nps account help

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rockylucifer

My father opened an NPS account a long time ago. Now, he is being charged POP fees for every investment transaction. These charges don't seem to make much sense since everything is handled online and doesn't require any assistance from POPs.

Does anyone have any suggestions for minimizing these fees, other than the QR code trick? We prefer not to use UPI, as we usually get cashback rewards with debit or credit card payments.

Is it possible to close my father's NPS account and reopen a new one to avoid these charges? Or is there another way to remove them?

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Benevolent Benevolent
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you can try transferring your NPS to kfintech also. may be there they won't charge POP fee
Flame Flame
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Closing and reopening the account might not be the most practical solution, as it may involve penalties or fees. Moreover, the new account might still be subject to POP fees.

Deal Newbie Deal Newbie
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Just make investment via UPI to avoid any charges.


Payments via UPI:
Unified Payments Interface (UPI) is an instant real-time payment system works by instantly transferring funds from a mobile platform. With a UPI-enabled bank account, you can simply create a UPI ID which can be used to send/ transfer money.

Steps for Activating UPI:

Download the UPI application from the App Store/Banks website
Register UPI ID (VPA) of your choice e.g., abc@upi
Set MPIN for authentication of transaction
Link the bank and account number with the VPA
Contribution in NPS using UPI:

User has to select UPI as mode of payment option. Payment through your UPI is only upto Rs.2000/-(Including Charges).
Provide the Virtual Payment Address (VPA)
Payment notification will be received on UPI application
User has to login to UPI application and confirm the transaction within the defined time limit
User needs to enter the MPIN to authenticate the transaction
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Once u open with POP, u cannot shift back to eNPS.

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