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How to remove your Aadhaar number from Paytm wallet and other Digital Wallets? Recently Supreme Court has declared that Aadhaar not required for opening any bank accounts, or for getting mobile phone connections, or admission to schools, etc.

So now that Aadhaar is not mandatory for any digital wallets in India, we explain step by step guide to unlink/remove your existing Aadhaar from Digital Wallets like Paytm.

Also Read: How To Open PPF Account In Axis Bank: Features, Eligibility & Withdrawal

How to remove your Aadhaar from Paytm wallet?

In case a customer wishes to unlink your Aadhaar number from Paytm, all you have to do is follow these below simple steps:

Step 1:  Call the Paytm customer care on 0120-4456-456, this helpline is available in English and Hindi only.

Step 2: Inform the representative that you want to unlink/remove your Aadhaar number from digital wallet.

Step 3: Paytm will send you an e-mail and ask for clear picture of your Aadhaar card.

Step 4: Once you reply that email with Soft copy of Aadhaar card, Paytm will then send you a mail confirming that your Aadhaar will be unlinked within 72 hours.

After 72 hours, you can also call the customer care and ask the status of delinking.

The post How to Remove your Aadhaar number from Paytm wallet? appeared first on Onerupee.net - Know more.

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EPF Number is the account number that can be used to get your EPF transferred, to check the status of your EPF, or to check the balance in the EPF account, etc. 

The typical EPF account number is given below

Example 1: KN/KRP/0054055/0000250

Example 2: KN/KRP/0054055/000/0000250

EPF number contains both the alphabets and numbers.

Every part of EPF number is separated by the slash( / ).

Format of EPF account number in India

KN = First two characters represent Regional Office code (In this case it is Karnataka Region)

KRP = Next three characters represents Regional Office / Sub-regional Office code (In this case, KRP stands for K.R.Puram and this account is under the K.R.Puram EPF office)

0054055 = Next seven digits represents Establishment/employer PF registration code

000 = Next three digits number represents any extension assigned to establishment or employer (00A, 00B, 00C or three zero’s if extension is blank).

0000250 = The last 7 digit represents actual EPF account number assigned to the employee.

Conclusion

Without the EPF account number, it was impossible to withdraw or transfer your EPF amount. Even though UAN is available now, EPF account number is the primary identity of your EPF account.

Hope you find the information useful. Do share your views/queries below as comments.

The post Format of EPF Account Number in India appeared first on Onerupee.net - Know more.

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House Rent Allowance (HRA) is the allowance given by an employer to an employee considered as the optimum tax saving instrument. HRA is given to meet the cost of a rented house occupied by the employee for his living. The Income Tax Act permits for deduction in respect of the HRA paid to employees. The exemption on HRA is covered under Section 10(13A) of the Income Tax Act and Rule 2A of the Income Tax Rules. 

Everything about HOUSE RENT ALLOWANCE (HRA) in India

1. HRA Exemption

Any special allowance or grant precisely granted to an employee by his employer to encounter expenses actually incurred on imbursement of rentin respect of residential accommodation occupied by the assessee, is exempt to the extent of least of the following:

(a) Actual HRA acknowledged.

(b) 40% (non – metro city) or 50% (metro city) of salary.

(c) Rent paid in excess of 10% of salary.

Salary here covers Basic salary and Dearness allowances.

Cities Like Delhi, Mumbai, Chennai and Kolkata sets up Metro. All cities except these are non-Metro. So if an individual resides in cities like Gurgaon, Faridabad, Bangalore, Hyderabad, etc. It would be called as Non metro and only 40% deduction will be allowed.

2. Who can avail HRA benefits?

All employee in India is eligible to claim HRAexemption if below mentioned conditions are met:

(a) Residing in Rented Accommodation by the employee.

(b) Employee is paying Rent for the house.

(c) HRA should be listed as a part of salary packagein the beginning.

(d) Employee should not be co-owner of the House.

