Got Infinia In First Try :)

[swipesmart]

Hi,
I got Infinia based on my salary eligibility. I went to branch and submitted all the documents. After 1 week I got message for Approval, first stage approval was Online check and after that I think it's manual check for which I got message after 2-3 Working days.

After card approval message, one of HDFC Agent called and was trying to sell Insurance along with Infinia. I'm not sure it was something that they started now or was it before also. They were saying it's mandatory to take it. For which I said it was not informed to me at the time of taking the card and hence you can cancel the card on that they said it's fine they will cancel the medical card and I will not have to pay for it.

QQ: Was it right decision to cancel the medical card ?

 

[imdjay]

When I said 46.5, it's fixed, not including any variable. 50% is base of this fixed. I can't exactly say about salary breakup. But numbers in your sheet for HRA exemption, HRA received, basic salary is less form my salary structure. Also, PF why you are taking 12% of basic ? We can also have 1800 instead of 12%. Your calculation as per your numbers are correct, but mine has different breakup.

That's max I can say. If you believe it's fine else you can request moderator to delete this post. I don't care on that as well.

If you increase the Basic to 50%, this would only increase your PF contribution and decrease the Net.
But Pf if you contribute 1800 instead of 12%. This will increase the Monthly Net. But Employer will match the same and won't pay more. hence net loss. If employer still pay the amount which they were paying earlier, then well your calculation makes sense.

 

[shivamk]

But Pf if you contribute 1800 instead of 12%. This will increase the Monthly Net. But Employer will match the same and won't pay more

Many employers would deduct the extra PF (employer contribution) from special allowance to match with employee contribution so net CTC remains the same

 

[Slayer]

Many employers would deduct the extra PF (employer contribution) from special allowance to match with employee contribution so net CTC remains the same

My employer be like this

 

[shivamk]

My employer be like this

Same for me as well

 

[swipesmart]

If you increase the Basic to 50%, this would only increase your PF contribution and decrease the Net.
But Pf if you contribute 1800 instead of 12%. This will increase the Monthly Net. But Employer will match the same and won't pay more. hence net loss. If employer still pay the amount which they were paying earlier, then well your calculation makes sense.

Not net loss, because even if they contribute they will contribute from your salary rather than their own contribution. Atleast that's what's my employer does.
So, 3L possible now ?

 

[Slayer]

To be honest I would choose new tax regime

Post Tax (Old) - 36.08 (5L deductions to be claimed)
Post Tax (New) - 35.7 (no randy rona)

And only in specific niche situations i'll recommend someone to go with old regime

@swipesmart ?? ??

 

[imdjay]

Not net loss, because even if they contribute they will contribute from your salary rather than their own contribution. Atleast that's what's my employer does.
So, 3L possible now ?

Based on your calculations, you will receive 3 lakhs. However, your CTC (Cost to Company) won't be 46 LPA as you haven't included Gratuity and Employer contributions.
Reputable organizations typically list Employer PF Contributions and Gratuity separately under retrials, but they are included in the overall CTC.

Also, your approach doesn't account for tax planning. By reducing your PF contribution to increase your net monthly salary, you forfeit the tax-free income benefit. You're effectively receiving only 70% of that amount for investment. However, fund management is a separate discussion altogether.

 

[vaibhav111vaibhav111 is verified member.]

How can we ensure that newcomers aren't creating threads with false information just to increase their post count?

In general, you read a post and either ask for or look for insight on how you or someone you know can benefit from it. It's a give-and-take relationship, so take positive things and keep learning. Regarding the increase in the number of posts, until we reach an era where AI creates accounts and posts on its own, we need to consider that someone is actually going through the trouble either to ask for help or to let others know about the possibility of getting XYZ cc.

 

[PrinceHeart]

In general, you read a post and either ask for or look for insight on how you or someone you know can benefit from it. It's a give-and-take relationship, so take positive things and keep learning. Regarding the increase in the number of posts, until we reach an era where AI creates accounts and posts on its own, we need to consider that someone is actually going through the trouble either to ask for help or to let others know about the possibility of getting XYZ cc.

