PhonePe launches Tatkal NPS account opening
By Abha Lohia ·
PhonePe: revenue and funding and every story →
- PhonePe is a leading Indian digital payments app that also sells investments and insurance
- Its new Tatkal NPS lets users open a National Pension System account in the app using existing bank KYC and an OTP
- The first contribution can be as low as ₹250 via UPI, and more banks are planned
What happened
- PhonePe launched Tatkal NPS in its app.
- Users reuse bank KYC and verify with an OTP.
- The minimum first contribution is ₹250.
- A PRAN (Permanent Retirement Account Number) is created after the first payment.
Why it matters
- It removes fresh document uploads.
- It uses a framework from the pension regulator.
- More banks will be added.
The business
- PhonePe offers payments, investing and insurance through one app.
What happens next
- Wider bank coverage
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