3. For those who don’t get HRA

An assessee who possess the following conditions can’t be entitled for HRA tax exemption:

1. He lives in an employer-provided accommodation.

2. He is self-employed businessman or professional [However, they can claim benefits on the house rentexpenses incurred under section 80GG but is subject to certain conditions]

3. He lives in his own house.

4. He owns a house in the same city. However, if he can prove that his own house is too far from his workplace or he can’t live there because of the family problem, he can claim tax exemption.

LET’S UNDERSTAND HRA WITH AN ILLUSTRATION:

Example: Mr. Aman resides in Kolkata earning a basic salary of Rs. 40,000 per month. The HRA element of his salary is Rs. 20,000 but the real rentpaid by him is Rs. 10,000. What is the exemption that Mr. Aman is supposed to get?

Solution: First let us look at the factors affectingHRA calculation. This will guide us to the answer consequently clearing our concepts. 

    a. Actual HRA received is (Rs. 20,000 x 12) = Rs. 2,40,000 

    b. Actual rent paid (Rs. 10,000 x 12) – 10% of salary [(Rs. 40,000 x 12) x 10%] = Rs. 72,000 

    c. 50% of basic salary [(Rs. 40,000 x 12) x 50%] = Rs. 2,40,000 

Thus, In the case of Aman, it is evident that the HRAamount which will be exempt from tax will be Rs. 72,000 because this is the  least amount of the three scenarios.

SPECIAL CONDITIONS FOR HRA EXEMPTION?

Limitations for the determinations of section 10(13A):

The amount which is not to be involved in the total income of an assesse in respect of the specialallowance mentioned to in clause (13A) of section 10 shall be:

(a) The actual amount of such allowance received by the assesse in respect of the relevant period; or

(b) The amount by which the expenditure actually incurred by the assesse in payment of rent inrespect of residential accommodation occupied by him exceeds one-tenth of the amount of salary due to the assesse in respect of the relevant period; or

(c) An amount equal to:

(i) Where accommodation is situated at Mumbai, Calcutta, Delhi or Madras, 50% of the amount of salary due to the assesse in respect of the relevant period; and

(ii) Where such accommodation is situated at any other place, 40% of the amount of salary due to the assesse in respect of the relevant period, whichever is the least.

4. How to make HRA claim?

No documentary proof is required if HRA claim is up to Rs 3000 / Month. If the amount exceeds this limit this will lead to a case in which you will be required to present the following documents as evidence of payment.

  • Rent receipts: Rent receipt format for HRA tax exemption includes one rupee rev­enue stamp affixed on a complete filled in receipt with complete details of rented house and landlord like address of rented house, name of the landlord, rental amount etc. with the sig­nature of landlord receiving the rent.
  • Rental agreement in some cases.

If the rent paid is in excess of Rs.8333/month i.e. Rs. 1,00,000 per annum then PAN Details of Landlord is mandatory for claiming exemption.

5. How to avail tax benefits on home loan andHRA at same time?

If the owned property and the rented property of an individual/assessee are in the same city, then tax exemption on both cannot be claimed. However, if he can prove that his own house is too far from his workplace or he can’t live there because of the family problem, he can claim tax both HRA as well as housing loan.

However, Tax benefits on HRA are relevant as long as you are giving rent for your housing. You can gain tax benefits on your home loan as well as HRAbenefits in case your own home is rented out and you yourself are staying in a rented place. However,in such a case you need to disclose your rental income or income from property from which suitable tax will be deducted by the government.

In another way we can also say that yes you can claim both tax exemptions together. If you are a home owner paying back home loan but living in a rented accommodation then you can get tax benefits for both cases.

IMPORTANT FAQS OF HRA:

1. An individual is living with his parents and home isin his mother’s name. How can he get tax benefits? Is there any legal way?

You can show that you are living in your parents’house as the tenant and pay them the monthly rental. In this way you can get the HRA benefit.