Kindly move this thread to tax section. Cc wali koi baat hi nahi hai iss thread mein. Clickbait topic hai. Kindly change that as well. Faltu mein mera time waste ho gaya 4 pages parte parte.

 

[venkateshr]

Hi,
I got Infinia based on my salary eligibility. I went to branch and submitted all the documents. After 1 week I got message for Approval, first stage approval was Online check and after that I think it's manual check for which I got message after 2-3 Working days.

After card approval message, one of HDFC Agent called and was trying to sell Insurance along with Infinia. I'm not sure it was something that they started now or was it before also. They were saying it's mandatory to take it. For which I said it was not informed to me at the time of taking the card and hence you can cancel the card on that they said it's fine they will cancel the medical card and I will not have to pay for it.

QQ: Was it right decision to cancel the medical card ?

Thanks for sharing this. Just to be clear. You did not apply anything online at all prior and went to the branch first, approached the CC desk or the representative and gave your salary slips / ITR, PAN/ Aadhar etc. which they took and processed it ahead. Because if it is this simple, its worth a try!!

 

[swipesmart]

Thanks for sharing this. Just to be clear. You did not apply anything online at all prior and went to the branch first, approached the CC desk or the representative and gave your salary slips / ITR, PAN/ Aadhar etc. which they took and processed it ahead. Because if it is this simple, its worth a try!!

Yes, that's correct. I didn't applied online. Submitted all the documents hardcopy with self attested and handover to representative at bank.

 

[venkateshr]

Yes, that's correct. I didn't applied online. Submitted all the documents hardcopy with self attested and handover to representative at bank.

Thank you. This is very useful. I'll try the same at a nearby branch. Only issue is i've a DCB and Neu (both LTF) already. So under their policies i'm not sure if they would give their top card considering DCB also is in that tier. I'll still give it a shot!! Super helpful on your part to share this. Thanks again!!

 

[swipesmart]

Thank you. This is very useful. I'll try the same at a nearby branch. Only issue is i've a DCB and Neu (both LTF) already. So under their policies i'm not sure if they would give their top card considering DCB also is in that tier. I'll still give it a shot!! Super helpful on your part to share this. Thanks again!!

If you have existing card, then they might also check if you have spend 7.5L or some limit in last 6 month for eligibility. For mine, I got it closed before applying, as mine was Regalia so there was nothing to lose for me even if I didn't got, but for you it's DBC so.

 

[venkateshr]

If you have existing card, then they might also check if you have spend 7.5L or some limit in last 6 month for eligibility. For mine, I got it closed before applying, as mine was Regalia so there was nothing to lose for me even if I didn't got, but for you it's DBC so.

Thanks. Yes this is an important criteria. I'll check and probably ratchet it up to 7.5-8L+ if it's inadequate before going for the card. Thanks

 

[SonyTom]

If you have existing card, then they might also check if you have spend 7.5L or some limit in last 6 month for eligibility. For mine, I got it closed before applying, as mine was Regalia so there was nothing to lose for me even if I didn't got, but for you it's DBC so.

1. How many months had lapsed since you closed Regalia?
2. What was your limit on Regalia?
3. Did you have any credit card with limit over 8 lakhs?

 

[Shin-Chan]

Thank you for pointing this out. I would appreciate it if you could educate me a bit more.

First, when I asked about your CTC, I assumed it included components like PF and Gratuity, as is standard in the IT industry. Therefore, the actual gross amount would be less.

Second, companies offering high CTC often allocate a significant portion (around 30%) as variable pay. This variable pay is typically disbursed quarterly, half-yearly, or annually, rather than monthly, which can affect your net monthly salary.

Assuming you're proficient in tax savings, it would be helpful if you could share some effective strategies with us.

Also, please review this sheet and update your assumptions accordingly. It already accounts for the full 80C, 80D, and the 50k standard deductions under the old tax regime. You can see 46LPA will not give you 3L monthly net credit even if you opt for full allowed HRA.

I am not sure of all this I was told by HDFC Corporate Salary account person that they can arrange Infinia if CTC is 42+ and Salary account is with HDFC while 48+ will be needed if Salary account with other bank.