Hotness Best way to transfer from credit card to saving...

Hot Deal Best way to transfer from credit card to savings account / cc limit enhancement trick

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Original Title was : best way to: transfer from credit card to savings account / cc limit enhancement trick / cc rewards points

right now i m using nps tier 2 to do so but TURN AROUND TIME is 10+ days

https://www.npscra.nsdl.co.in/subscribers...e…

420 Comments  |  
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Nps is charging 0.1 percentage plus 0.9 percentage for using cc, plus 18% GST

118 RS. FOR RS.10000/-



Best option if you’re not in hurry.

Invest on 16 or next day keeping in view that following 2 days must be working day for stock exchange.



Let the money grow there for a week or 2.


Withdraw.


You might as well make  recover that 1.18% charges.



If you can take some risk


Go for active choice

E 25%
C-25%
G-50%


No risk go for guaranteed growth.

G-100%


Pfm
HDFC is best for tier 2.

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Deal Cadet
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Your is best and consider masking details

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Deal Cadet
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rogerthat wrote:

Nps is charging 0.1 percentage plus 0.9 percentage for using cc, plus 18% GST

118 RS. FOR RS.10000/-

National pension system? How to use it?

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arunrush680 wrote:

National pension system? How to use it?

You must register for tier 1 account first. Funds can not be withdrawn until you attain 60 or retire.

After

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Deal Newbie
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Can be withdraw funds from NPS account before 60 years ?

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Deal Subedar
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zenithyadav wrote:

Can be withdraw funds from NPS account before 60 years ?

Go through the website stuck_out_tongue_winking_eye

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Deal Subedar
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Only two withdrawals a year

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deals44u wrote:

Only two withdrawals a year

TIER II ACCOUNT×

Tier II account in NPS is a voluntary Investment account aims to provide a window of liquidity to meet financial contingencies and build savings through investments.

“Tier II account is a voluntary saving facility wherein the withdrawal is as per Subscriber’s choice”.

Key features of Tier II account

No additional CRA charges for account opening and annual maintenance in respect of Tier II


Enjoy unlimited online withdrawals and get credit in your Bank Account depending upon your requirements.


Separate Nomination in Tier II account
Contribute in Tier account online at www.enps.ns...om or deposit your contribution to any POP/POP-SP of your choice.
Separate Scheme Preference for Tier II
You can changes Scheme Preference twice a year and Pension Fund Managers (PFM) once a year.
Two Investment options
Active Choice-Individual Funds (E,C,G assets)
Auto Choice –Life Cycle Funds
Bank details are mandatory for opening Tier II account (Along with cancelled cheque leaf)

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Deal Subedar
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rogerthat wrote:

TIER II ACCOUNT×

Tier II account in NPS is a voluntary Investment account aims to provide a window of liquidity to meet financial contingencies and build savings through investments.

“Tier II account is a voluntary saving facility wherein the withdrawal is as per Subscriber’s choice”.

Key features of Tier II account

No additional CRA charges for account opening and annual maintenance in respect of Tier II


Enjoy unlimited online withdrawals and get credit in your Bank Account depending upon your requirements.


Separate Nomination in Tier II account
Contribute in Tier account online at www.enps.ns...om or deposit your contribution to any POP/POP-SP of your choice.
Separate Scheme Preference for Tier II
You can changes Scheme Preference twice a year and Pension Fund Managers (PFM) once a year.
Two Investment options
Active Choice-Individual Funds (E,C,G assets)
Auto Choice –Life Cycle Funds
Bank details are mandatory for opening Tier II account (Along with cancelled cheque leaf)

Thank you for the update

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Deal Cadet
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There is no tax benefits if you invest in tier 2. Just informing I know topic is not about that. And tier 1 has lock in period.

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Deal Cadet
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There would tax implications guys. It may be treated as extra income if you overdo it . Let’s say I rotate 200000 in a year from CC to saving. and if I fall under 30% tax bracket then I have to give 30% tax on this 200000 also. Anyone please guide us if there is no tax problem here in rotating money through NPS?

