Kotak Mahindra Bank launches National Pension System on mobile
By Leandra Monteiro
As the Pension Fund Regulatory and Development Authority (PFRDA) observes 1st October, 2021 as ‘NPS Diwas’ to raise awareness of pension and retirement planning, Kotak Mahindra Bank Limited (KMBL) announced that it has gone live with the launch of the National Pension System (NPS) on mobile. KMBL customers can now open and operate their NPS accounts effortlessly and conveniently through the Bank’s Mobile Banking platform.
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. The account gets activated within a day, post verification. Further, 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.
Regulated by the PFRDA, NPS has been gaining popularity and over the last five years has witnessed strong double digit growth in new subscriber registrations.
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.”
Supratim Bandyopadhyay, Chairman, PFRDA said, “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. I wish them all the success in their endeavour.”