# How to Calculate the GPF Interest in Excel – Easy Steps

## What Is GPF Interest?

Government or non-government personnel can use the General Provident Fund (GPF) as an excellent savings tool. This is calculated through an interest rate which is known as GPF interest. Employees contribute with a part of their salary, accumulating a balance in the GPF account, which will be refunded upon retirement.

This is a sample Provident Fund dataset based on various parameters.

### Step 1: Inserting Primary Data

• Insert columns to store the variables and insert the primary data: Basic Salary, Interest Rate, Basic Increment, Individual and Company Contributions.

### Step2 : Calculating Basic Salaries for 7 Years

• Enter the following formula in C5 and press ENTER. This formula will store the Basic Salary in C5.

`=G15`

• To calculate the Basic Salaries for the upcoming years, enter the formula in D6 and press ENTER.

`=D5*(1+\$D\$14)`

### Step 3: Determining Individual and Company Contributions

• Use the following formula to calculate the Individual Contribution for the first year.

`=D5*\$D\$15*12`

• Drag down the Fill Handle to determine Individual Contributions for the upcoming years.

• Enter the following formula to calculate the Company Contributions.

`=D5*(\$G\$14-\$D\$14)*12`

• To store the total Contributions, enter the following formula.

`=E5+F5`

### Step 4: Calculating Closing Balance

• Enter the formula below in H5. It will return the Closing Balance amount of the first year.

`=G5*(1+\$G\$14)`

• Store this value in C66 using the formula below.

`=H5`

• After that, use the Fill Handle to AutoFill the rest of the cells.

• Enter the following formula to calculate the Closing Balance for the second year.

`=(C6+G6)*(1+\$G\$14)`

• Dag the Fill to AutoFill the rest of the cells. The Opening Balance column will automatically fill .

### Step 5: Calculating the Gross Total

• Enter the following formula in E12.

`=SUM(E5:E11)`

The formula uses the SUM function to return the total Individual Contribution.

• Drag the Fill Handle to the right to calculate the Company Contribution and Total Contributions.

• Store the final Closing Balance amount using the formula below.

`=H11`

Practice here.

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Meraz Al Nahian

Md. Meraz Al Nahian has worked with the ExcelDemy project for over 1.5 years. He wrote 140+ articles for ExcelDemy. He also solved a lot of user problems and worked on dashboards. He is interested in data analysis, advanced Excel, statistics, and dashboards. He also likes to explore various Excel and VBA applications. He completed his graduation in Electrical & Electronic Engineering from Bangladesh University of Engineering & Technology (BUET). He enjoys exploring Excel-related features to gain efficiency... Read Full Bio

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