Kotak Mahindra Bank takes NextStep in banking space

Written by Nayeem Showkat Khan | Updated: Mar 26 2014, 20:26pm hrs
Kotak Mahindra BankJifi customers can receive account updates on Twitter as a Direct Message by tweeting to @KotakJifi with predefined hashtags.
Kotak Mahindra Bank announced the launch of Jifi, a first-of-its-kind fully integrated social bank account that transcends normal digital banking by seamlessly incorporating social networking platforms like Twitter and Facebook with mainstream banking.

Jifi customers can receive account updates on Twitter as a Direct Message by tweeting to @KotakJifi with predefined hashtags. The banks dedicated Twitter handle @kotaksync will send out these messages, thereby eliminating human intervention and maintaining confidentiality.

KVS Manian, President, Consumer Banking, Kotak Mahindra Bank Limited, said, Jifi digital account integrates social media platforms like Twitter and Facebook for secure and seamless on-the-go information. Jifi provided a hassle-free proposition to tech-savvy persons who prefer to stay online at all times.

Designed to fit into the social networking ecosystem, Jifis loyalty point programme encourages high level of interactivity among account holders. Customers can earn transactional loyalty points for specific banking activities, and social loyalty points for inviting and adding friends to the Jifi network, liking/commenting on Facebook, etc. Further, each referral can also earn them social loyalty points. These points can be redeemed.

In addition to transacting on social media platforms, customers can transact via net banking and Kotak Mobile Banking app. Further, Jifi customers get a free one-year subscription of Kotak MoneyWatch - a 360 degree view of users personal finances, which allows them to check their investments online.

Jifi is a zero interest current account with no minimum balance conditions, and can be opened with an initial payment of just Rs. 5,000/-. All balances over Rs. 25,000/- automatically move into term deposits at applicable interest rates, giving high returns on idle money.

Opening a Jifi account is very simple, triggered by a self-invite by signing up via Facebook or email.

The account, however, can be accessed from anywhere in the world.