Introduction
The Provident Fund Calculator is an online tool that allows you to calculate the EPF interest you will receive from the central government until you retire. A pension fund calculator is an investment valuation tool that helps you estimate your investment in a corporate pension plan. The PF Amount Calculator not only helps you calculate the interest on your PF, but it can also estimate how much credit you will have in your employee reserve fund account when you retire.
A minimum contribution of Rs. 1000 is set as monthly pension amount for EPF account holders. You can also use the Pension Fund Calculator to calculate your pension fund contributions. The minimum employee contribution to the Provident Fund account must be 12% of base salary.
Provident Fund Calculator
The Employee Provident Fund or the EPF is a retirement benefits scheme for salaried employees in the private sector. The Employees Provident Fund Organisation (EPFO) manages the EPF. Any organisation or firm with 20 or more employees gets covered under the EPFO. The Employees Provident Fund Organisation operates three schemes.
- The EPF Scheme 1952
- The Pension Scheme 1995
- The Insurance Scheme 1976.
The employees who fall under the EPF scheme make a fixed contribution of 12% of the basic salary and the dearness allowance towards the scheme. The employer should also make an equal contribution to the EPF scheme. The EPFO Central Board of Trustees fixes the EPF interest rates after consulting the Ministry of Finance. The EPF Interest Rate is fixed at 8.1% for FY2024.
The employee would get a lump-sum amount at retirement, which includes the contributions of both the employee and the employer with the interest payments. However, 12% of the employer contribution does not go to the EPF account. Out of the 12% contribution, 8.33% goes towards the Employee Pension Scheme Account, and the remaining 3.67% goes to the employee EPF account.
It is compulsory for all employees who draw a basic salary of less than Rs 15,000 per month to become members of the EPF. You cannot opt-outopt-out of the EPF scheme once you become a scheme member. An employee can make an enhanced contribution up to a maximum of 100% of the basic salary to the voluntary provident fund. The employer will not match the contribution.
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.
What is an EPF calculator?
The EPF calculator is a simulation, which shows you the amount of money that will accumulate in your EPF account at retirement. You can calculate the lump-sum amount, which includes both your contribution and the employer’s contribution, along with the accrued interest on the investment.
The EPF calculator has a formula box where you enter your current age, your basic monthly salary and the dearness allowance, your contribution to the EPF and your retirement age up to 58 years. You can also enter the current EPF balance if you know the figures. After entering the requisite information, the EPF calculator will show you the EPF funds available at retirement.
How does an EPF calculator work?
To understand how the EPF calculator works, let us have an example.
Employees basic salary + dearness allowance = Rs 14,000
Employees contribution towards the EPF = 12% * 14,000 = Rs 1,680
Employers contribution towards the EPF = 3.67% * 14,000 = Rs 514
Employers contribution towards EPS = 8.33% * 14,000 = Rs 1,166.
The total contribution by the employer and employee towards the EPF account of the employee = Rs 1,680 + Rs 514 = Rs 2,194.
The interest rate is 8.1% for FY 2024-23.
So the interest rate applicable for each month is:
8.1%/12 = 0.675%
Assuming the employee joined the Firm XYZ in April 2019. The total EPF contribution for April will be Rs 2,194. The EPF scheme will not pay any interest for April.
The total EPF contribution for the month of May = Rs 4,388 (Rs 2,194+ Rs 2,194). He receives an interest of Rs 4,388 * 0.70833% = Rs 31.08.
Similarly, the calculation is done for the subsequent months.
How to use the ClearTax EPF Calculator?
- Enter your current age by using the slider.
- Then fill the basic monthly salary and the dearness allowance up to a maximum of Rs 15,000.
- The minimum percentage of contribution to your EPF is 12%. You can increase the percentage by contributing to the Voluntary Provident Fund.
- Fill in the retirement age up to a maximum of 58 years.
- Add the current EPF balance if you know the amount.
- The ClearTax EPF Calculator will show you the EPF funds that will be available to you at retirement.
