• Sat. Oct 1st, 2022

Kotak Mahindra Bank Launches National Pension System on Mobile App

NPS saw strong double-digit growth in new subscriber registrations.

New Delhi: Kotak Mahindra Bank announced Friday that it has launched the National Pension System (NPS) on its mobile banking platform. Kotak said its customers can now easily open and manage their NPS accounts through the lender’s app. He also mentioned that NPS is available for iOS and Android users.

The private lender said 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 and view their account details, including total amount invested, total win / loss and returns generated,” Kotak added.

Shanti Ekambaram, Group President – Consumer Banking, Kotak Mahindra Bank said, “NPS on Mobile is another step in this direction. The NPS program offers a number of benefits to subscribers to help them build a secure future for themselves and their loved ones and we that NPS on Mobile will act as an important catalyst and drive the growth of this retirement plan.

Supratim Bandyopadhyay, President of PFRDA, said, “As a pension regulator, we always encourage the adoption of technological advancements to improve the subscriber experience of NPS. It is with great pleasure that we announce that Kotak Mahindra Bank has integrated NPS integration into its Mobile Banking app and that this service would be available not only to new NPS subscribers who can open an account on the Kotak app, but also for existing subscribers who can now access their NPS account details seamlessly. “

Kotak said its users can open the account in five quick steps once they log into the bank’s mobile banking app:

1) Click on the “National Pension System (NPS)” icon under “Invest” or under “Apply now”;

2) Enter the details of the investment: amount, frequency of investment, choice of pension fund manager, etc;

3) Enter your personal information and add a candidate;

4) Download a copy of the PAN map and photograph;

5) Confirm and authenticate the transaction; and the NPS account can be opened instantly.

The Pension Fund Development and Regulatory Authority (PFRDA) observed the “NPS Diwas” today to raise awareness about retirement and retirement planning.

Regulated by the PFRDA, the NPS has grown in popularity and over the past five years has seen strong double-digit growth in new subscribers.

The NPS is a low-cost, tax-efficient voluntary retirement scheme in which a subscriber contributes to the accumulation of a pension corpus.

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