ICICI Bank introduces fully paper-less and digital enrolment for National Pension System (NPS)
December 21, 2017
- Available 24x7, anytime, anywhere
Mumbai : ICICI Bank, India’s largest private sector bank by consolidated assets, today announced the launch of a facility that enables customers to register in the National Pension System (NPS) in a completely online and paperless manner. With this unique service, customers of the bank can register conveniently for NPS through their internet banking account. This new facility improves customer’s convenience significantly as they are no longer required to visit a branch and submit physical documents to enroll for NPS.
In its endeavour to augment customer experience through digitisation of prominent investment products, ICICI Bank has worked closely with the ‘Pension Fund Regulatory and Development Authority’ (PFRDA) and the ‘NSDL e-Governance Infrastructure Ltd.’ the Central Record Keeping Agency, for the introduction of this facility.
Talking about the launch, Mr. A.G. Das, ED, Pension Fund Regulatory and Development Authority said, “PFRDA is committed to providing new ways of enabling quicker and simpler ways of enrolling for the National Pension System (NPS). We are delighted to know that ICICI Bank has developed a completely digital and paperless facility for applying for NPS account. We believe this will offer significant convenience to the citizens of the country as they would not have to visit their bank branch for completing the formalities. This new service will definitely strengthen the Government's Digital India Mission.”
Anup Bagchi, Executive Director, ICICI Bank said, “At ICICI Bank, our philosophy is ‘Ready For You. Ready For Tomorrow’, wherein we are committed to offer innovative products and services to our customers at the fastest possible speed and with the highest level of convenience. In line with this philosophy, we are delighted to have worked closely with the ‘Pension Fund Regulatory and Development Authority’ (PFRDA) and the ‘NSDL e- Governance Infrastructure Ltd.’ to create a fully digital and paperless procedure for convenient enrolment for NPS. We believe that this new service has significantly enhanced customer experience by eliminating the need to visit a branch for enrolling into NPS. We foresee that this digital initiative will appeal to our customers, thereby leading to an increase in their investments towards securing their future.”
Available 24x7 and on all days, customers can login to their internet banking account with the bank to enroll for NPS.
Here is how it works in a few simple steps:
- Login into the bank’s retail internet banking account : The customer needs to login to his/her retail internet banking account > Click on enroll for NPS in the ‘Service Requests’ section.
- Confirm details & authenticate with Aadhaar OTP : The customer is required to confirm auto-populated account details like PAN, e-mail id, contact no etc. and update few details like nominee, choice of fund manager and investment percentages. Thereafter, he/she needs to enter the Aadhaar OTP received on his/her mobile number and upload a scanned image of his/her signature.
- PRAN Generation: Upon submission of the online form, the NPS account gets activated on the next working day through generation of ‘Permanent Retirement Account Number’ (PRAN) which is sent to the customer via SMS on the registered mobile number by ICICI Bank and NSDL.
Once the initial payment and registration is completed, subsequent contributions can also be made at anytime of the year through ICICI Bank’s internet banking platform.
ICICI Bank services its large customer base through a multi-channel delivery network of 4856 branches, 13792 ATMs, phone banking, internet banking (www.icicibank.com), mobile banking, banking on Facebook & Twitter and ‘PocketsbyICICIBank’ the country’s first digital bank on mobile.
About ICICI Bank Ltd: ICICI Bank Ltd (NYSE:IBN) is India’s largest private sector bank by consolidated assets. The Bank’s consolidated total assets stood at US$ 156.8 billion at September 30, 2017.ICICI Bank's subsidiaries include India's leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms. It is present across 17 countries, including India.
For media queries, write to: firstname.lastname@example.org
Except for the historical information contained herein, statements in this release, which contain words or phrases such as 'will', 'would', etc., and similar expressions or variations of such expressions may constitute 'forward looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to our ability to obtain statutory and regulatory approvals and to successfully implement our strategy, future levels of non-performing loans, our growth and expansion in business, the adequacy of our allowance for credit losses, technological implementation and changes, the actual growth in demand for banking products and services, investment income, cash flow projections, our exposure to market risks as well as other risks detailed in the reports filed by us with the United States Securities and Exchange Commission. ICICI Bank undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. All reference to interest rates, penalties and other terms and conditions for any products and services described herein are correct as of the date of the release of this document and are subject to change without notice. The information in this document reflects prevailing conditions and our views as of this date, all of which is expressed without any responsibility on our part and is subject to change. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. ICICI Bank and the "I man" logo are the trademarks and property of ICICI Bank. Any reference to the time of delivery or other service levels is only indicative and should not be construed to refer to any commitment by us. The information contained in this document is directed to and for the use of the addressee only and is for the purpose of general circulation only.