EPF Calculator

The Employee Provident Fund (EPF) is one of the most popular retirement savings schemes in India, managed by the Employees' Provident Fund Organisation (EPFO). Our free online EPF calculator helps you estimate the maturity amount, interest earned, and total contributions for your EPF account.

What is EPF (Employee Provident Fund)?

The Employee Provident Fund (EPF) is a mandatory retirement savings scheme for employees in India, where both the employee and employer contribute 12% of the employee's basic salary plus dearness allowance each month. The current EPF interest rate is 8.25% for the financial year 2023-24.

How to Use Our EPF Calculator

1. Enter your current age and expected retirement age
2. Input your current basic salary + dearness allowance (DA)
3. Specify the expected annual salary growth rate
4. Enter your current EPF balance (if any)
5. Select employee and employer contribution percentages
6. Click 'Calculate EPF Returns' to get detailed results

EPF Calculation Formula

The EPF calculation uses the compound interest formula with monthly contributions:

Maturity Amount = P × (1 + r/n)^(nt) + C × [((1 + r/n)^(nt) - 1) / (r/n)]

Where:
P = Initial EPF balance
r = Annual interest rate
n = Number of times interest compounds per year (12 for monthly)
t = Number of years until retirement
C = Monthly contribution (Employee + Employer share)

EPF Tax Benefits

• Employee contributions up to ₹1.5 lakh qualify for deduction under Section 80C
• Employer contributions up to 12% of salary are tax-free
• Interest earned on EPF is tax-free if withdrawn after 5 years of continuous service
• EPF withdrawal after 5 years is completely tax-free

EPF vs PPF: Key Differences

• EPF is mandatory for salaried employees, while PPF is voluntary for everyone
• EPF has higher contribution limits (based on salary) compared to PPF's ₹1.5 lakh annual limit
• EPF interest rates are declared annually by EPFO, while PPF rates are set by the government
• EPF allows partial withdrawals for specific purposes, while PPF has limited withdrawal options

EPF Withdrawal Rules

EPF withdrawal is allowed under these conditions:

• After retirement (age 58 or later)
• If unemployed for more than 2 months
• For marriage/education of self or children
• For medical treatment of self or family
• For home loan repayment or construction

Employee Pension Scheme (EPS) Calculation

8.33% of the employer's contribution goes to the Employee Pension Scheme (EPS). The monthly pension under EPS is calculated as:

Monthly Pension = (Pensionable Salary × Pensionable Service) / 70

Where Pensionable Salary is the average of the last 60 months' salary, capped at ₹15,000 per month.