Kotak Mahindra Bank has launched Jifi, a fully-integrated social bank account with youth as the target segment.
Jifi transcends digital banking by seamlessly incorporating social networking platforms such as Twitter and Facebook with mainstream banking, the bank said.
Jifi 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) at Kotak Mahindra Bank Limited, 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.”
Jifi also has a loyalty point programme encourages high level of interactivity among account holders.
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.
“As far as the security features are concerned, if the Facebook or Twitter account of the customer is hacked, then the hacker will be at the most 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.
"The customer's banking details are fully secure and cannot be seen by the hacker.
For transactions, the customer has to log in to net banking,” said Deepak Sharma, executive vice-president and head-digital initiatives, at Kotak Mahindra Bank.
The bank believes that in the next three to five years, 30-50 per cent of account openings will happen through this initiative.
Jifi is currently available for resident Indians in select locations including Mumbai, Delhi, Chennai, Kolkata, Bangalore, Hyderabad, Pune, Coimbatore, Jaipur and Lucknow.
The account can be accessed from anywhere in the world.