In this post, you will know how to open NPS account in Kotak Mahindra bank, how to open NPS account online in Kotak, Kotak National Pension Scheme (NPS) Account Opening process, what is the eligibility criteria, the required KYC documents and more.
Kotak National Pension Scheme (NPS) Account Opening Details
| Organisation | Kotak |
| Facility Name | National Pension Scheme (NPS) |
| Applicable State/UT | All India |
| Applicable For | A citizen of India including NRI & OCI |
| Official Website | https://www.kotak.com/en/personal-banking/investments/national-pension-system.html |
What is Kotak National Pension Scheme (NPS)?
National Pension System (NPS) is one of the investment cum pension schemes launched by the Government of India to provide old age security and pension to all citizens of India. Which is known as Kotak Mahindra bank’s national pension scheme. The NPS scheme was launched on 01 May 2009 for all citizens of India. and The Pension Fund Regulatory and Development Authority (PFRDA) regulated this NPS scheme.
Who is Eligible for Kotak NPS?
If you want to join NPS, you must check the Kotak national pension scheme eligibility criteria.
- Must be a citizen of India, including NRI and OCI.
- The age should be between 18 years and 70 years at the time of submission of the application.
- KYC (Know Your Customer) norms have been complied with.
- As per NPS rules, PIO card holders will not be eligible.
Note: PRA provides access to two types of NPS accounts to the subscribers:
Tier I Account: This is known as a pension account and is required to be opened. Tax benefits on the investment amount will be available in this account only.
Tier II Account: Opening this account for investment purposes is optional. The customer has the facility to make withdrawals from this account as per his/her requirements.
You can visit the official website to get more information about the Kotak National Pension Scheme (NPS).
How To Apply For Kotak National Pension Scheme (NPS)?
To apply for the Kotak National Pension Scheme, ensure that you meet the eligibility criteria. Then you follow the given instructions.
Subscribers can apply for Kotak National Pension Scheme (NPS) through online and offline modes.
Apply Online
1. Go to the official NPS website through the given link.
2. Click on Apply Now>> Proceed.
3. Then, Scroll down and click on the Registration Button.
4. Fill out the all essential information in the Online Subscriber Registration form.
5. Complete KYC through Aadhar Card, or PAN Card.
6. Then Click on submit the form.
Apply Offline
Subscribers willing to join NPS can visit the nearest Kotak Mahindra Bank branch and apply for their National Pension Scheme by submitting the following documents.
KYC Documents as per PFRDA norms:
Here are some of the required KYC documents listed to complete the NPS.
ID Proof
- PAN card
- The Aadhaar card/letter is issued by the Unique Identification Authority of India,
- Voter ID card
- Passport
- bank passbook containing a photograph
- A valid driver’s licence with a photograph is required.
- Ration card with a photograph
- POP bank certificate for an existing bank customer
- Certificate of Identity with a photograph signed by a Member of Parliament or Member of the Legislative Assembly
- NREGA job cards must be signed by a State Government officer.
- Identity cards issued by the Central/State government and its Departments, statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Financial Institutions, Colleges affiliated to universities and Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc, Photo Identity Cards issued by Defence, Paramilitary, and Police Departments; Ex-Service Man Cards issued by the Ministry of Defence to their employees, Photo Credit Cards.
Address proof
- Voter ID card
- Aadhaar card
- Bank statement (minimum 1 month old)
- Ration card with a photograph & residential address
- Your Bank Passbook or certificate with a photograph and residential address
- POP bank certificate for an existing bank customer
- Valid driver’s licence with a photograph and a current address
- Letter from any recognised public authority at the level of a Gazetted officer like District Magistrate, Divisional Commissioner, BDO, Tehsildar, Mandal Revenue Officer, Judicial Magistrate etc.
- Certificate of address with photograph signed by a Member of Parliament or Member of Legislative Assembly.
- NREGA job cards must be signed by a State Government officer.
- The identity card/document with an address, issued by any of the following: Employees of the Central/State Government and its Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, and Public Financial Institutions
- Latest Electricity/water bill in the name of the subscriber showing the address (less than 3 months old).
- The latest Telephone bill in the name of the subscriber shows the address (less than 3 months old).
- latest property/house tax receipt (no older than a year)
Initial Contribution Amount
- Rs 500 if you opt for a Tier I account only.
- If you choose both Tier I and Tier II accounts, you will save Rs. 1500.
Note:
- The check should be drawn in favour of “Kotak Mahindra Bank Collection Account – NPS Trust”.
- A cancelled check is required for opening a Tier-II account.
- Aadhar and PAN numbers are essential and need to be declared
How to open NPS account online in Kotak?
To open an NPS account in Kotak Mahindra bank, follow the steps below.
- Navigate to the official website of Kotak Bank.
- Select Explore Products> Investments > National Pension System.
- After that, click on Apply Now > Proceed.
- Scroll down and click on the registration.
- Select the required information and Continue.
- And complete the Next Process.