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NPS New Rule: Credit Card As A Payment Mode To Be Stopped For Tier II Contribution
As per the PFRDA circular dated August 3, 2022, it has been decided to stop the facility of payment of subscriptions or contributions using credit card as a mode of payment in the Tier-2 account of NPS. Subsequent to the ruling, contribution towards NPS Tier I account can be made using credit card while it shall no longer be available i.e. credit card payment mode cannot be used for payment towards Tier II account.
"Accordingly, all PoPs are advised to stop the acceptance of credit card as a mode of payment for the Tier-II account of NPS with immediate effect", said the PFRDA circular.
The circular is released in exercise of the powers conferred under the Section 14 of Pension Fund Regulatory and Development Authority Act, 2013 to protect the interest of subscribers and to regulate, promote and ensure orderly growth of the National Pension System and pension schemes to which the act applies.
Credit card as a mode of payment for investment in market-linked securities is not advised as such payments result in over leveraging of high-interest money. Say for instance: NPS subscribers using credit card as a mode of payment are required to shell out payment gateway charge of 0.6%. The amount goes further more when GST is added to it.
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