Days are gone when one has to go to bank, stand in a queue or carry documents to open an account; a simple click is enough to open your bank account. Still scratching your head?? Here is the answer; Kotak Mahindra has launched a new product called “JIFI“, a bank account which can be operated from social media account. It’s a new era of banking in a social way.
JIFI is a combination of two features; first you have all the facilities of a normal current account and second you get to operate this account via your twitter account. Isn’t it great?? Let’s see the features kotak JIFI account is offering:
Features of Kotak JIFI
1. Two-Way Authentication System
Security, this is first thing comes in mind when we talk about digital world and it becomes utmost necessary if it’s something to do with money. But kotak JIFI has taken care of all your worries.
You cannot login your JIFI account like you login to your facebook account or twitter account. As soon as you enter your login and password, a code will be sent to your registered mobile number and registered email id which you need to enter before login. So in case your twitter account gets hacked, you don’t need to worry.
2. Easy to Open Account:
You don’t have to wait for banking time to open your account or need some person to introduce you to the bank. Being world’s first socially powered digital account, you can introduce yourself with an email address or facebook account at any time even at midnight.
3. Zero Balance Account:
Although this is not a new feature as many banks are offering zero balance account at present, but without this feature JIFI would not have become the need of many. Inflated price of basic requirements does not leave much money to maintain your bank account minimum balance to avoid penalty.
4. Kotak Money Watch (KMW)
KMW is a premium service with which you can have a comprehensive view of your account like payments you made, money you received etc. KMW keeps track of your monthly bills and pay them automatically (optional). This service is free for one year only, after one year you will have to pay Rs.1,499 to continue using this service.
5. Reward System
Reward Points system is almost same as in credit card, you get points when you transact but what new with JIFI is, you also get points for inviting friends to Jifi circle, commenting and interacting with Kotak Facebook Page. The points earn from transaction is called Transaction Points while the latter form of earning points is called Social Points. 25 Transaction points will be credited in your account for any online transaction/ bill payment above Rs 500 with a maximum limit of 150 points per month. Transaction Points can be converted into social points and can be used to transfer to your friend or to redeem to get discounts.
6. Referral Bonus
Apart from the above reward system, JIFI also gives you reward for referring your friends to JIFI. You would get 250 points (where 1 Point = Rs 1) for referring your friend. A unique link will be given to you for sharing on social media or email id but is limited to 25 referrals a year.
7. Auto Swap to Fixed Deposit
In case you have any surplus money above Rs.25,000 in a multiple of Rs.5,000 than it would automatically gets transferred to Term deposit for 180 days and fetches higher interest (at present 8.5%) as of a Fixed Deposit. This term deposit can also be broken anytime.
Suppose you have Rs.50,000 in your account from which Rs.25,000 gets transferred to Term deposit. Now if in case you need to withdraw Rs.35,000 than the latest FD would bet broken and you would be able to withdraw money from your Term Deposit account like a normal current account. But if your account has Rs.29,000 than no money would be transferred to term deposit since minimum TD would be of Rs.5000.
8. Fancy Debit Card
You will get a Fancy Chipped Platinum Debit Card having withdrawal limit of Rs.50,000 cash and swiping limit of Rs.2 lakhs daily means you can do shopping upto Rs.2 lakh with this debit card.
9. Mobile App
“Kotak Bank Mobile App” lets you do banking anytime. Just download it from app store and you can do banking on the go.
There is one more app from Kotak called “Kotak Offers app” which feeds you with the latest offers and discounts to be used exclusively with your account.
10. Enquiry and Alerts on Twitter
You will get all the instant alerts like balance, deposits, withdrawal etc. but don’t worry they won’t appear on your wall. They would be sent to you as direct message. You can also find the nearest ATMs by just sending a message on Twitter!. The list of hashtags you can use for banking on Twitter is available HERE.
11. Banking Charges
- No charges for NEFT/RTGS transactions.
- No extra charges for insurance for card misuses.
- No Account Closure Charges
A Complete list of charges can be found HERE.
How to Open JIFI Account?
1. Goto the JIFI site at Kotak Jifi and click on the Facebook Invite or Email Option (Choosing Facebook will complete whole process in a second).
2. Fill out all the details in the form that came to the next screen then and submit it.
3. Within two or three days you will get a call from them for confirmation and submission of KYC documents which will be picked up by them from your house.
4. Within maximum of 7 working days you will get a courier having your account number, Debit Card, Passwords, Check book and other things.
Points to Ponder
1. Insurance Cover
In case the card is lost than all the transactions done 30 days prior and 7 days after reporting would be covered upto the maximum of Rs.2 lakhs .
2. Twitter and Facebook Account
You will be requiring both twitter as well as facebook account to open JIFI account.
3. No interest upto Rs.25,000
Since JIFI is a current account, you won’t get any interest on the balance upto Rs.25,000.
4. Minimum Rs.5000
A cheque of Rs.5,000 would be required while opening of account. This account can be fully withdrawn once the account is opened.
5. Know Your Customer (KYC)
The KYC documents required for opening account is same as any other bank account.
5. Limited Availability
At present JIFI is available only for few cities namely Bangalore, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Delhi, Hyderabad, Jaipur, Kolkata, Lucknow, Mumbai and Pune.
I strongly suggest my readers to give JIFI a try to experience the new world of banking. Have Your Say!!!