Provident Fund Calculator

PF calculator will help you to estimate your Employee Provident Fund (EPF) corpus at the time of retirement.

Provident Fund - Frequently Asked Questions

Provident Fund (PF) Details

What is a PF Calculator?

A provident fund calculator is an online tool by which you can calculate your EPF interest which you would receive from the central government at the time of your retirement. Basically, a PF calculator is an investment assessment tool that helps you assess your investments in employee provident fund schemes. PF amount calculator will not only help you know the interest on your PF funds, it will also provide you with an estimate of how much balance you would have in your employee provident fund account when you retire.

A minimum contribution of Rs.1000 has been decided as monthly pension amount for EPF account holders. You can also calculate your provident fund pension contribution by using a PF Pension Calculator.The minimum contribution made by an employee towards his/her provident fund account should be 12% of his basic salary.

Key information to be put in PF calculator :

An employee should enter the following information in a PF interest calculator to know his/her PF interest:

  • Current age of an employee.
  • Current EPF balance.
  • Age of retirement.
  • Monthly basic pay.
  • Monthly dearness allowance.
  • Monthly EPF contribution in percentage.
  • Expected salary increment.

Money gets credited for me into an account. When can I withdraw it?

There are ways that you can navigate your way out of the mandatory 2 month waiting period, if you want your EPF amount immediately. Employees planning to settle abroad, or those who have landed jobs in a foreign country are eligible to receive PF withdrawal immediately after registration. You’ll need to submit proofs like a copy of your VISA or employment letter, as the case may be.

A lesser known waiver to the waiting period is that a female employee can withdraw her PF money if she is leaving service for the purpose of getting married. The proof for submission here can be your marriage certificate, or even your wedding invitation card. You can withdraw a portion of your EPF savings for the purpose of:

  • Marriage or education of yourself, your siblings, or children.
  • Addressing emergency medical expenses for yourself, spouse, children, or dependant parents.
  • Repaying housing loans for a house owned by you, a spouse, or jointly by both of you. You can do this only after 10 years of service and contribution to EPF.
  • Paying the costs of alterations/repairs to your existing home. You’ll need to have been in service and contributing for 5 years for alterations and 10 for repairs.
  • If you’ve completed 7 years of service, you can withdraw 50% of your EPF contribution up to 3 times in your working life.

EPF withdrawal without employer signature :

On realizing that getting the approval or attestation of an employer to facilitate a PF withdrawal has caused quite a bit of trouble for many employees, the EPFO has circumvented the process and now employees can make withdrawals without the attestation of their employers. The introduction of the UAN in the EPF had brought about this change, as now, employees just have to link their Aadhaar card to their UAN to make a withdrawal. Having said that, now making a withdrawal without the signature of the employer has two ways - with or without an Aadhaar card.

Making a withdrawal with an Aadhaar card:

  • Now just by linking the employee’s Aadhaar card to his/her UAN, the whole process of getting the signature of one’s employer has been skipped for good.
  • To facilitate a smooth process, employees should make sure that their Aadhaar card details and bank details are embedded in the EPFO’s member portal.
  • The employer should have verified both - the Aadhaar card and the bank details.
  • The employee has to make sure that his/her UAN has been activated before starting the process of making a withdrawal.
  • Once you have met these conditions, download Form 19- UAN (for making PF withdrawals) and Form 10C- UAN (for making withdrawals from one’s pension scheme).
  • Now, enter your name, address, registered mobile number, PAN card number, and the employee’s reason for leaving and date of joining. The employee should make sure that the details match that on one’s Aadhaar card and bank details. Any discrepancies could lead to a rejection of the application or a delay.
  • Next, the employee should attach a cancelled cheque to the form and submit it to the regional EPF office.

Making a withdrawal without an Aadhaar Card:

  • This process could be a little of an inconvenience, but if it is your last resort, then follow the process mentioned below.
  • The employee should download the Form 19, Form 31 or Form 10C from the EPFO’s member portal, depending on where the withdrawal is going to made from.
  • Once filled, the form has to be attested by an authorised signatory, such as a Gazetted officer, manager of a bank, magistrate, etc. While doing so, the authorized signatory has to sign every page of the form.
  • Since you’ll have to state a reason for not getting the employer’s signature, state “Non-cooperation”.
  • Next, the employer will have to attach an indemnity bond with a 100 Rupee stamp paper, attach one’s payslips, employment ID, appointment letter and Form 19.
  • As a proof of address and identity, submit your regular KYC documents along with the attested form and cancelled cheque and the other papers of verification at the regional EPF office.

Tax Benefits on EPF contributions :

An employee can get tax benefits for contributing to provident fund accounts under section 80C of the Indian Income Tax Act, 1961. This benefit can be availed for contributing up to Rs. 1 lakh to a PF account. If you contribute for an employee provident fund account for 5 years, you will escape tax deduction on the amount you have contributed. But, if the duration of your EPF contribution is less than 5 years and your withdraw your PF contribution before it completes 5 years, income tax will be deducted at source (TDS).

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