2. An individual has paid rent to his wife/Father. Can he/she claim HRA exemption?

If this is actual payment then yes you can claim rentexemption even if the rent is being paid to your family members. But remember House must be on their name or he / she must be authorized to receiverent on the property. Though the above point have no relation with HRA exemption but tax planning should be done carefully and remain with in limit.

3. What can an individual do if his landlord does not have PAN? How do the individual claim tax deduction on HRA?

It is compulsory to get PAN details of your employer to claim tax benefits on HRA. But, if your landlord does not have a PAN then you must get a declaration from him affirming the same. It is healthier that you get the details (PAN or declaration) before you take place on rent in order to avoid difficulties at the time of filing income return.

4. Can HRA and housing loan both be ask for if an individual has purchased house in one city and he stays in rented house in some other city?

Yes, it’s possible.

5. Whether all  twelve months rent receipts needed to be submitted for HRA?

Not needed. You can submit rent receipts for 2 months or at the most 3 months.

FINAL POINTS TO BE NOTED WHILE CALCULATING YOUR HRA:

1. Computation table of HRA.

ParticularsRs.Rs.
Amount Received during   the financial year for HRA xxx
Less : Exemption u/s 10(13A)   Least of the followings :  
           (a)  Actual Amount Received.xxx 
          (b)  50% (For Metro cities) / 40% of Salary (for other places)xxx 
           (c)  Rent paid less 10% of salaryxxxxxx
(xxx)

 2. How to claim Section 80GG deduction?

The lowest of these will be considered as the deduction under this section:

  • 25% of total income
  • Rs 2,000 per month
  • Actual Rent less 10% of Income 
    (In both the above cases, income to exclude long term capital gain, short term capital gain under section 111A and Income under section 115A or 115D and deductions 80C to 80U. Also income is before making deduction under section 80GG).

If you have any doubts regarding HRA, kindly leave your comments. We would try our level best to address those.

The post Everything about HOUSE RENT ALLOWANCE HRA in India appeared first on Onerupee.net - Know more.

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Axis PPF Account – Get to know everything related to opening a PPF account in Axis bank, features, interest rate, eligibility , etc.

A PPF is an excellent way to save for your retirement by investing small amounts of money regularly. Also, PPF enjoys Exempt-Exempt-Exempt (E-E-E) tax status.

This means,

  1. Your PPF contributions are eligible for tax deduction under Section 80C
  2. Interest earned from PPF is tax-free
  3. Even maturity are also exempt from tax.
However, the most common question often asked is ‘how to open a PPF account?’

The answer is simple.

You can open your PPF account at a Post office or in a authorised bank in India.

In this post, we will see how to open a PPF account in Axis Bank. At present, the Axis PPF account can be opened only in offline at a branch.

To open a PPF account, you will need the following documents:

  1. Fill in ‘Form A’ (You can get this form in Axis Branch)
  2. An Identity proof (PAN card, Aadhaar, Voter Id, valid Passport, permanent Driving License, etc.)
  3. A proof of residence (Valid Passport, permanent Driving License, Voter Id, Aadhaar, Ration Card, etc.)
  4. 2 passport size photographs
  5. Nomination form (Form E)
Who is eligible to open a PPF account?

Any Indian citizen can open a PPF account and there is no entry age to open PPF. Even a minor is allowed to open a PPF through a guardian.

What is the Initial deposit to open PPF account

The initial deposit required to open a PPF account is Rs. 500 and the maximum deposit allowed within a year is Rs. 1.5 Lakh.

