EPF Interest Calculation: How much interest will you get on Rs 5 lakh, Rs 10 lakh and Rs 15 lakh EPF contributions?

EPFO Interest Calculation: Employees' Provident Fund (EPF) is a retirement scheme catering to crores of employees in the public and private sectors in India. The scheme run by Employees' Provident Fund (EPFO) offers a lump sum amount at retirement in the form of a monthly pension. An employee can contribute up to 12 per cent of their basic pay and dearness allowance (DA) to their EPF account. The employer also contributes an equal amount to the employee's account. The minimum contribution from the employer side should be Rs 1,800, while in the maximum 12 per cent contribution, 8.33 per cent goes to the EPF of the employee, while 3.67 per cent goes to the Employee Pension Scheme (EPS). 

The latest interest rate was announced by the CBT board in February 2024 for the financial year 2023–24. Earlier, the interest rate was 8.15 per cent.  

EEE category

EPF is one of the only few categories that provides the benefit of tax exemption on deposits, interest earned, and withdrawals.

The guaranteed return scheme falls under the exempt-exempt-exempt (EEE) category.

While deposits up to Rs 1.50 lakh in a financial year are tax-free, the interest earned and the maturity amount are completely tax-free. 

EPFO: How to check EPF balance and interest received

The EPF balance can be checked online. You can search it through the Umang App, EPFO portal, or SMS from your mobile device.

Go to EPFO portal (www.epfindia.gov.in).

- Click on the E-PassBook option.
- Log in on the new page by entering UAN, password, and Captcha code.
- After logging in, select the Member ID option for Passbook.
- Passbook will be available in PDF format, which can be downloaded.
- You can access the passbook directly at https://passbook.epfindia.gov.in/.

How much interest will you get on Rs 5 lakh, Rs 10 lakh, and Rs 15 lakh EPF contributions?

Since the interest rate is 8.25 per cent, a Rs 5 lakh EPF contribution will give you Rs 41,250 in interest, and your maturity amount will be Rs 5,41,250.

If your EPF contribution is Rs 10 lakh, you will get a total interest of Rs 82,500, and the total maturity amount will be Rs 10,82500.

If your EPF contribution is Rs 15 lakh, you will get a total interest of Rs 123750.00, and the total maturity amount will be Rs 16,23,750.