Post verification, the NPS account gets activated within a day.
Kotak Mahindra Bank Limited (KMBL) on October 1 announced it has launched the National Pension System (NPS) on mobile. The bank's customers can now open and operate their NPS accounts conveniently through the bank’s Mobile Banking platform, it said.
"All that a customer needs to do to open an NPS account through the Kotak Mobile Banking app is to upload a copy of the PAN card and a photograph. The process is completely paperless and the account can be opened instantly with just a few clicks," Kotak said in a press release.
It said that post verification, the account gets activated within a day.
"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," it said.
Shanti Ekambaram, Group President - Consumer Banking, Kotak Mahindra Bank said, “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.”
Regulated by the Fund Regulatory and Development Authority (PFRDA), NPS has been gaining popularity and over the last five years has witnessed strong double-digit growth in new subscriber registrations.
"NPS on bank's mobile app is available for both iOS and Android users," Kotak said.
Here's how to open NPS account on Kotak Mobile Banking app:
> Log in to the Kotak Mobile Banking app
> 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 and adds a Nominee
> Upload copy of the PAN Card and Photograph
> Confirm and authenticate the transaction
> The NPS account is instantly opened
NPS is a low-cost, tax-efficient voluntary retirement plan wherein a subscriber contributes towards the accumulation of a retirement corpus during her/his working life to procure a pension upon retirement.
The objective of NPS is to provide old age income security to subscribers.