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Key Takeaways:
Realistically speaking, on behalf of everyone, whenever we hear a question like “Retirement ka kya plan hai” we just toss it off. We always say we have a government job with a decent pension or “ Areey ho jayega kuch na kuch”.
But deep down we all know- “KUCH NA KUCH” is not a financial strategy we should stick to. That is why we have a GPF calculator.
A GPF calculator helps you understand actual numbers and provides you with relevant information required for you to start building your future instead of just hoping for the best outcome.
GPF meaning General Provident Fund is basically savings that government employees are forced to do. Instead of big hassles and opening different accounts for every other investment, a part of your salary is deducted every month.
The money that has been deducted earns a reasonable amount of interest and then is provided back to you after your retirement.
So, GPF answers the most asked question by people, which is how much money will I have once I retire. You just simply have to enter your monthly contribution, interest rate, and number of years you are going to work.
And boom, your retirement ka paisa will be on your screen with just the help of a GPF calculator app or website. No Excel. No formulas. No pro maths.
Bonus Tip: A GPF calculator app lets you experiment with your money and also helps you make smart decisions. You can build an extra amount for retirement with the help of this tool.
Read More - KPEPF Credit Card
Why do people prefer GPF over banks?
After getting a reality check by inflation, EMI’s, and an expensive lifestyle, people have stopped relying on pensions. So what should people actually do?
Now reality has hit, that’s why the GPF calculator has become so popular in the last few years. A GPF calculator app lets you create your own imaginary retirement plan into reality.
Above that, it can be accessed easily through your laptop or mobile phone so you get to enjoy your afternoon tea with a bit of future planning.
I know you must be bored by now reading about all those numbers. Here is a story about a guy named Ramesh that you can also relate to.
Meet Ramesh. He has recently joined a government job with a normal salary, normal life, normal dreams, not even a thought about worries. One of his friends Sunil suddenly asked him “Bhai jab tak job hai toh salary hai, but retirement ka kuch socha?”, and that sentence hit him like thunder.
He researched and got to know about GPF. From the very next month he started saving ₹5000 every month in his GPF. He does not increase for years, because you know life happens.
For the first few years, his GPF does not look tempting at all. He kept checking his balance and was disappointed but he did not stop. By the age of 55 years his GPF crossed ₹60,00,000+.
Same Ramesh, same ₹5000, no lottery, no crypto. Just patience and consistency. And that is honestly the best thing about long-term savings, it can be a bit doubtful but to be honest it pays off big later.
If you work in a bank- especially the State Bank of India, you probably have searched for a GPF calculator SBI. And if you are a state employee, you may have looked for a West Bengal GPF calculator. These happen because the interest rule slabs can be slightly different.
In simple words, GPF is the total money you have in your bank account and monthly pension is like the pocket money you receive every month.
Talking about Ramesh again, he has more than 60 lakhs in his bank account but he won’t be spending it in a day, right? So he asked his bank to convert those 60 lakhs into a small monthly income of ₹20,000. This monthly income is what will actually cover his expenses like groceries, bills, medicine, and what not.
In simple words, a big amount looks just nice on paper but a monthly pension decides your real lifestyle.
Interest rate matters, like a lot. Just changing the interest from 7% to 8% you can notice a shift of lakhs in the final amount. That is a life changing difference. For example:
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Using GPF calculator for 30 years→ ₹60-70 lakhs
Using GPF calculator for 20 years→ ₹25-30 lakhs
Difference? 10 years and almost double the return, that’s why starting early is important. Motivated enough?
Being honest? Not a single soul wants to depend on their kids, relatives, or just “BHAGWAAN JI” when they are retired or just old. Using a GPF calculator will actually prepare for your unforeseen future.
Modern tools have modern ways to calculate GPF, you simply need to input your salary increments, inflation, and interest rates, and you will get your answers in seconds, as simple as that.
If we plan our vacation, compare phones before buying, and overthink what our next outfits are going to be, then why not our retirement plan? With a GPF calculator besides, you can tell your future self “ relax bro I got you”.
How accurate is a GPF calculator compared to the actual final amount?
Most GPF calculators give close estimates, but the final amount may vary depending on the yearly interest rate changes and contribution revision.
Can I calculate partial withdrawal using a GPF calculator?
Yes. Many calculators allow you to make adjustments in the contributions and calculate an estimate of the remaining balance after withdrawal.
What interest rate should I use while calculating GPF maturity?
You can refer to the current official GPF interest rate as per the government guidelines. Make a recheck as the interests are revised every year.
Is GPF better than PPF for government employees?
GPF is said to be a better option for government employees. It is salary-linked and also offers you an easier withdrawal option.
Can a GPF calculator app help in retirement planning?
Yes, a GPF calculator app helps you make a layout of your total retirement corpus. It makes long-term finance planning more realistically simple.
