As the Pension Fund Regulatory and Development Authority (PFRDA) observes October 1, 2021 as ‘NPS Diwas’ to raise awareness of pension and retirement planning, Kotak Mahindra Bank Limited (KMBL) today announced that it has gone live with the launch of the National Pension System (NPS) on mobile. KMBL customers can now open and operate their NPS accounts effortlessly and conveniently through the Bank’s Mobile Banking platform.
How it works
Click on the National Pension System (NPS) icon under 'invest' or under 'Apply Now'
Enter investment details: Investment amount, frequency of investment, choice of Pension Fund Manager, etc
Enter personal details, add a nominee
Upload copy of PAN card, photograph
Confirm and authenticate transaction
The NPS account is activated within a day, post-verification.
A customer needs to do to open an NPS account through the Kotak Mobile Banking app.
Existing NPS subscribers can also make additional contributions through the Kotak mobile banking app as well as view details of their account including total invested amount, total gain/loss and returns generated.
Shanti Ekambaram, Group President - Consumer Banking, Kotak Mahindra Bank said, “The NPS scheme offers a number of benefits to subscribers and we believe that NPS on Mobile will act as an important catalyst and drive further growth of this pension plan.”
Supratim Bandyopadhyay, Chairman, PFRDA said, “IThis service would be available not only to new NPS subscribers who can open an account on the Kotak app, but also to existing subscribers who can now access their NPS account details seamlessly."
NPS on KMBL’s mobile banking app is available for both iOS and Android users. The objective of NPS is to provide old age income security to subscribers.
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