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Discover how to achieve a retirement corpus of Rs 2.5 crore using EPF. Learn the savings strategy and benefits of the Employees Provident Fund.
The Employees' Provident Fund (EPF) is a government-backed savings scheme. It helps salaried employees save for retirement through monthly contributions.
EPF currently offers an annual interest rate of 8.25%. This rate helps grow your retirement savings over time, ensuring financial stability.
EPF members receive their pension after turning 58. For early retirement, members must be at least 50 years old.
If you defer your EPF pension by two years, you can earn an additional 4% per year. This can significantly boost your retirement corpus.
To qualify for EPF pension, you need at least 10 years of service or contributions. Ensure you meet these requirements for future benefits.
Employees must contribute a minimum of Rs 1,800 per month, with a maximum contribution of 12% of their salary to EPF.
To accumulate Rs 1.5 crore, contribute Rs 6,400 monthly for 35 years. You'll receive approximately Rs 1,51,47,472.81 at the current interest rate.
Contribute Rs 10,600 per month for 35 years to get Rs 2.5 crore. At the current rate, you will receive Rs 2,50,88,001.8 upon maturity.