balance of an individual’s Employee Provident Fund (EPF) account over a specific period.

How does an EPF calculator work?

An EPF calculator typically requires you to input your monthly salary, contribution rate (usually a percentage of your salary), and the number of years of your EPF contributions. It uses the provided information to calculate the total contributions, interest earned, and the final balance.

What factors are considered in EPF calculations?

EPF calculations take into account the monthly salary, contribution rate (usually a percentage of the salary), the employer’s contribution rate, the number of years of contributions, and the applicable interest rate.

Can I use an EPF calculator for estimating loan eligibility?

EPF calculators are primarily designed to calculate the accumulated balance in your EPF account. While the balance can be used as collateral for certain loans, EPF calculators may not provide specific calculations for loan eligibility. It’s advisable to consult with the relevant financial institution or bank for loan eligibility details.

How many times can I use the online EPF calculator?

There is no fixed upper cap on the number of times you can use the service. You can use it as many times as necessary.

Can I use the same calculator even after I change my job?

Even if you shift to a new job, the UAN stays the same. It is fixed and unchangeable. Thus, you can use the same EPF calculator.

When can I withdraw the money from my EPF account?

You can only withdraw the money for personal purposes:
– After you have completed 7 years of service
– Only thrice during the EPF account’s duration.
Note that you cannot withdraw more than 50% of your personal contribution.