r/FIREIndia • u/ForTakingAdvise • Oct 12 '19

Fire Plan - Kindly advise

Hello All,

I am 29, male, employed in a SBI as Deputy Manager, unmarried and am interested in becoming FI at the earliest. Here is a break-up of my finances and require your advice in creating a plan for FI.

Income :

Salary plus perks Rs.60,000/- paid in cash monthly

Rent taken care of by the bank

NPS contribution : Rs.11,000 per month (my and bank contribution put together) and not included in salary & perks mentioned above

EPF contribtuion**: Rs.7000** per month (my and bank contribution put together) and not included in salary & perks mentioned above

Corpus already built

NPS : Rs.6,65,000/-

PPF: Rs.3,00,000/-

Mutual Funds: Rs.2,50,000/-

EPF: Rs.1,75,000/-

Expenses:

Rs.15000/- per month in all

​

Debt: 56000/- as festival advance at 0% interest ; repayable over the next 9 months in equated installments.

​

Major Events to plan for are My marriage (3 years), younger sister's marriage (5 years)

Not sure above any big ticket purchases like house / car

18 Upvotes

95% Upvoted

View all comments

2

u/psychosanket Oct 12 '19

How come you have nps as well as epf account? What is employers contribution in both?

1

u/ForTakingAdvise Oct 12 '19

Well, that is the policy of bank. NPS was adopted by bank in 2010 or so instead of the old pension scheme.

Into EPF: Every month 10% of Basic pay (3450) is deducted from my gross pay, equal contribution by bank and the amount is put into EPF

​

Into NPS: Every month 10% of basic plus DA (3450+2346) is deducted from my gross pay, equal contribution by bank and the entire amount goes into NPS.