Included in the required information are your basic salary plus dearness allowance, age, and the date when EPF contributions began. The approximate interest amount would then be displayed on the device within seconds.
EPFO: The interest on your EPF account balance is calculated monthly, but only credited at the end of each fiscal year. It is crucial to monitor your EPF interest earnings for retirement planning purposes.
The Employees’ Provident Fund (EPF) is a voluntary retirement savings scheme supported by the Central government and available to all salaried employees and private sector workers. A monthly contribution of 12 percent of the employee’s basic salary and dearness allowance is made to the EPF. The employer also contributes an equal amount.
The Employees Provident Fund Organisation (EPFO) administers and regulates the EPF scheme.
The employee receives the accumulated fund in a fixed sum upon retirement. To get an accurate estimate of your retirement corpus, you should calculate the interest on your EPF account balance for retirement planning purposes.
EPFO adds 18.36 lakh net subscribers in June
The EPF interest rate is determined annually by the Ministry of Finance following a meeting with the EPFO Central Board of Trustees. The EPF interest rate for the current year is 8.15 percent, which is marginally higher than the rate for the previous year, which was 8.10 percent.
To determine the interest accrued on your EPF account balance, you must know the monthly closing balance and the current EPF interest rate. Each month’s interest must be calculated separately. In the first month after establishing a new EPF account, there is no interest accrued because the opening balance is zero. The following formula can be used to calculate the interest on the EPF balance for the second month.
Monthly Interest on EPF = (Monthly Opening Balance x Current Interest Rate)/12
Suppose, for example, that the first month’s contribution is Rs 10,000. This would not accrue any interest. Then, in the second month, a new contribution would be made, doubling the opening balance. So, the calculation would contemplate a total of Rs 20,000. The interest accrued would be Rs 135.83 (20000 x 8.15 per cent)/12, which would be rounded off to Rs 136. A similar calculation must be performed each month, and the annual interest rate is determined by adding all the monthly balances at the conclusion of the year.
Since manually calculating the interest on your EPF balance can be laborious, you may wish to utilize an online EPF interest calculator. Included in the required information are your basic salary plus dearness allowance, age, and the date when EPF contributions began. The approximate interest amount would then be displayed on the device within seconds.
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