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Calculate your EPF Maturity amount
The Employees' Provident Fund (EPF) is an essential financial tool for salaried individuals, ensuring a secure retirement corpus. Calculating your EPF contributions manually can be tedious, given the complexities of formulas and interest calculations. Read more
The Employees' Provident Fund (EPF) is a government-mandated savings scheme designed for salaried employees in India. Companies employing 20 or more individuals are required to register under the EPF Act, although smaller organisations can opt for voluntary coverage. The scheme mandates both the employer and the employee to contribute 12% of the employee's basic salary and dearness allowance towards the fund.
The EPF amount accumulates with monthly contributions and earns interest, as specified by the EPFO (Employees' Provident Fund Organisation). For instance, if your basic salary is ₹30,000, both you and your employer contribute ₹3,600 each month, creating a systematic savings plan for the future.
An EPF calculator is an online tool designed to compute your EPF contributions and accumulated interest. It simplifies complex calculations, offering you a quick and accurate estimate of your retirement savings. By entering your salary details, contribution percentages, and current EPF interest rate, you can instantly view the total corpus you might accumulate by the end of your career.
This tool is beneficial for salaried professionals to plan their finances better, as it provides clarity on how their monthly savings grow over time. IDFC FIRST Bank’s EPF calculator is intuitive and designed to cater to all users, making it an indispensable resource for retirement planning.
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The EPF calculator is a crucial tool for planning your financial and retirement goals. It enables you to:
Estimate the amount you will accumulate by the time you retire.
Understand the impact of salary increments on your EPF contributions.
Calculate the interest earned using the current EPF interest rate.
Make informed decisions about your retirement savings and investments.
The contribution to the EPF is governed by government regulations and includes contributions from both the employee and the employer.
Each month, the employee contributes 12% of their basic salary and dearness allowance (DA) to the EPF account.
Example: If the basic salary is ₹30,000 (assuming no DA), the employee contribution will be: 12% of ₹30,000 = ₹3,600.
The employer contributes a total of 12%, divided as follows:
Example: For a basic salary of ₹30,000:
The total contribution to the EPF account includes both employee and employer contributions to EPF. ₹3,600 (Employee) + ₹1,101 (Employer) = ₹4,701.
The EPF interest rate for FY 2024-25 is 8.25%. This rate, set by the EPFO and reviewed by the finance ministry, reflects current market conditions. The interest is calculated monthly and credited to the EPF account at the end of the financial year.
This interest will continue to grow as monthly contributions and balances increase.
Here is a summary of EPF contribution and accumulated interest.
| Particulars | Amount (₹) |
|---|---|
| Basic Salary + Dearness Allowance | ₹ 30,000 |
| Employee’s EPF Contribution | ₹ 3,600 |
| Employer’s Contribution to EPF | ₹ 1,101 |
| Total EPF Contribution | ₹ 4,701 |
| EPF Interest Rate (Annual) | 8.25% |
| Total Contribution at end of 1st year | ₹ 56,412 |
| EPF Balance at end of 1st Year | ₹ 61,066 |
This systematic saving and compounding of interest ensure a substantial corpus by the time of retirement.
Using the IDFC FIRST Bank EPF calculator online is straightforward:
Navigate to the IDFC FIRST Bank EPF calculator page.
Adjust the slider to enter your monthly basic salary and dearness allowance.
Move the respective slider from left to right to input your current age and retirement age.
Choose the type of employee or employer contribution.
Specify your current EPF balance by adjusting the sliders.
Click ‘Calculate’ to view your EPF accumulation over a specific tenure.
Easily accessible online, making EPF calculations hassle-free.
Ensures precise results using the EPF calculation formula.
Instantly calculates your EPF amount without manual effort.
Provides insights into your retirement corpus to aid in better decision-making.
Yes, the IDFC FIRST Bank EPF calculator is completely free to use. It provides accurate calculations for your EPF contributions, employer contributions, and interest accrued, enabling you to plan your finances effectively.
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