As the Pension Fund Regulatory and Development Authority (PFRDA) observes 1st October, 2021 as ‘NPS Diwas’ to raise awareness of pension and retirement preparing, Kotak Mahindra Bank Ltd (KMBL) today announced that it has gone live with the launch of the National Pension System (NPS) on mobile. KMBL buyers can now open and operate their NPS accounts effortlessly and conveniently by way of the Bank’s Mobile Banking platform.
All that a buyer demands to do to open an NPS account by way of the Kotak Mobile Banking app is to upload a copy of the PAN card and a photograph. The approach is entirely paperless and the account can be opened quickly with just a couple of clicks. The account gets activated inside a day, post verification. Further, current NPS subscribers can also make further contributions by way of the Kotak mobile banking app as nicely as view facts of their account such as total invested quantity, total acquire/loss and returns generated.
Regulated by the PFRDA, NPS has been gaining recognition and more than the last 5 years has witnessed sturdy double digit development in new subscriber registrations.
Commenting on the very same, Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank, stated, “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.”
Supratim Bandyopadhyay, Chairman, PFRDA, stated, “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. I believe this initiative by the Bank will complement our efforts in a big way in realizing our vision of creating a pensioned society in India.”
NPS on KMBL’s mobile banking app is accessible for each iOS and Android customers.
NPS is a low-expense, tax-effective voluntary retirement strategy wherein a subscriber contributes towards accumulation of a retirement corpus in the course of her/his working life to procure a pension upon retirement. The objective of NPS is to provide old age revenue safety to subscribers.