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Plan your ideal EPF savings strategy

Calculate your EPF Maturity amount

Years

20 59

60 years
₹

₹1000 ₹10,00,000

%

1% 100%

EPF Interest Rate

8.25%

Your Contribution
(% of Basic + DA):

12.0%

Employer's Contribution

3.67%

Overall Employee Contribution

₹51,46,021

Total EPF Corpus

₹2,49,88,060

Calculate
Apply Now

EPF Calculator

The Employees' Provident Fund (EPF) is a retirement savings scheme and provides financial security to employees after their retirement. Calculating your EPF contributions manually can be tedious, given the complex formulas and interest calculations. That is where an EPF calculator comes can be helpful. IDFC FIRST Bank’s EPF calculator simplifies this process, offering an easy-to-use interface that provides accurate results within seconds. With this tool, you can plan your financial future more effectively and ensure you are on track for a comfortable retirement.

What is EPF?

The Employees' Provident Fund (EPF) is a mandatory 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.

What is an EPF calculator?

Our 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.

Read More
epf calculator

How can an EPF calculator help you?

The EPF calculator is a crucial tool for planning your financial and retirement goals. It enables you to:

calc help 1

Retirement Corpus

Estimate the amount you will accumulate by the time you retire.

calc help 2

Salary Impact

Understand the impact of salary increments on your EPF contributions.

calc help 3

Interest Calculation

Calculate the interest earned using the current EPF interest rate.

calc help 4

Savings Planning

Make informed decisions about your retirement savings and investments.

Formula to calculate EPF amount

The contribution to the EPF is governed by government regulations and includes contributions from both the employee and the employer.

Click on the button to understand how it is calculated

Contribution to the EPF by employees

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.

Contribution to the EPF by employers

The employer contributes a total of 12%, divided as follows:

  • 8.33% towards the Employee Pension Scheme (EPS).
  • 3.67% towards the EPF account.

Example:
For a basic salary of ₹30,000:

  • Contribution to EPS: 8.33% of ₹30,000 = ₹2,499
  • Contribution to EPF: 3.67% of ₹30,000 = ₹1,101.

Total monthly EPF contribution

The total contribution to the EPF account includes both employee and employer contributions to EPF. ₹3,600 (Employee) + ₹1,101 (Employer) = ₹4,701.

Current EPF interest rate

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.

Example of interest calculation:

  • First month contribution: ₹4,701
  • Second month contribution: ₹4,701
  • Total after two months: ₹9,402
  • Total after 1 year=56,412
  • EPF Closing balance at end of 1st Year= 56,412*(1+8.25%) =61,066

This interest will continue to grow as monthly contributions and balances increase.

Summary of EPF contributions and interest

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.

How to Use IDFC FIRST Bank's EPF calculator?

Using the IDFC FIRST Bank EPF calculator online is straightforward:

  • 1

    Access calculator

    Navigate to the IDFC FIRST Bank EPF calculator page.

  • 2

    Enter Salary

    Adjust the slider to enter your monthly basic salary and dearness allowance.

  • 3

    Set Age Range

    Move the respective slider from left to right to input your current age and retirement age.

  • 4

    Select Contribution

    Choose the type of employee or employer contribution.

  • 5

    Input EPF Balance

    Specify your current EPF balance by adjusting the sliders.

  • 6

    View the results

    Click ‘Calculate’ to view your EPF accumulation over a specific tenure.

Advantages of using IDFC FIRST Bank's EPF calculator

timesaving

Timesaving

Instantly calculates your EPF amount without manual effort.

accuracy

Accuracy

Ensures precise results using the EPF calculation formula.

convenience

Convenience

Easily accessible online, making EPF calculations hassle-free.

financial-planning

Financial planning

Provides insights into your retirement corpus to aid in better decision-making.

comprehensive-results

Comprehensive results

Calculates employee and employer contributions, interest, and final corpus.

Frequently Asked Questions

Is the EPF calculator free to use?

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.

How is EPF calculated from salary?

The EPF amount is 12% of the employee’s basic salary and dearness allowance (if applicable). The employer also contributes 12%, with 8.33% allocated to the Employee Pension Scheme (EPS) and the remaining 3.67% to the EPF account. Use the IDFC FIRST Bank EPF calculator for hassle-free computations.

How many times can I use the online EPF calculator?

You can use the IDFC FIRST Bank EPF calculator online as many times as needed. This allows you to adjust inputs like salary or interest rates to see how they impact your savings.

How is EPF calculated manually?

To calculate EPF manually, compute 12% of your basic salary for both employee and employer contributions. Split the employer’s contribution into 8.33% for EPS and 3.67% for EPF. Add accrued interest based on the annual interest rate. For easier calculations, use the IDFC FIRST Bank EPF calculator.

When can I withdraw the money from my EPF account?

You can withdraw your EPF savings upon retirement, resignation, or unemployment exceeding two months. Partial withdrawals are allowed under specific circumstances like marriage, education, land/home purchases, or medical emergencies.

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

What happens if the depositor rates—either mine or my employer’s—change?

Can the EPF pension calculator be used by private sector employees?

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