Benefits of using the ClearTax EPF Calculator
- The ClearTax EPF Calculator shows you the accumulated amount in your EPF fund at retirement. You get an idea of the retirement corpus, which helps you manage other investments in a better manner.
- You may use the ClearTax EPF Calculator to increase your contribution towards retirement. If you feel the corpus accumulated at retirement is not enough to meet your requirements, then increase the percentage of your contributions to get a bigger corpus at retirement.
- The ClearTax EPF Calculator is easy to use and shows the EPF corpus at your retirement in seconds.
- The ClearTax EPF Calculator helps you to plan your retirement. You can increase the contribution percentage if you want to retire at an early age. You get an idea of the EPF corpus at different retirement periods, which helps you get the finances for early retirement.
What must you know about EPF contributions?
- EPF contributions are not taken only from your salary. Your employer is also bound to make equal contributions to your EPF account every month.
- Employees must link the Aadhaar number and the bank account with the UAN.
- You can nominate anyone for your EPF account. In case of the account holder’s demise, the nominee will pay the account balance.
- You can change the nominee by submitting Form 2 to your company’s finance department or the EPFO department.
- About 8.33% of your employer’s monthly contribution (up to Rs 1,250) will be redirected to the Employee Pension Scheme (EPS). This will help you get a monthly pension once you retire and fulfil certain conditions.
- If you decide to quit your job and withdraw the balance from your EPF account once and for all, you will only be able to remove a portion of the amount based on the purpose of withdrawal. Some valid reasons are unemployment, retirement, purchase of land, purchase/construction of a house, renovating a house, wedding, education, repaying a home loan, and medical reasons.
- If you are a retired person and have had continuous employment for the last 10 years, you can withdraw 100% of the EPS account balance.
- In case, you don’t have continuous employment for the last 10 years, you can only withdraw money from the EPS account, according to the slabs based on your previous drawn salary as mentioned in the Table ‘D’ below:Number of Years of ServiceEligible Portion of EPS Withdrawal*11.0221.9932.9843.9955.0266.0777.1388.2299.33
*Effective from 10 June 2008 as stated by the EPFO website. Irrespective of the last drawn salary, the maximum salary considered for this calculation is Rs 15,000. Therefore, if your last drawn salary is Rs 42,000 and you have worked for eight consecutive years, the EPS amount you can withdraw is Rs 15,000 * 8.22 = Rs 1,23,300.
Need Information or Confused about Something ?
Ask a Question- You don’t have to withdraw the EPF contributions or close the account when you switch jobs. Just provide your UAN to the new employer. The new PF number created by your new employer will still be under your existing UAN.
- You must manually transfer the PF account balance from your previous employer to the PF account created by your new employer by filling Form 13. Alternatively, you can fill Form 11 to transfer the PF contributions to the new account automatically.
- You can check your EPF account balance, transfer request, claim status, request to withdraw, and raise grievances online using the EPFO portal or even on the UMANG app.
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Complete Guide to NSFAS Online Loan Application for South African Students (2025)
If you are a South African student looking to pursue higher education but are facing financial difficulties, the National Student Financial Aid Scheme (NSFAS) is one of the most accessible funding options available. NSFAS provides financial aid in the form of bursaries and loans to qualifying students at public universities and TVET colleges in South Africa.
This guide will walk you through everything you need to know about the NSFAS loan application process, from eligibility requirements to application steps and frequently asked questions.
📌 What is NSFAS?
The National Student Financial Aid Scheme (NSFAS) is a government-funded financial aid scheme aimed at helping students from low- and middle-income households to access tertiary education without the burden of upfront fees.
NSFAS offers both bursaries and income-contingent loans:
- Bursaries: For eligible students who meet academic and household income criteria (especially for TVET and university students).
- Loans: For students who do not meet all bursary criteria or who are pursuing postgraduate qualifications not funded under bursary schemes.
✅ Who Qualifies for an NSFAS Loan?
To qualify for an NSFAS loan (especially for postgraduate students or programs not funded under the bursary system), you must:
- Be a South African citizen.
