NPS on Net

Terms and Conditions for NPS on Net

1. Payment of Contribution by Customer toward his / her NPS account.

  • Any subsequent contributions towards NPS account will be made by online mode using Kotak Mahindra Bank Limited (hereinafter referred as “Kotak Bank”) Net banking service.
  • As per the regulatory requirement, Kotak Bank will remit the funds / contribution amount to NPS trust within T+1 day, after which NPS Trust will take T+3 days to credit the respective NPS account of the Customer.
  • In case of rejection, payment received on the account of contribution shall be reversed to the Customer account (same account from which payment was initiated).
  • Standing Instruction (SI) towards NPS account set up by a customer can only be cancelled by the customer himself/herself by visiting Kotak Bank Branch and submitting physical request along with self-attested PRAN card.

Disclaimer:

  • PLEASE NOTE THAT THE CUSTOMER CANNOT WITHDRAW HIS/HER CONTRIBTUION REQUEST POST SUBMITTING THE SAME.
  • THE CONTRIBUTION AMOUNT ONCE DEBITED FROM THE SAVINGS ACCOUNT WILL NOT GET REVERSED/ REFUNDED UNTIL AND UNLESS REJECTED BY Central Recordkeeping Agency.

2. Refund of Contribution in case rejection by CRA

  • The refund will be given to the Customer only in the form of account credit. Kotak Bank shall not be liable to pay any interest on the amount debited towards contribution or charges for NPS.

Disclaimer:

  • PLEASE NOTE THAT THE CUSTOMER CANNOT WITHDRAW HIS/HER CONTRIBTUION REQUEST POST SUBMITTING THE SAME.
  • THE CONTRIBUTION AMOUNT ONCE DEBITED FROM THE SAVINGS ACCOUNT WILL NOT GET REVERSED/ REFUNDED UNTIL AND UNLESS REJECTED BY CRA.

3. Declaration and Undertaking

  • Customer declares that he/she understands and acknowledge that NPS account is an investment product/scheme and investment products/schemes are not Kotak Bank products/objects or other obligations of or guaranteed or insured by Kotak Mahindra Bank Ltd. or their affiliates. Customer 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.
  • Customer hereby confirms that he/she has read and understood the schedule of charges on NPS. Customer also agrees and confirms that the PoP and other charges, as may be applicable, will be deducted from his/her initial / subsequent contribution amount by intermediaries including Kotak Bank Point of Presence (POP) under NPS as per PFRDA guidelines. Further, the Customer may visit http://www.npstrust.org.in/content/charges-under-nps for more details. Customer is aware of the minimum contribution requirement under the NPS.
  • Customer hereby agrees & confirms that once the contribution is paid by him/her, the same cannot be refunded / transaction cannot be reversed.
  • Customer 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.
  • Declaration under Prevention of Money Laundering Act, 2002: Customer 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.