Hot Deal

How much is too much NPS contribution using credit card

712°
Benevolent
Sudarshan61

As we know HDFC/Axis and other banks do cancel the credit card for misuse using NPS.

But I want to know how much is too much investment into NPS using credit card (Please not I am talking about genuine investment and not money rotation ).

I personally have been doing close to 70K a year without any issue so far.

Disclaimer
We are not SEBI/IRDA registered. The information provided herein is for education purposes only. We will not be responsible for any of your profit/loss with this channel's suggestions. Consult your financial advisor before making any decisions.
69 Comments  |  
18 Dimers
  • Sort By
Helpful Helpful
Link Copied

50K is okay every year

Benevolent Benevolent
Link Copied

On what basis? Just NPS1 limit ?
Again I am talking of genuine investment here .

View 20 more replies
Deal Captain Deal Captain
Link Copied

There is a 0.75% charge right @Sudarshan61
How are you paying it, any loop please DM bro

Deal Cadet Deal Cadet
Link Copied

I don’t think there’s any loop. It cc reward points/cashback only. I used axis ace which gives 2% cashback for nps. So effectively saving 1% after approx 1% charge. I used to do 10k per month for nps1 only and obviously 50k annually. For nps2, I never used credit card.

Deal Captain Deal Captain
Link Copied

Thanks bro, will explore that option if possible, by loop I meant, some savings without incurring charges, this should do it.

Generous Generous
Link Copied

I do transfer 25k at a time (based on spend based offers on card) to my nps tier 2 (later convert 50k to tier 1 for tax purposes) account totalling to roughly 1 lakh a year (spread accross 2-3 cards based on offers). Never had any issue from last 3 years.

Deal Cadet Deal Cadet
Link Copied

How do you convert 50k later to Tier1 from initial Tier 2 investment? @pankajsammal

View 1 more reply
Helpful Helpful
Link Copied

I recently opened my nps account in SBI via netbanking. I’m not clear on the next set of instructions. Do I need to submit the form with photograph and other KYC docs to NSDL, Mumbai office?
This is written in the form that I downloaded after registration:
The form should be sent within 30 days from the date of registration at the following address or else the PRAN will be ‘frozen’ temporarily.
Central Recordkeeping Agency
NSDL e-Governance Infrastructure Limited, 1st Floor, Times Tower,
Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013
The envelope containing the form and other supporting documents must clearly be labelled as “NPS Registration form – SBI Internet Banking”. Please Note: The form does not require any verification by SBI branch and needs to be directly sent to NSDL office as above.

Any guidance will be helpful.

Benevolent Benevolent
Link Copied

u should be getting eKYC option, must be there check for it; if u do eKYC no need of sending physical form

View 11 more replies
Deal Cadet Deal Cadet
Link Copied

@raman12 @decideaim @Sudarshan61 Guys can you please help me for the amount that I can invest in NPS Tier 1 & 2 respectively…Newbie to this…Right now add about 50k in PPF & 42k in LIC. Any better investment options for NPS Tier 1&2?

Deal Cadet Deal Cadet
Link Copied

Also someone please suggest the best PFM (Pension Fund Manager) that I can choose while opening the NPS account. @Sudarshan61 @raman12 @decideaim

View 6 more replies
Benevolent Benevolent
Link Copied

Sorry for the dumb question but how can I pay NPS using credit card? biggrin

Deal Subedar Deal Subedar
Link Copied

its allowed but its selective, my one cc works but another doesnt, so try ur luck, hope u succeed.

View 1 more reply
Deal Subedar Deal Subedar
Link Copied

i used icici apay card, tried it twice and it didnt go though, next time tried internet banking and viola, it worked!

Tech Guru Tech Guru
Link Copied

I am beginner in NPS
From where to start?
Looking for medium risk and tax saving purpose
No CC btw

Deal Cadet Deal Cadet
Link Copied

What is nps?? It is better than mf?

Deal Subedar Deal Subedar
Link Copied

@BAT_MAN , @lootmaal , there are a couple of threads discussing pros-cons of nps in dd itself, have a look and u might have a better idea if u want it or not

Deal Cadet Deal Cadet
Link Copied

does flipkart axis cc provide 1.5% cashback for nps transactions?

Benevolent Benevolent
Link Copied

Yes

Deal Cadet Deal Cadet
Link Copied

@pankajsammal @Sudarshan61 For tax purposes, do we have to put 50k in Tier1 & show it or we can put a combination of amount in Tier 1&2 ?
Is there any check from IT deptt. for an individual’s PRAN that 50k has to be there in Tier1 specifically?

Benevolent Benevolent
Link Copied

Has to be Tier 1.

IT dept has all details, dont try to be smart
Although they dont go after small fish but why to become a fish.

View 7 more replies
Deal Subedar Deal Subedar
Link Copied

can i self contribute 10% of basic and claim tax benefit under 80CCD(2) if employer is not doing (don’t hv policy).

Generous Generous
Link Copied

No you can’t claim in 80CCD(2).
and anyways anything above 50k in NPS is deducted from your 80C limit which I don’t think is a good idea as 80C has more flexibility for you to invest.

replyuser
Click here to reply
Reply