Kotak Mahindra Bank launches Jifi Saver

In order to tap tech and social network savvy consumers, Kotak Mahindra Bank on Monday announced the launch of Jifi Saver, a social savings bank account which can be seamlessly managed via Twitter and Facebook.

According to Shanti Ekambaram, president - consumer banking, Kotak Mahindra Bank, Jifi Saver will take care of their needs such as online shopping, on-the-go transactions, and financial planning, along with other benefits and functionalities of a regular savings bank account.

"Jifi Saver integrates the best of mainstream banking, digital innovation and social connect for today's savvy consumer. It offers a holistic banking experience combining a secure technology platform and our pan-India branch network. Jifi Saver also addresses the needs of frequent online shoppers. Through our tie ups with various ecommerce retailers, customers can not only benefit from the plethora of online deals, but also earn extra transaction points, which can be redeemed for a host of offers," Ekambaram added.

Jifi Saver enables customers to earn savings interest rate of 6 per cent per annum on balance of above Rs 1 lakh and 5 per cent per annum on balance up to Rs 1 lakh. Further, the account offers extra transaction points for purchase from select e-commerce partners.

The account offers a host of other benefits such as 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. Jifi Saver is available in 27 cities across the country.

Kotak Mahindra Group