Kotak Mahindra launches India's First Social Banking account 'Jifi'

Kotak Mahindra Bank, Jifi account, Jifi of Kotak, Kotak Mahindra bank
Jaipur : Kotak Mahindra bank has launched Jifi, a fully-integrated social bank account with youth as the target segment. Jifi transcends digital banking by seamlessly incorporating social networking platforms such as Twitter and Facebook with mainstream banking, the bank said.

Jifi Saver enables customers to earn savings interest rate of 6% on balance of above Rs. 1 lakh and 5% on balance up to Rs 1 lakh, the bank said in a release. Further, the account offers extra transaction points for purchase from select e-commerce partners. "Jifi Saver also addresses the needs of frequent online shoppers," said Shanti Ekambaram, President - Consumer Banking, Kotak Mahindra Bank. "Through our tie ups with various ecommerce retailers, customers can not only benefit from the plethora of online deals, but also earn extra transaction points, which can be redeemed for a host of offers."

Customers can open a Jifi Saver account on the Kotak Jifi website - www.kotakjifi.com, using their Facebook or Twitter credentials.They will receive a Jifi debit card, and a free subscription to Kotak MoneyWatch (KMC) platinum plan for the first year, which will assist them to track expenses and plan their finances, the bank said.

“As far as the security features are concerned, if the Facebook or Twitter account of the customer is hacked, then the hacker will be at the most able to see the reward points of the customers and use those points. But they will not be able to do any transactions or check the bank balance of the customer. The customer's banking details are fully secure and cannot be seen by the hacker. For transactions, the customer has to log in to net banking,” said Deepak Sharma, executive vice-president and head-digital initiatives, at Kotak Mahindra Bank.

Jifi also has a loyalty point programme encourages high level of interactivity among account holders. In addition to transacting on social media platforms, customers can transact through net banking and the Kotak Mobile Banking app.

Jifi customers have access to all conventional bank offerings as well, which include pan-India branch and ATM network, ‘platinum’ debit card, all-India toll-free number, net card and net banking access, etc.

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