EPF Calculator

Employees Provident Fund or EPF is a Government of India backed savings scheme for workers in the public and private sectors. Members under the EPF scheme is assigned a unique UAN (Universal Account Number) number. Under 80C, self-contributions upto 12% of BASIC+DA is exempt from the tax. However, the contribution of the employer is taxable. 

What is the EPF or PF Calculator?

The EPF calculator helps you to get an overall idea of ​​the return on investment under the Employee Provident Fund scheme. With just a few inputs, you'll get an idea about the approximate returns of the EPF account within a second. There is no need to know the current interest rate of the EPF scheme. The PF Calculator always brings you the latest interest rate.

Who are eligible for the EPF scheme

The eligibility criteria are described below: 

• The workers of the public and private sector are eligible for the Employee Provident Fund scheme.
• The EPF scheme is not eligible for the residents of Jammu and Kashmir 
• An organization with at least 20 employees is responsible for providing the benefits of the EPF scheme.

What is the current rate of Interest on EPF

The current rate of interest is 8.15% for the financial year 2020-21. Any amount deposited by the account holder in the EPF scheme is fully tax-deductible. The interest is calculated at the end of every financial year. 

Here is a table for the rate of interest:

Benefits of EPF or Employee Provident Fund

Higher returns  

Compared to many schemes, EPF gives slightly higher returns. A small portion of the contribution is invested in equity, which helps to increase your money significantly in the long run.

Tax benefits  

Investments under the EPF scheme is categorized under EEE (Exempt Exempt Exempt). Self contributions upto Rs. 1.5 lakh in a financial year is tax-free under section 80c. At the time of maturity or completion of 5 years of that scheme applied no tax. However, 10% of TDS will be applicable in the event of withdrawal funds before 5 years. 

Insurance benefits  

Members of the EPF scheme are covered under the EDLI (Employees Deposit Linked Insurance) scheme, which offers a minimum payment of 6 lakhs to the nominee of an employee in case of his/ her death during the service period.

Premature withdrawal  

The EPF account holders are allowed to withdraw funds from their PF account with some limits and conditions. Partial withdrawals are allowed for medical treatment, higher education, construction of a house, marriage moreover home loan repayment. 

Pension facility 

Employee Pension Scheme or EPS, the social security scheme, is a pension scheme for EPF account holders which allows members to receive a certain amount of pension after retirement. Pension benefits are only applicable if the employee completes a service period of at least 10 years. There is a provision to transfer the pension benefit to the wife/ husband of the member in case of death of the primary pensioner.

How to withdraw funds from EPF 

• Visit the EPF Portal
• Next, log in using your UAN and password 
• Click on the Claim option and fill in the necessary inputs.
• Accept the terms and conditions of EPFO. 
• Next click on “Proceed for online claim” and select the reason 
• Verify the OTP received on your registered mobile number

How to check EPF balance

You can check your EPF account balance by visiting EPF Portal. 

FAQs 

What is UAN? 

UAN or Universal Account Number is a 12-digit unique number. After opening an account in the EPF scheme this number is issued by the Ministry of Labour and Employment and the whole process controlled by the Employee Provident Fund Organization (EPFO). 

What is the current ROI for FY- 2020-21? 

The current rate of interest is 8.15% fixed for FY- 2020 to 21.