This Bank Launches NPS On Mobile With 1 Day Account Activation Facility

Kotak Mahindra Bank Limited (KMBL) has gotten started with the introduction of the National Pension System (NPS) on mobile, as the Pension Fund Regulatory and Development Authority (PFRDA) marks 1st October 2021 as ‘NPS Diwas’ to increase awareness of pension and retirement planning. Customers of KMBL can now open and manage NPS accounts with ease and convenience via the bank’s Mobile Banking platform.

To open an NPS account using the Kotak Mobile Banking app, a subscriber only has to submit a copy of his or her PAN card and a passport size photograph. The entire procedure is digital, and the account can be opened in seconds with only a few taps. Upon verification, the account will be enabled within a day. Existing NPS subscribers can also make additional contributions and check account details such as overall contributed amount, total gain/loss, returns generated and more using the Kotak mobile banking app which is available to download for both iOS and Android users.

Steps to open NPS account using Kotak Mahindra Bank Mobile Banking App

  • A customer has to sign in to the Kotak Mobile Banking app after which he or she has to tap on the ‘National Pension System (NPS)’ button under “Invest” or under “Apply Now”.
  • Now the customer has to enter the mandatory required details such as Investment Details: Investment Amount, Frequency of Investment, choice of Pension Fund Manager, etc.
  • Now her or she has to add the required personal details along with nominee details.
  • Now he or she has to upload a copy of the PAN Card and Photograph
  • Upon successful authentication and confirmation of the transaction, the NPS account will be opened instantly.

Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank said, “In many ways, the mobile has become the centre of our lives. At Kotak, the majority of our customers are mobile-first and our endeavour continues to be to provide them with a range of services that they can access with ease and simplicity straight from our mobile banking app. 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.”…Read more>>