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rogerthat wrote:

You must register for tier 1 account first. Funds can not be withdrawn until you attain 60 or retire.

After

do we earn reward points on credit card?

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ZitOO wrote:

There would tax implications guys. It may be treated as extra income if you overdo it . Let’s say I rotate 200000 in a year from CC to saving. and if I fall under 30% tax bracket then I have to give 30% tax on this 200000 also. Anyone please guide us if there is no tax problem here in rotating money through NPS?

Tax is on profit not on investment made.


You aren’t making any here.

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deals44u wrote:

do we earn reward points on credit card?

Yes , best utilization of cc limit to 100%.



Soon you may get limit enhancement offers.

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Deal Cadet
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rogerthat wrote:

Tax is on profit not on investment made.


You aren’t making any here.

How to show this income then in Tax filing? in bank when 3-5 lacs added in your bank account and without any declaration of source In ITR, it might alarm the authority. I am not sure though. Yes We have to give tax on profits.

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ZitOO wrote:

How to show this income then in Tax filing? in bank when 3-5 lacs added in your bank account and without any declaration of source In ITR, it might alarm the authority. I am not sure though. Yes We have to give tax on profits.

You can generate yearly statement or even quartly statement showing all inward outward profit and loss in sheet.

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Deal Cadet
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If this does not attract any tax issue. Then this is the best method to reach spend based offers /reward points / annual charge waiver /milestone benefits and what not. Easy to get limit enhance as well on CC.

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ZitOO wrote:

If this does not attract any tax issue. Then this is the best method to reach spend based offers /reward points / annual charge waiver /milestone benefits and what not. Easy to get limit enhance as well on CC.

Yes i know.

Only thing is turn around time.

When holidays come , Turn around time increases ,may take upto 15 to 20days for whole process


Fund Realization Delay
T+2 days for contribution
T+7 days for withdrawal
Banks holidays
Stock market holidays

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Doing this for more than 2 yrs.


50000 grew to 50420 in 10 days with moderate risk.



Charges for using cc was 590.



https://cdn0.desidime.com/attachments/photos/586373/original/Screenshot_20190922-234228477_1.jpg?1569176214

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rogerthat wrote:

You must register for tier 1 account first. Funds can not be withdrawn until you attain 60 or retire.

After

Should I invest in tier1 to get to tier2?

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arunrush680 wrote:

Should I invest in tier1 to get to tier2?

Tier 1 is for pension you can’t withdraw. And also compulsory minimum contribution of 1000 per year.



Tier 2 is like savings account.



You can’t open tier 2 account without opening tier 1 account.

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rogerthat wrote:

Tier 1 is for pension you can’t withdraw. And also compulsory minimum contribution of 1000 per year.



Tier 2 is like savings account.



You can’t open tier 2 account without opening tier 1 account.

Cool, will do it. We get interest for the 10days & then can transfer the balance to our other bank acc.
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Deal Cadet
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Can we get nps account in rent and do this process??
Can we withdraw the money to any bank account.
I m not yet join any job so how to get pension

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Deal Cadet
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Does APY contribution comes under NPS??

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suspended
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Aur hmko koi 1% PE bhi nahi deta 😁😁

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rogerthat wrote:

Tier 1 is for pension you can’t withdraw. And also compulsory minimum contribution of 1000 per year.



Tier 2 is like savings account.



You can’t open tier 2 account without opening tier 1 account.

Which site you use to open NPS account?? enps or HDFC website?

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abhijitja wrote:

Does APY contribution comes under NPS??

Yes and same tax benefits

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rogerthat wrote:

Tax is on profit not on investment made.

You aren’t making any here.

Dear all,

Still, I am sceptical guys… can anyone from a financial background in the forum please confirm if this attracts tax implications?

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ZitOO wrote:

Which site you use to open NPS account?? enps or HDFC website?

Use link given by me

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