Important points to remember:
  1. NRI’s are not allowed to open a PPF account, however If he/she opened the account while being in India, then they can continue their PPF account till the maturity.
  2. 1 withdrawal per year is permitted, starting from your 7th year, withdraw is limited to 50% of the balance credit accrued at the end of the 4th year.
  3. PPF subscribers are eligible to opt for a loan against PPF. PPF loan is however only allowed from the 3rd year to the 6th year of the PPF account operation.
  4. After maturity, PPF subscriber has the option to extend their maturity period of the PPF account in a block of 5 years.
  5. PPF Subscriber has the option to transfer his/her PPF account from bank to post office or vice versa. Similarly, he/she can also transfer a PPF account from one bank branch to another or to other banks as well.

The post How to open PPF Account in Axis Bank: Features, Eligibility & Withdrawal appeared first on Onerupee.net - Know more.

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Do you want to change/correct your name or Date of Birth in PF account because it is wrong?

Do you want to change your Surname name after the marriage?

Now your name, gender and date of birth correction can be easily updated in UAN online. Let us see the process below.

  1. The employee will first raise online request in UAN portal
  2. Next step is your change request will be forwarded to the current employer.
  3. The employer can approve or reject the request online.
  4. Once the Employer approved, the request will send it to EPFO office, where the related officer will verify your request and will approve or reject it.

Related post: Tax On EPF Partial Withdrawal In India

Steps to update your Name, Birth Date Online in UAN

Step 1: First step is Login to Member Interface of Unified Member Portal using your UAN and password.

Step 2: In the Navigation bar, go to the ‘Manage’ and click ‘Modify Basic details’.

Step 3: In the change request screen, you have to give the correct details as per Aadhaar. The given data will be compared with UIDAI database
simultaneously.

Step 4: After updating the details, click on “Update Details” option below. Next your request will be automatically submitted to your employer for further approval. Till an employer approves your change request, you can delete this request.

Step 5: Once your employeer approved, the change request will be transmit it to the EPFO field office online.

Step 8: The EPF staff will then process the requested corrections in name and date of birth of the employee.

The post EPF UAN Correction – How to update Name, Birth Date Online in UAN? appeared first on Onerupee.net - Know more.

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Contribution towards your EPF or PPF account provides a benefit by way of a deduction under Section 80 C.

It also is good to know what would be the income tax implications of your PF withdrawal or advances.

Basic Rule for PPF or EPF withdrawal
  • You are allowed to withdraw up to 50% of the balance in the EPF account after completion of 5 years.
  • One partial withdrawal is allowed in each fiscal.

Interestingly, EPF withdrawal is taxable under certain circumstances and exempt under certain circumstances.
Let us look at the TDS aspects on Premature EPF withdrawals including Loans.

  • Any premature EPF withdrawal exceeding Rs. 50,000/ attracts TDS. This has been made effective 1st June 2015.
  • All EPF withdrawals made before the stipulated 5 years period fall under the Income Tax purview
EPF – Partial Withdrawals Rules

Partial withdrawals are an option available under the EPF section and can be for many purposes. Some such purposes are enlisted below for clarity.

  • House Purchase
  • Expenses incurred towards Marriage & Education
  • House construction
  • Medical treatments
  • Home Loan repayment
  • Home renovation and repairs at home
Clauses applicable – Partial EPF withdrawals for different purposes

Irrespective of the purpose of partial withdrawal of EPF, some basic rules need to be adhered to by all concerned. Such clauses are enlisted below for clear understanding for each purpose.