- Be financially needy, with a household income of less than R350,000 per year.
- Have a valid South African ID.
- Be enrolled or accepted to study at a public university or TVET college.
- Not be funded through another bursary program that covers all expenses.
- Maintain satisfactory academic progress (returning students).
📚 Courses Funded by NSFAS
NSFAS primarily funds undergraduate qualifications, but certain postgraduate programs (e.g., PGCE, postgraduate diplomas in education, and professional courses like LLB) may be considered under the NSFAS loan scheme, not bursaries.
If you’re studying:
- Undergraduate degree or diploma: You are likely eligible for a full NSFAS bursary.
- Postgraduate study: You may qualify for a loan, depending on the course and funding availability.
📄 Required Documents for NSFAS Application
When applying, make sure you have the following documents scanned and ready:
- Certified copy of your South African ID or Smart Card.
- Parent(s) or guardian(s) ID documents.
- Proof of income (latest payslips, UIF, or affidavit if unemployed).
- Consent Form signed by your parent(s)/guardian(s) to allow NSFAS to verify income.
- Proof of registration or acceptance at a public institution.
- Academic transcripts (for continuing or postgraduate students).
🖥️ How to Apply for an NSFAS Loan Online
Step-by-Step NSFAS Online Application Process (2025)
-
Visit the NSFAS Website
Go to: https://www.nsfas.org.za
-
Create an Account
- Click on “MyNSFAS” and register your profile.
- You’ll need a valid email address and South African cellphone number.
- Choose a strong password and verify your account via email or SMS.
-
Login and Start the Application
- After registration, log in to your MyNSFAS account.
- Click on “Apply” to begin a new application.
-
Fill in Your Personal Details
- Input your ID number, name, surname, and other details exactly as they appear on your ID.
- Provide household income information and living arrangements.
-
Upload Required Documents
- Upload all supporting documents in PDF or JPEG format.
- Each document must be clear and under the size limit specified.
-
Submit Your Application
- Review your application for accuracy.
- Click “Submit” and wait for a confirmation message.
-
Track Your Application
- Log in regularly to check your application status.
- You will be notified via SMS and email at each stage of the process.
🗓️ Important NSFAS Dates (2025)
- Application Opening Date: September 1, 2025
- Application Deadline: January 31, 2026
- Appeals Period: February 2026 (if rejected)
- Disbursement: After registration and approval
Note: Dates are subject to change; always confirm on the official NSFAS website.
💸 What Does the NSFAS Loan Cover?
NSFAS funding typically includes:
- Tuition fees
- Registration fees
- Accommodation (if living away from home)
- Meals and transport
- Learning materials (e.g., textbooks)
For loans, repayment is only required once you start working and earn above a threshold (around R30,000 annually, but subject to change).
🔄 NSFAS Loan Repayment
Repayments are:
- Income-contingent – you only repay when you can afford to.
- Administered by DHET (Department of Higher Education and Training).
- Interest-bearing, but interest rates are low and favorable.
You can also apply for a partial loan conversion to a bursary if you perform well academically.
🔁 How to Appeal a Rejected NSFAS Application
If your application is rejected, you may submit an appeal via your MyNSFAS portal:
- Log into your MyNSFAS account.
- Click on “Track Funding Progress”.
- If rejected, click on “Submit Appeal”.
- Upload any missing or corrected documents.
- Provide a clear explanation or motivation.
📱 NSFAS Contact Information
- Website: https://www.nsfas.org.za
- Email: info@nsfas.org.za
- Toll-Free Number: 08000 67327 (Monday–Friday, 8 AM–5 PM)
- Twitter: @myNSFAS
- Facebook: NSFAS
📝 Final Tips Before Applying
- Apply early to avoid system overload near the deadline.
- Use your own email and cellphone number (do not use someone else’s).
- Double-check that all your documents are certified and legible.
- Keep a copy of your submission confirmation for reference.
By following this guide, you can confidently apply for NSFAS funding and move one step closer to achieving your academic and career dreams—without the burden of immediate financial pressure.