Do you check your PF account or Provident Fund account properly? Do you know how much money is currently lying in your PF account? And what if you want to withdraw that money?
Companies deduct PF money from the salary of a salaried person, but there are very few people who have complete information about their PF withdrawal. If you are a little alert and smart financially, then your PF is your biggest ally in times of trouble. Nowadays people fill PF online, not only here, they also withdraw it when needed.
However, if you have a PF account, do you check your PF account or Provident Fund Account (PF Account) properly . Do you know how much money is currently lying in your PF account ? And what if you want to withdraw that money? Actually , all these things about PF account are important because if the planning is right , you can become a millionaire even with PF money.
Special things related to PF which is important to know-
Regarding the PF amount, you can find out through the salary slip how much money will have been in your PF account at the time of retirement at the age of 58 . This way you will also be able to decide whether you will have enough money for post-retirement needs.
How to check account-
To check PF amount, you have to see your basic salary and DA amount in your salary slip . The basic salary of the PF employee is 12 % of the place DA , which goes to your PF account. Apart from this, the company also contributes 12 percent of the basic salary plus DA.
how will you become a millionaire
If it is assumed that your basic salary is 10 thousand rupees, then after 58 years you can have about 1.5 crore rupees. Yes, for this, you will have to start a job from the age of 25 and work till the age of 58. The current interest rate on PF is 8.05% and you can expect a 10% annual increase in your salary . With this, you will have 1 crore rupees in the end .
How much money will be added on 15,000 basic salary
Your total PF fund will be Rs 2.32 crore on a basic salary of 15,000. The interest rate will also remain the same with the age of starting and retiring the rest of the job. This calculation has been done on the basis of the current interest rate.