  • If you are planning to partially withdraw your EPF amount for the purpose of flat or house purchase including an already built one or buying a site or for the construction of a new flat or house,
    • You must have completed a minimum of 3 years of service
    • You must have made a minimum of 3 years contribution to your EPF account
    • The permissible amount that can be withdrawn is 90% of the EPF balance or the total cost of your commitment which is lesser on a comparative scale
    • Withdrawal for such purposes is allowed only once in a lifetime
    • No declaration needs to be submitted for EPF partial withdrawal purposes under this category. However, In order to take an EPF advance for the purchase of flat or house an Application Letter needs to be submitted to the Commissioner of RO/SRO.
    • These clauses are applicable for properties held individually by the Employee, his spouse or jointly by both
  • If you are planning to partially withdraw your EPF amount for the purpose of altering or making improvements in the flat or house you are dwelling in, then
    • You can do so only after 5 years after the construction of the house or flat
    • The permissible amount that can be withdrawn is Employee share of EPF along with the interest component or 12 months of basic wages of the Employee including Dearness Allowance (DA) or the actual cost of alterations whichever is the lowest
    • Withdrawal for such purposes is allowed only once in a lifetime
    • No declaration needs to be submitted for EPF partial withdrawal purposes under this category
    • These clauses are applicable for properties held individually by the Employee, his spouse or jointly by both
  • If you are planning to partially withdraw your EPF amount for the purpose of Home Loan repayment, then
    • You must have completed a minimum of 10 years of service
    • The permissible amount that can be withdrawn is 100% EPF balance or the total home loan outstanding amount or 36 times of monthly salary whichever is lower
    • Withdrawal for such purposes is allowed only once in a lifetime
    • Needs to submit Loan Statement to the Employer from the Institution to which loan amount is due along with Form 31
  • If you are planning to partially withdraw your EPF amount for the purpose of Medical treatments, then
    • No minimum years of service are stipulated as a mandatory clause for treatment of self or for the family
    • The permissible amount in both cases is a maximum 6 months basic salary jointly with DA (Dearness Allowance) or the Employee share of PF contribution including the interest it has earned till then.
    • Partial withdrawal of EPF for Medical purposes is allowed as many times as any Medical emergency arises.
    • Certificate C must be produced approved by the Doctor and the Employer
  • If you are planning to partially withdraw your EPF amount for the purpose of Education or Marriage expenses, then
    • You must have completed a minimum of 7 years of service
    • The permissible amount that can be withdrawn at any point of time is 50% of the EPF contribution along with the interest component it has earned
    • Withdrawal for such purposes is allowed three times during your service period
    • In the case of partial withdrawal of EPF for marriage purposes, the concerned Employee must declare the same in Form 31
    • In the case of partial withdrawal of EPF for education purposes, a declaration is to be taken from the Head of the Institution where the higher education is to be carried out must be obtained about the course of study and the approximately estimated expenditure. This must be submitted along with Form 31
  • If you are planning to partially withdraw your EPF amount for the purpose of purchasing equipment that can minimize the hardships caused by any type of handicap, then
    • No minimum years of service are stipulated as a mandatory clause
    • The permissible amount that can be withdrawn at any point of time is 6 months Basic wages along with DA (Dearness Allowance) or the EPF contribution along with the interest it has earned till then or the actual cost of the equipment to be bought – whichever is the lowest.
    • Withdrawal for such purposes is allowed once in three years
    • In the case of partial withdrawal of EPF for the management of handicap purposes, the concerned Employee must get a Medical Certificate from an approved Medical Practitioner and submit along with Form 31
  • If an Employee who is more than 54 years of age partially withdraws from EPF within a year from his date of retirement, he is allowed to withdraw a maximum of 90% of contribution irrespective of the purpose of withdrawal.

The post Tax On EPF partial Withdrawal in India appeared first on Onerupee.net - Know more.

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Personal Finance: – In short, it is the judicious handling of your own money. It involves all financial decisions and activities of an individual or household – the practices of earning, saving, investing and spending.

If you have a basic knowledge about finance then in this article you can get all the tips for a good Personal Finance Planning: –

Plan a budget: –


“Do not save what is left after spending; instead spend what is left after saving.” 
― Warren Buffett

Having a budget is the first mandatory step to save money. It acts as a roadmap for what you have to do. The best method for this would be 50/30/20 breakdown:

  • 50% of your income should be used for things such as rent, home loan, utilities, groceries and transport
  • 30% should be allocated to lifestyle expenses such as dining out, clothes shopping etc.
  • 20% should go towards future security such as paying down debt and saving both for retirement and for emergencies

Create an emergency fund: –

  • It’s important that you understand, you pay for yourself first, so you should ensure that you have to set aside money for unexpected expenses–medical bills, rent if you get laid off, etc.
  • Between three to six months of living expense is the ideal safety net.

