Kotak Bank launches social networked Jifi savings account

After launching a ‘Jifi’ Current account in March last year, Kotak Mahindra Bank launched Jifi Saver, a social savings bank account that can be managed via Twitter and Facebook.

“Jifi Saver will take care of online shopping, on-the-go transactions, financial planning, etc. It also offers all benefits and functionalities of a regular savings bank account,” Kotak said in a statement.

Jifi Saver customers will earn savings interest rate offered to all savings account holders, i.e., 6 per cent p.a. on balance of above Rs. 1 lakh and 5 per cent on balance up to Rs 1 lakh.

Customers can open a Jifi Saver account online, using Facebook or Twitter, receive a Jifi debit card and a free subscription to Kotak MoneyWatch (KMC) platinum plan for the first year to track expenses and plan their finances. It facilitates utility bill payments, offers mobile and DTH recharge via Twitter, reward and transaction points, 25 free at par cheques per quarter and avail unlimited free transactions at Kotak ATMs.

“About 25 per cent of our customers are using Twitter to bank with us, while about 50-60 per cent bank use Facebook,” said Deepak Sharma, Executive VP, Digital banking.

He added that about 40 per cent of Kotak bank customers are using internet and mobile banking. Jifi has helped the bank maintain a stable CASA (current account and saving account) growth with an average balance of about Rs 30,000.

“At present, about 10 per cent of our accounts are opened online (increased from 6-7 per cent a year ago),” Sharma said.

Jifi Saver is available in 27 cities across the country at present.

COMMENT NOW