Kotak Mahindra Bank has launched a fully integrated social bank account, called Jifi, which the bank states will target mostly the youth of the country. Jifi is basically digital banking and it seamlessly incorporates social networking platforms with mainstream banking. It is a zero-interest current account with no minimum balance conditions, and can be opened with an initial payment of Rs 5,000. All balances over Rs 25,000 automatically move into term deposits at applicable interest rates. Opening a Jifi account is triggered by a self-invite by signing up through Facebook or email. K.V.S. Manian, president (Consumer Banking) of the bank, said with Jifi, the first-of-its-kind digital account, the bank is taking banking to the next orbit by providing a hassle-free proposition to tech-savvy persons who prefer to stay online at all times. Jifi also has a loyalty point program to encourage 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. Regarding security features of Jifi accounts, Deepak Sharma, executive vice president and head-Digital Initiatives of the bank said, if the Facebook or Twitter account of the customer is hacked, then the hacker will at the most be 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.