Limit the amount of debt

  • This is a thing that everyone knows but it turns out that it’s not as simple as it sounds. Because you need to avoid debt getting out of your hand.
  • One thing that can be done for this is spent only according to how much you earn.

Wise use of your credit cards

  • This credit card acts as one of the major reasons for a majority of debt traps. But, in spite of that not only they are crucial to establishing your credit rating, they’re a great way to track spending – a big budgeting aid.
  • Credit balance should ideally be paid off every month. One more option to this is the usage of debit cards.

Regular monitoring of the credit score

  • A credit card is the main source through which your credit score is usually built and maintained.
  • So, if you make sure that your spending in credit card is under control then your credit score will also be good.

Credit scores are calculated between 300 and 850. Here’s one rough way to look at it:

  • 720 = good credit
  • 650 = average credit
  • 600 or less = poor

Payoff student loan

It is one of the most important types of loans which should never be ignored as they can rise very fast and would act as huge debt and also will affect your credit score drastically.

  • It would be better if you go for federal loans instead of private ones as they are comparatively better.
  • Some federal and private loans are even eligible for a rate reduction if the borrower enrols in auto pay. Flexible federal repayment programs worth checking out include:
    • Graduated repayment – progressively increases the monthly payment over 10 years
    • Extended repayment – stretches the loan out over a 25-year period

The post Steps for successfully managing your personal finance appeared first on Onerupee.net - Know more.

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One Rupee by Mohammed Ali - 1M ago
How to Link Aadhaar with India Post Bank Account

Aadhaar has become one of the most important documents these days which serves as a valid proof of address and identity when opening a bank account; it is required for all kinds of financial transactions and when availing the LPG subsidy and for PF disbursement and pension schemes etc. too.

Keeping in mind the increased use of Aadhaar card, the Government of India has made it mandatory for people to link Aadhaar card with their bank accounts, PAN card and India post bank savings accounts that further include your Post Office Deposits, PPF, National Savings Certificate (NSC), Kisan Vikas Patra (KVP) and other banking services which are provided by India Post.

Steps to link Aadhaar Card with India Post Bank Account via India post branch
  1. Visit the nearest India post branch along with a copy of your Aadhaar card and bank passbook.
  2. Get Aadhaar linking form from the branch, fill it by inputting the essential details, enclose a copy of your Aadhaar card with the form and submit it to the branch.
  3. Upon submitting the duly filled application, you will receive an acknowledgment slip that will confirm your request to link your Aadhaar with your India Post Bank Account
  4. Once your application will be processed by the bank, you will get a notification via SMS on your registered mobile number.
Steps to link Aadhaar Card with India Post Bank Account via India post ATM
  1. Visit the nearest India post ATM.
  2. Swipe your ATM/debit card and enter the PIN no. to authenticate the account.
  3. Once the ATM machine accepts your card, go to the “Other service” option and select “Aadhaar Seeding”.
  4. Enter your 12-digit UAN/Aadhaar number.
  5. Tick on the box to accept terms and click “Submit”.
  6. After which you will receive an acknowledgment slip that confirms your request.
Steps to link Aadhaar Card with India Post Bank Account via India post Internet banking
  1. To begin the process, log on to your internet banking account using your User ID and password.
  2. Click on the link that says “Registration of Aadhaar Number in Internet Banking” on the home page.
  3. Enter the 12 digit Aadhaar number in the asked field and click on “confirm”.
  4. Select the savings account for which the Aadhaar number has to be linked.
  5. This will confirm your request. To inquire about whether your Aadhaar number update request has been accepted or rejected, you can click on “Inquiry” option on the homepage of the website.

