Provident Fund calculator computes of future savings based upon your monthly investment (min 12% of salary), employer’s contribution (3.67% to EPF + 8.33% in EPS), interest rate (8.65% currently) and time horizon of investment (depends upon retirement age-58 years).
Fintra's PF Calculator is an online investment return assessment tool that has been created to assist you to determine the total provident fund return once you reach the retirement age. Current age, retirement age, current EPF balance, monthly basic pay, monthly dearness allowance, monthly EPF contribution in percentage, and expected salary hike in percentage are the main factors used while calculating the total returns you will get at the time of retirement.
Speaking about Taxation, when the employer contributes towards your PF, it won't be taxed from the employee. According to the Indian Income Tax Act under section 80 C, one can avail tax exemption for Provident Fund contribution up to 1 Lakh. For online calculation, our Provident Fund Calculator will be an essential tool to determine the Total Provident Fund amount at the time of your retirement.
PF Balance is calculated by adding the contribution of the employer and employee. The employer contributes 12% of the salary and employee contribution is 3.67%. Depending on the basic pay of the employee, it's decided whether the 12% contribution of the employer should be calculated on the basic pay or gross salary. For example, if the basic pay is less than Rs.6,500, then you have to calculate it on gross salary, and if the basic pay is higher than Rs.6,500, then calculate it on basic pay.
To use Finta's PF calculator accurately, you need to provide the following data:
When all data has been filled in into the PPF calculator, click on “Submit” and instantly results will be shown beside the calculator.
How to check the Provident Fund (PF) balance?
Step 1. Visit the government EPF portal
Step 2. Select your location (state, regional branch office) of your PF office
Step 3.Complete the online form by filling in with your personal information and the EPFO account number specified in your pay-slip
Step 4. After verifying the details provided, submit the form
Step 5. Once all your details have verified, you will receive the EPF balance as SMS to your registered mobile
What are the rules for Provident Fund Withdrawal?
You can withdraw PF funds only after retirement, not when you're working, except under some conditions. You can withdraw 75% of the PF deposit after one month of unemployment, and the remaining 25% after two months. On a non-refundable basis, PF can be withdrawn two or three times. You can borrow PF Advance, which is refundable for a maximum six months gross pay. for withdrawal or advance you've to submit the Form 31 UAN, which contain details such as the Universal Account Number (UAN), Permanent Account Number (PAN), date of joining and leaving, etc, to the Employee Provident Fund Organisation (EPFO).
Along with Form 31 UAN, you must also apply for Form 10C if you also desire to withdraw the pension amount. Both forms are separate because both are managed by separate bodies, Employee Provident Fund Organisation (EPFO) and Employee Pension Scheme (EPS). For full withdrawal after retirement, the EPF complete withdrawal Form 19 has to be duly filled as well and submitted to EPFO.
What is the online PF Withdrawal Procedure?
What is the offline Withdrawal Procedure?
When applying offline, you have to claim the Composite Form (Form 31, 19 & 10C) that serves the purpose of three forms.
What are the three types of Provident Funds?
The types of PF are Recognized Provident Fund, Unrecognized Provident Fund, and Statutory Provident Fund.