India-based Kotak Mahindra Bank has launched a new social bank account, Jifi, which is integrated with social networking platforms such as Twitter and Facebook.
Jifi is a zero percent interest current account without any minimum balance conditions, and can be opened with an initial payment of just INR5,000 ($83).
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Designed for tech-savvy audience, Jifi provides customers with account updates on Twitter as a direct message (DM) and helps people transact in a secure and simple way without visiting a branch.
Jifi also carries a loyalty point programme that offers transactional loyalty points for specific banking activities and social loyalty points for inviting and adding friends to Jifi network. The points earned can be redeemed for offers and can be transferred to friends in their Jifi network.
Kotak Mahindra Bank consumer banking president, KVS Manian, said Jifi is a unique digital account that integrates social media platforms like Twitter and Facebook for secure and seamless on-the-go information.
"With Jifi, the first-of-its-kind digital account, Kotak takes banking to the next orbit by providing a hassle-free proposition to tech-savvy persons who prefer to stay online at all times," Manian added.
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By GlobalDataThe new social account is currently available for residents in select locations including Mumbai, Delhi, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, Coimbatore, Jaipur and Lucknow.
