New Delhi: Kotak Mahindra Bank, on Friday (October 1), announced the launch of a new service that will allow investors to invest in the National Pension System (NPS) directly from its mobile app.
Customers of the private lender can now open and operate their NPS accounts directly from the mobile bank. In a press statement, Kotak Mahindra Bank said that a customer beads to upload a copy of the PAN card and a photograph via its mobile app to open an NPS account.
“The process is completely paperless and the account can be opened instantly with just a few clicks," Kotak added. The verification process usually takes a day to activate the NPS account.
Existing NPS subscribers can also use the Kotak mobile banking app to make their scheduled contributions in the savings scheme. The bank said that users can also check the details of their NPS account from the app.
"Existing NPS subscribers can...view details of their account including total invested amount, total gain/loss, and returns generated," it said. Kotak’s both Android and iOS app will offer NPS features to customers.
For those uninitiated, NPS is one of the popular savings schemes in India. The scheme is regulated by the Fund Regulatory and Development Authority (PFRDA). In the past five years, the subscriber base of NPS has grown manifold. Also Read: PM Modi launches AMRUT 2.0: Here’s everything you need to know about the scheme
How to open an NPS account on the Kotak Mobile Banking app?
Investors planning to open a bank account on the Kotak Mobile Banking app can follow these steps:
Step 1: Open and log in to the Kotak Mobile Banking app with your ID and password.
Step 2: Go to the ‘Invest’ section and click on the ‘National Pension System (NPS)’ icon.
Step 3: Now, you need to enter investment details such as investment amount, frequency, etc.
Step 4: Share your personal details and add a nominee
Step 5: Upload PAN Card’s copy and a photograph
Step 6: Confirm the details
After following the above-mentioned steps, your NPS account will be opened instantly. Also Read: RBI’s new auto-debit rules start today: 5 key things to know