NPS account query

65°
Deal Cadet
garg

I want to open a NPS account, not sure from where? Should I choose SBI, ICICI or some app like zerodha? Also on the site it shows to visit CRA for opening ac online, I am a bit confused.

I also wanted to open the Tier1 ac for saving tax and choose equity, but unsure how to choose these, and how to choose fund manager, and can ut be changed later?

Anyone can pls guide, really appreciate your help.

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Open directly on NSDL and save pop charges. 

Benevolent Benevolent
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No need to open thru any bank. just register yourself on NPS NSDL website online.
for fund manager u can choose HDFC, SBI or any of your choice.
also u can change the fund manager later on.
Talk-Of-The-Town Talk-Of-The-Town
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Go directly to enps from nsdl and open your account... From 3rd party apps/banks, you will be charged extra POP charges

Deal Cadet Deal Cadet
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POP charges are one-time or periodic? If periodic, how can we stop it?

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Deal Newbie Deal Newbie
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If you are salaried & your Employer provides NPS contributions for tax benefit, I would suggest to apply through the Employer. Employer NPS contribution has additional tax exemption; over & above 80C + 80CCD(1) limits. You will be able to contribute (self) in any case.
Even if you don't want to opt Employer NPS contribution now but may want to opt for it later, apply through fund manager linked with Employer so the transition will be smoother & might have less charges.

Ignore if not Salaried/Employer doesn't provide NPS option.

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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?

Benevolent Benevolent
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If you are only investing in NPS for the tax benefit, I would say compare NPS return (50k annually) vs MF return (35k annually), then decide.

If you are investing for any other reason, I think `eNPS - NSDL` or `Kfintech` will be the best choice.

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