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Best card for NPS Contribution

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Waynoway

Waynoway

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Last update: 10-04-24
  • HDFC : Milestone benefits only ✅
  • HSBC Cashback: 0% ✅
  • AMEX Gold Charge: 1 MR/50 + Milestone benefits ✅
  • AMEX SmartEarn/ MRCC: Milestone benefits only ✅
  • AU Zenith: Milestone benefits only ✅
  • AU Zenith+: 1% + Milestone benefits ✅
  • ICICI APay: 1% ✅
  • SC Smart: 2% ✅
  • SC Ultimate: 2% (Govt. transaction)
Note: Mostly other cards from same bank works with varied reward rate and similar rule of exclusion.

Tip: IDFC, IndusInd, BOB provides better rewards using payzapp like prepaid card load (MCC: wallet) which you can use to pay NPS compared to direct payment where you'll get from 0.25% to 0.8% only on these cards.

For NPS payments MCC: 9399 (Govt. Services)

Do check both payment gateways Razorpay and Billdesk (above values are according to Billdesk gateway).

Also, do share missing cards rewards that you tried, will update accordingly.

PG Charges (with GST) on NPS website/app:
  • VISA, Mastercard & AMEX = 0.885% (0.75% + GST)
Note: Above are for TIER 1. TIER 2 disabled credit card payments (based on latest available options).

If in doubt, always try test transaction and confirm with support. Things may chage any time, proceed with caution.
 
Last edited by helloworld:
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hellobois said:
after paying this charge how much you get from Amex? is it a good deal as NPS amount will be blocked till 60 yrs of age. pls reply
Click to expand...

to invest in NPS TIER 1 or not?

It is subjective and depends on own personal preference. Yes, you have to lock your investments upto 60yrs. of age and then also you have to opt for Annuity/Pension for some 20%-40% amount even after you cannot withdraw whole amount at a time and have to pay tax for some % even after 60 years.

For now, you can invest based on following:

- If you're 30% bracket income, do invest 50k and save some taxes and put some good use of that 15,000 somewhere rather spending.
- 100% withdrawl allowed if the total accumulated corpus is upto Rs 5 lakh. that is if you follow 1st step then its 10 years but its meant to be retirement.
- Govt. do change and rules do change, so whatever you have this year, it might not applicable next year or after 10 years.

Again, its based on personal and own preferences.

how much you get from AMEX?

This is for MRCC at lowest redemption - highest will be double its value:
  • Total Spend: Rs 1.56 Lakhs (12* 4x1500, 6* 14000)
  • Total MR Points: 18000 (12* 1000, 6* 1000)
  • If we value each MR point at worst 35 paise, then you get return of Rs 6300 ~3% (incl. payment gateway 0.885% charges)
This is what usual spend based offers looks like on NPS spends during promotion by other cards upto 4% (including 0.885% charges):

https://www.technofino.in/community/threads/au-bank-insurance-premium-payment-nps-offer.94/

Gold (depends on renewal benefits but you can apply same lowest redemption here too).

Note: If you have any card that provides ~4% on Govt. payments / Utility, AMEX not required.
 
Upvote 1 Downvote
What is the best card now for NPS Tier 1 payments? Can take a new card, if required. Already completed 4 lakhs on amex plat travel card. Also, does IDFC select card give rewards on NPS payments?
 
Upvote 0 Downvote
silcc said:
What is the best card now for NPS Tier 1 payments? Can take a new card, if required. Already completed 4 lakhs on amex plat travel card. Also, does IDFC select card give rewards on NPS payments?
Click to expand...

Reference purpose (things might change for some cards):

Best Card for NPS Tier 1 Investment

Gold I own it’s different criteria we get rewards for fuel tootrue. MRCC does not give points. gold charge gives for almost everything except insurance.
www.technofino.in www.technofino.in
 
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pankaj_ji said:
Whats best way to pay in NPS ?
It seems almost every method is getting closed. credit card charging 0.89% extra ? Did anyone tried HDFC Easy shop platinum card?
Click to expand...

credit card always charged that extra and they didn't even increased also for the past 2+ years, and nothing closed except a very few cards w.r.t NPS. Refer above link and let us know which are not rewarding on NPS.
 
Upvote 0 Downvote
helloworld said:
credit card always charged that extra and they didn't even increased also for the past 2+ years, and nothing closed except a very few cards w.r.t NPS. Refer above link and let us know which are not rewarding on NPS.
Click to expand...
Why do people invest in NPS and block their money?
Is it for .5% cashback or tax saving?
 
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