Linking your Aadhaar card with all your bank accounts or India post bank accounts has been made mandatory by the government for almost all of the financial transactions. Any sort of negligence in this regard may lead to account blocking. So by now if you have not linked your Aadhaar card with your India post bank accounts, you need to do it right away by following any of the aforementioned methods. These are safe, secure and time-saving ways to get your Aadhaar Number linked to your India Post Account.

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How to remove your Aadhaar number from Paytm wallet and other Digital Wallets? Recently Supreme Court has declared that Aadhaar not required for opening any bank accounts, or for getting mobile phone connections, or admission to schools etc.

So now that Aadhaar is not mandatory for any digital wallets in India, we explain step by step guide to unlink/remove your existing Aadhaar from Digital Wallets like Paytm.

Also read: New EPF Loan, Advance, Partial Withdrawal Rules You Must Know

How to remove your Aadhaar from Paytm wallet?

In case a customer wishes to unlink your Aadhaar number from Paytm, all you have to do is follow these below simple steps:

Step 1:  Call the Paytm customer care on 0120-4456-456, this helpline is available in English and Hindi only.

Step 2: Inform the representative that you want to unlink/remove your Aadhaar number from digital wallet.

Step 3: Paytm will send you an e-mail and ask for clear picture of your Aadhaar card.

Step 4: Once you reply that email with Soft copy of Aadhaar card, Paytm will then send you a mail confirming that your Aadhaar will be unlinked within 72 hours.

After 72 hours, you can also call the customer care and ask the status of delinking.

The post How to Remove your Aadhaar number from Paytm wallet? appeared first on OneRupee.

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What is NPS Tier 2 account: Tier 2 in NPS is a pension scheme similar to Tier 1 but with greater flexibility in terms of withdrawal.  Tier 2 is a voluntary account without any lock in period. This allows the account holder to withdraw their money anytime without any penalty. But one must have an active Tier 1 account to open a Tier 2 NPS account.

Investment options in NPS Tier 2 account

Account holders can choose between Government Securities, Fixed Income Instruments and Equity Funds. But only 50% of your amount can be invested in Equity investment. There is also an option for Auto investment, where the fund automatically select the category based on your income and age. Mandatory minimum amount for opening an NPS Tier II is 1,000 INR.

NPS tier 2 Taxation rules

Unlike Tier 1, investments in NPS Tier 2 account don’t qualify for any tax deductions. The main reason for this is Tier 2 Account does not have any locking period which Tier 1 account has.

Withdrawals from Tier 2 NPS account within a year attracts a short-term capital tax for the account holders while withdrawals after a year attract long-term capital tax.

The debt plans of Tier II NPS scheme are attractive with lower costs and better returns. But due to the new Long-Term Capital Gains (LTCG) regime tax, the attractiveness of NPS Tier-II account will be reduced.

How to open NPS Tier 2 account online
  1. Visit eNPS official website and click the “Tier II activation” option
  2. Next screen, add your details like PRAN, Date of Birth, PAN and click on “Verify PRAN” button.
  3. Once your PRAN verification done, Tier 2 account will be activated immediately.
Also read: How To Switch From Regular Mutual Fund To Direct Mutual Fund (Online And Offline) How to open NPS Tier 2 account offline

One must approach POP-SP (Points of Presence) to Tier 2 account.

You can get the details of nearest POP-SP from the below link:
https://www.npscra.nsdl.co.in/pop-sp.php

Account holder must fill and submit the Annexure I form. You need to provide your PAN, PRAN details along with Bank A/C number, Bank name, MICR, IFSC code, address etc. In the same form, you need to select the NPS scheme, option and allocation for Tier II. The properly filled form must be submitted to the POP-SP for activation.

One can also open both NPS Tier 1 & 2 at the same time by filling composite NPS application form.

If you think your friends and family would find this useful, please share it with them – I’d really appreciate it.

The post How to open NPS Tier 2 Account online and offline appeared first on OneRupee.

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