New Delhi: Kotak Mahindra Bank on Friday announced that it has launched the National Pension System (NPS) on its mobile banking platform. Kotak said its customers can now open and operate their NPS accounts conveniently through the lender’s app. It also mentioned that the NPS is available for both iOS and Android users.
The private lender said that the process is completely paperless and the account can be opened instantly with just a few clicks. “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,” Kotak added.
Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank said, “NPS on Mobile is another step in that direction. The NPS scheme offers a number of benefits to subscribers to help build a secure future for themselves and their loved ones 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, “As a pension regulator, we always encourage adoption of technological advancements for enhancing subscribers’ experience in NPS. It gives us immense pleasure to announce that Kotak Mahindra Bank has integrated NPS on-boarding in their Mobile Banking app and this 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.”
Kotak said that its users can open the account in five quick steps once they login to the bank’s mobile banking app:
1) Click on the ‘National Pension System (NPS)’ icon under ‘Invest’ or under ‘Apply Now’;
2) Enter investment details: Amount, Frequency of Investment, Choice of Pension Fund Manager, etc;
3) Enter personal details and add a nominee;
4) Upload copy of the PAN card and Photograph;
5) Confirm and authenticate the transaction; and the NPS account can be opened instantly.
The Pension Fund Regulatory and Development Authority (PFRDA) observed ‘NPS Diwas’ today to raise awareness about pension and retirement planning.
Regulated by the PFRDA, NPS has been gaining popularity and over the last five years has witnessed strong double digit growth in new subscriber registrations.
NPS is a low-cost, tax-efficient voluntary retirement plan wherein a subscriber contributes towards accumulation of a retirement corpus.