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HomeBusinessKotak Mahindra Bank Launches National Pension System On Mobile App

Kotak Mahindra Bank Launches National Pension System On Mobile App

NPS has witnessed sturdy double digit development in new subscriber registrations.

New Delhi: Kotak Mahindra Financial institution on Friday introduced that it has launched the Nationwide Pension System (NPS) on its cellular banking platform. Kotak mentioned its clients can now open and function their NPS accounts conveniently by way of the lender’s app. It additionally talked about that the NPS is accessible for each iOS and Android customers.

The personal lender mentioned that the method is totally paperless and the account will be opened immediately with only a few clicks. “Current NPS subscribers may make extra contributions by way of the Kotak cellular banking app in addition to view particulars of their account together with complete invested quantity, complete acquire/loss and returns generated,” Kotak added.

Shanti Ekambaram, Group President – Shopper Banking, Kotak Mahindra Financial institution mentioned, “NPS on Cell is one other step in that route. The NPS scheme provides a number of advantages to subscribers to assist construct a safe future for themselves and their family members and we imagine that NPS on Cell will act as an vital catalyst and drive additional development of this pension plan.”

Supratim Bandyopadhyay, Chairman, PFRDA mentioned, “As a pension regulator, we at all times encourage adoption of technological developments for enhancing subscribers’ expertise in NPS. It offers us immense pleasure to announce that Kotak Mahindra Financial institution has built-in NPS on-boarding of their Cell Banking app and this service could be obtainable not solely to new NPS subscribers who can open an account on the Kotak app, but in addition to present subscribers who can now entry their NPS account particulars seamlessly.”

Kotak mentioned that its customers can open the account in 5 fast steps as soon as they login to the financial institution’s cellular banking app:

1) Click on on the ‘Nationwide Pension System (NPS)’ icon beneath ‘Make investments’ or beneath ‘Apply Now’;

2) Enter funding particulars: Quantity, Frequency of Funding, Alternative of Pension Fund Supervisor, and many others;

3) Enter private particulars and add a nominee;

4) Add copy of the PAN card and {Photograph};

5) Affirm and authenticate the transaction; and the NPS account will be opened immediately.

The Pension Fund Regulatory and Improvement Authority (PFRDA) noticed ‘NPS Diwas’ right now to lift consciousness about pension and retirement planning.

Regulated by the PFRDA, NPS has been gaining recognition and over the past 5 years has witnessed sturdy double digit development in new subscriber registrations.

NPS is a low-cost, tax-efficient voluntary retirement plan whereby a subscriber contributes in the direction of accumulation of a retirement corpus.

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