Terms and Conditions for NPS on Mobile

1. Eligibility & Declarations

a) Applicant declares that he/she understands and acknowledges the below mentioned eligibility checks -

He/She is a resident individual citizen of India and not a NRI/OCI residing abroad.
He/She hereby allows the Bank to use his/her PAN card details for NPS account opening and as proof of Date of Birth (DOB) Proof.
He/She declares that he/she does not hold a Permanent Retirement Account Number (PRAN) with any other Point of Presence (POP) / Central Record keeping Agency (CRA).
He/She allows the Bank to use his/her signature, which is available in his/her Savings Bank account to print on the NPS Application form in the “Signature placeholder”.
He/She acknowledges that in his/her Tier I and Tier II NPS accounts, Bank details and Nominee details will be the same. Only one and same nominee should be maintained at Tier I and Tier II.
He/She is aware of POP charges as prescribed by the Regulator (PFRDA).
He/She allows the Bank to use email ID and mobile number as registered in his/her Bank records
He/She declare that, he /she is 18 years or above, and not more than 70 years of age as on date.
He/She declare that, his/her FATCA details are available and updated in Kotak Mahindra Bank records.
He/She declare that, his/her Savings Bank Account with Kotak Mahindra Bank is in “Active” status not in “frozen” status or “Dormant” status or “Under regulatory lien marked” status.
He/She agrees to authenticate the submission of online NPS registration form through eSign / OTP authentication process on which the OTP will be received on the customer registered mobile number.

2. Submission of form

b) In NPS application form (“NPS application form/application form”), required / mandatory information / fields will be captured basis the information available in his/her Savings Bank account with Kotak Mahindra Bank.

c) Applicant needs to upload a clear Photograph of the Applicant and a PAN card copy, while opening a NPS account.

d) Duly filled NPS application form (“NPS application form/application form”) along with Photograph, Signature will be stored with Kotak Mahindra Bank under “DMS” (Data Management System). As per regulatory requirement, Kotak Mahindra Bank will share the same with NSDL for record-keeping purposes.

e) The customer acknowledges that the Bank is collecting the data on behalf of the regulatory guidelines to open the National Pension System (NPS) account.

f) The customer acknowledges that during the NPS onboarding journey their personal data will be processed by the Bank and the retention period of such data is in line with the regulatory guidelines considering the requirements of the applicable laws and regulations

3. Payment of Initial Contribution by Applicant for processing NPS application

Initial contribution towards opening of NPS account will be online by using Kotak Net/Mobile Banking.
As per the regulatory requirement, Kotak Bank will remit the funds / contribution amount to NPS Trust within T+1 day and NPS Trust will take T+3 days to credit the respective NPS account of the Applicant.
In case of rejection, payment received on the account of Initial Contribution will be reversed to the Applicant account (same account from which payment was done).

4. Processing of NPS application by the bank

Kotak Mahindra Bank would process the NPS application form & the Permanent Retirement Account Number (PRAN) will be generated subject to the realization of the clear funds and post validating the documents uploaded by the Applicant during the account-opening journey.
When the Applicant submits his/her NPS application through his/her Net banking / Mobile Banking then PRAN will be created & the Initial Contribution amount (including the charges) mentioned by the Applicant will get debited from his/her Kotak Bank Savings Account & will get credited into his/her PRAN account within the stipulated time frame.

Disclaimer:

PLEASE NOTE THAT THE APPLICANT CANNOT WITHDRAW HIS/HER APPLICATION POST SUBMITTING HIS/HER APPLICATION AS HIS/HER PRAN WILL BE GENERATED INSTANTLY.
THE INITIAL CONTRIBUTION AMOUNT DEBITED FROM THE SAVINGS ACCOUNT WILL NOT GET REVERSED/ REFUNDED ONCE APPLICANT HAS SUBMITTED HIS/HER APPLICATION AND ACTIVE PRAN HAS BEEN ISSUED.

5. Hold / Rejection of NPS application by the Bank

Bank may put the NPS application on hold and subsequently reject the same in some circumstances.

