EPF interest is always lower than the declared percentage- check it
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
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
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
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