Best way to transfer from credit card to savings account / cc limit enhancement trick
- 40734
- 491
-
- Last Comment
National pension system? How to use it?
Your is best and consider masking details
Can be withdraw funds from NPS account before 60 years ?
Go through the website 
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)
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.
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.
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
Bro, you have been doing this for 2 years and decided to share it with us now 
Just kidding .. thanks for sharing
+ kg
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
Does APY contribution comes under NPS??
Yes and same tax benefits
Aur hmko koi 1% PE bhi nahi deta 😁😁
What about people working in Central Government as they are members of NPS? Do they need to open new NPS account or the existing one works?
Existing one works. Just activate tier 2 account.
Any e-wallet (with full KYC) allowing free transfer to bank account ?
Not allowed as per RBI directions
No harm in using this to a limit.
Exploits are always harmful.
Use this wisely as per requirement.
CC is basically working as an OD account in this scenario.
Yes. I have seen that. I don’t know why Amazon says so while RBI guidelines state otherwise. I have done full KYC on amazon pay (not biometric, only documents upload and Physical verification), but no bank transfer option
Coming from a bit finance background, this is what I think.
Suppose you borrow personal loan from a bank, invest in nps tier 2, withdraw after few days and then pay off personal loan. This is a legitimate transaction and you r supposed to pay tax only on the profits generated out of the nps investment.
Now in the above example replace the personal loan with a credit card (credit card is technically an unsecured loan in the books of the banks). So you see the transaction is very much legitimate and u need to pay tax only on the profits from th investment.
Would love to hear a different opinion on this or anything i have missed out on the above.
It is legitimate, however when a notice will come you will have a tough time explaining the officer this scheme
Update : first time i tried with my axis Flipkart for 10k
Transaction is eligible for 1.5% cash back. So win win situation.
which gateway did you use SBI or billdesk?
I have an apy account. Do I have to visit bank and open a tier 2 account?
Apy does not have tier 2 account.
How many Saving Reward Points can I get if I transact using my IndusInd Bank Platinum Aura Edge Credit Card? Will it be 0.5 per Rs. 100 or 1.4 per Rs. 100?
Is NPS payment considered as insurance premium payment?
Please update the main post with the below.
Tier1 account :
Minimum amount to open : Rs500
Minimum amount of deposit per year : Rs6000
Minimum contribution per year – one deposit
Minimum deposit loading : Rs500
Tier2 account :
Minimum amount to open : Rs1000
Minimum Balance to be maintained as on date 31 Mar ?? (Every year) – Rs2000
Minimum contribution per year – one deposit
Minimum deposit loading : Rs250
No option to edit available anymore
Does anyone know if Amex or Diners club card is supported for the NPS payments?
+1
@rogerthat can you please confirm if you see option for Diners card and Amex for payment on NPS portal .
Amex won’t give reward points for nps contribution.
Yes, but txn is counted towards the 4 that are required in MRCC to get bonus RP.
@ramadesidime Used to be 6000 now they have changed it to 1000.
ok good then.
Is apy and tier 1 same?
I am active in apy for last 2 years.
But i cant activate tier 2, it saying my pran no is invalid.
there is no tier 1 or 2 in apy.
just apy.
btw.
you can always open new account in name of your wife, father or any other family member.
I just received an offer of getting 5000 voucher by spending 42000 by 31st October on my hdfc regalia first cc …
How can I get benefited @rogerthat
nps tier 2
There is bug in their server. Even though there is no mismatch of name between Aadhaar and PAN, sometimes it says there is mismatch. Happened with me while trying to activate Tire 2. Tried next day again, then it works.
you open account recently for this purpose ?
for those with flip kart Axis cc
its a no brainier.
Do I need to do some paper work..like filling of any physical form or sending any form anywhere?
yes you need to fill the form online try to do aadhaar based kyc, if not successful. you have download print sign the form enclose relevant kyc documents self attested, photo, cancelled cheque to POP address for processing.
takes a week to 10 days at max for whole process.
![Cred - Free 2 Month Apollo 24/7 Circle Plan Worth Rs 199 (Back) [User Specific]](https://cdn2.desidime.com/topics/photos/1779828/medium/Screenshot2024-04-24-18-22-20-90204a3e7a56d80833934821a7ecffdc0a.jpg?1713963449)
![Load Your Bajaj Wallet With Minimum Rs 1000 & Get Flat Rs 10 On First 5 Transactions [Till 5 PM]](https://cdn1.desidime.com/topics/photos/1779707/medium/Screenshot2024-04-24at4.05.49PM.png?1713954978)
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%
HDFC is best for tier 2.C-25%
G-50%
No risk go for guaranteed growth.
G-100%
Pfm