Application on Hold - In case the documents uploaded by Applicant do not match with the other documents uploaded for instance – 1) if photograph upload by Applicant does not match with photograph on uploaded PAN Card. 2) If Uploaded PAN card details do not match with Bank records,

Application Rejected - In case, the Applicant does not visit the Branch within 30 days of PRAN allotment and clear the hold application, the application will get rejected and allotted PRAN will be no longer valid.

Applicant understands, agrees and confirms that the Bank shall not be liable for such hold and subsequent rejections.

6. Refund of Initial Contribution in case of Hold / Rejection of application request by the Bank

The refund will be given to the Applicant only in the form of account credit. The Bank shall not be liable to pay any interest on the amount of deposit.
Applicant shall be responsible to visit the Bank Branch to complete the process so the hold can be removed from his/her NPS request. Applicant also need to make the initial contribution again via branch, which was reversed into his/her account. The Bank shall not be liable to pay any interest on the amount deposit.
The NPS request, which is kept on hold by the Bank, shall be considered to re-evaluation only post the submission of the required documents by the Applicant in the Branch.

Disclaimer:

PLEASE NOTE THAT THE APPLICANT CANNOT WITHDRAW HIS/HER APPLICATION POST SUBMITTING HIS/HER APPLICATION AS HIS/HER PRAN WILL BE GENERATED INSTANTLY.
THE INITIAL CONTRIBUTION AMOUNT DEBITED FROM THE SAVINGS ACCOUNT WILL NOT GET REVERSED/ REFUNDED ONCE APPLICANT HAS SUBMITTED HIS/HER APPLICATION AND ACTIVE PRAN HAS BEEN ISSUED.

7. Applicant declares that he/she understands and acknowledge that NPS account is an investment product/scheme and investment products/schemes are not Bank products/objects or other obligations of or guaranteed or insured by Kotak Mahindra Bank Ltd. or their affiliates. Applicant understands, agrees and acknowledges that the investment products are subject to market risk and possible loss of principal and past performance of Investment products/Scheme is not indicative of future performance.

8. Applicant hereby declares and confirms that the information filled by the Applicant in the NPS application form is correct and true to the best of his/her knowledge. Applicant shall advise the Bank immediately, in the manner, as agreed by him/her and acceptable to the Bank, in case of any change in the above details and information given by him/her.

9. Applicant hereby confirms that he/she has read and understood the schedule of charges on NPS. Applicant also agrees and confirms that the PoP and other charges, as may be applicable, will be deducted as per PFRDA guidelines. Further, the Applicant may visit https://npstrust.org.in/charges-under-nps for more details. Applicant is aware of the minimum contribution requirement under the NPS.

10. Applicant hereby agrees & confirms that once the contribution is paid by him/her, the same cannot be refunded / transaction cannot be reversed.

11. Applicant hereby declares and agrees that

He/she has read and understood the Offer Document, terms and conditions or the same was interpreted to him/her, and the answers entered in the application are as per his/her consent. The NPS offer document is available at - https://npscra.nsdl.co.in/download/NEW_WELCOME_KIT396945283.pdf
He/She is a Citizen of India and Residing in India.
He/She has not been found or declared to be of an unsound mind under any law for the time being in force.
He/She is not an undercharged insolvent.
He/She does not hold any pre-existing account under NPS.
He/She understands that opening of NPS account is subject to PFRDA approved Terms and Conditions available on the Central Recordkeeping Agency (CRA) website governing I-Pin [to access CRA NPSCAN (National Pension System Contribution Accounting Network) and view details] and T-Pin. He/she agrees to be bound by the said terms and conditions and understands that CRA may, as approved by PFRDA, amend/modify any of the services completely or partially without any further Declaration / Undertaking.

12. Declaration under Prevention of Money Laundering Act, 2002: Applicant hereby declares that

The contribution paid towards opening of NPS account has been derived from legally declared and assessed sources of income.
He / She understands and agrees that the PFRDA / NPS Trust has the right to peruse his / her financial profile and also agrees that the PFRDA / NPS Trust has the right to close the NPS account in case he / she is found guilty of violating the provisions of any Law, directly or indirectly, by any Competent Court of Law, having relation to the laws governing prevention of money laundering in the country