EPF interest is always lower than the declared percentage- check it
Have you ever checked your EPF interest amount credited with calculation? There are thousands of blogs regarding declared interest rate etc but it never gives a proper calculation procedure to check the interest amount.
EPF interest calculation is always confusing and it never matches with last years amount and the percentage declared even as simple interest and it is always less. EPFO hasn't kept any interest calculator in the website so that everybody can check.
It is also confusing whether they add last FY interest (say FY17-18 interest in FY 18-19 calculation) from 1st April itself which should be case or on the date it is actually credited -normally 5-6 months after April? This should be clear.
Can anybody specify it and rule reference if any for the benefit of millions of EPFO subscriber? more
EPF interest calculation is always confusing and it never matches with last years amount and the percentage declared even as simple interest and it is always less. EPFO hasn't kept any interest calculator in the website so that everybody can check.
It is also confusing whether they add last FY interest (say FY17-18 interest in FY 18-19 calculation) from 1st April itself which should be case or on the date it is actually credited -normally 5-6 months after April? This should be clear.
Can anybody specify it and rule reference if any for the benefit of millions of EPFO subscriber? more
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1. Interest is calculated for the contributions from MARCH to FEB period. Attached is an excel utility, which can be used to calculate the interest after filling in the details. The FPF contribution till 2015-16 was 8.33% max Rs 541, which from 2016-17 increased to 8.33% max Rs 1250. 2. Applicable interest rates year wise since 2008-09 are there in one sheet. 3. Download the UMANG app and login to your EPF account, download the statement and compare with your calculations. I have not found any difference. Hope this helps more
Dec 13
Thanks for sharing a calculator. Checked passbook and found Rs. 45000 less than your calculation. more
Dec 13
@ SUBHASH GUPTA, Wrong! If so why there is no interest calculator. I have checked considering FY17-18 balance + FY 17-18 interest (from 1st April which is confusing so this post) and simple interest @8.65% for FY18-19. The amount credited was less. If they calculate FY17-18 interest from Oct/Nov for compound interest that's wrong. In my case even EPS was wrongly calculated by COMPUTER SYSTEM. more
Dec 12
In my case interest was not calculated for last 2 fincl year.After filing complaint all interest get updated in Nov. Even many monthly deposit amount was not entered. So everyone has to see his statement every 6months otherwise you may incurred loss on your Pf. more
Dec 10
PF never give important by the individual and corporate. Now they made it easy for transfer and withdraw. When they send sms about the balance, they are also supposed to send the detail ledger balance. They should allow 100% withdraw. Instead of PF, opening Rd with postal is much better. more
Dec 10
