Kotak Mahindra Bank has come up with a new social savings bank account which can be seamlessly managed via Twitter and Facebook.
Dubbed Jifi Saver, the new bank account is aimed at luring tech-savvy and socially connected consumers.
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The new service will facilitate online shopping, on-the-go transactions, financial planning, while providing all the benefits of a regular savings bank account.
Kotak Mahindra Bank executive vice-president and head- digital initiatives Deepak Sharma said, "Before launching, we had done extensive research and testing for a secured technology platform. Financial transactions can’t happen through Twitter or Facebook.
"For that, one has to come to Bank’s system, which is having multi-layered security. Hence, there is zero possibility of losing a single rupee while doing banking through Jifi Saver account on social media platforms."
The service, presently available in 27 cities across India, will also enable mobile and DTH recharge via Twitter, reward and transaction points, 25 free at par cheques per quarter and unlimited free transactions at Kotak Mahindra Bank ATMs.
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By GlobalDataThe bank account will allow customers to earn annual savings interest rate of 6% on balance of above INR 100,000 and 5% per annum on balance up to INR100,000.
Moreover, it will offer extra transaction points for purchase from select e-commerce partners.
