This Bank Launches NPS On Mobile With 1 Day Account Activation Facility

Kotak Mahindra Bank Limited (KMBL) has gotten started with the introduction of the National Pension System (NPS) on mobile, as the Pension Fund Regulatory and Development Authority (PFRDA) marks 1st October 2021 as 'NPS Diwas' to increase awareness of pension and retirement planning. Customers of KMBL can now open and manage NPS accounts with ease and convenience via the bank's Mobile Banking platform.

To open an NPS account using the Kotak Mobile Banking app, a subscriber only has to submit a copy of his or her PAN card and a passport size photograph. The entire procedure is digital, and the account can be opened in seconds with only a few taps. Upon verification, the account will be enabled within a day. Existing NPS subscribers can also make additional contributions and check account details such as overall contributed amount, total gain/loss, returns generated and more using the Kotak mobile banking app which is available to download for both iOS and Android users.

Steps to open NPS account using Kotak Mahindra Bank Mobile Banking App

• A customer has to sign in to the Kotak Mobile Banking app after which he or she has to tap on the 'National Pension System (NPS)' button under "Invest" or under "Apply Now".
• Now the customer has to enter the mandatory required details such as Investment Details: Investment Amount, Frequency of Investment, choice of Pension Fund Manager, etc.
• Now her or she has to add the required personal details along with nominee details.
• Now he or she has to upload a copy of the PAN Card and Photograph
• Upon successful authentication and confirmation of the transaction, the NPS account will be opened instantly.

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."

Yesterday, Kotak Mahindra Bank has also unveiled that the Government of India has given it permission to collect direct and indirect taxes like Income Tax, Goods and Services Tax (GST), and others through its banking network. After the declaration by Hon. Finance Minister Smt Nirmala Sitharaman enabling all banks to participate in government-related activities, KMBL becomes the first Scheduled Private Sector Bank to receive the approval. As a result of this, customers of KMBL will be able to pay their direct and indirect taxes directly from their mobile banking or net banking platforms, as well as through KMBL's branch banking network.

Dipak Gupta, Joint Managing Director, Kotak Mahindra Bank said, "We are delighted to receive the necessary approvals permitting Kotak to collect direct and indirect taxes on behalf of the government, making tax payments more simple, convenient, and efficient for our customers. We look forward to a long-standing relationship with the government, providing a wide range of services, backed by our strong technology platform, digital capabilities, and customer-first approach."

As of June 30, 2021, Kotak Mahindra Bank Ltd had 1,612 branches and 2,591 ATMs across the country, as well as branches in GIFT City and DIFC (Dubai). Consumer Banking, Business Banking, Commercial Banking, and Treasury are the bank's four Strategic Business Divisions, which serve retail and corporate customers in both urban and rural customers of our country.