Last year Kotak Mahindra Bank launched a new savings account facility that can be managed via social network sites. The account named ‘ Jifi ‘ current account can be managed via Facebook and twitter. Now the bank has launched 'jifi Saver’ a social savings account.

For the jifi Saver account the bank will offer an interest rate of 6% p.a on deposits of Rs 1 lakh and above and 5% on deposits of Rs 1 lakh and below. The Manager of digital banking has reported that 20-25% of the customers of the bank are using twitter for banking and rest are using facebook accounts to bank.

Customers can open a Jifi Saver account online, using Facebook or Twitter, receive a Jifi debit card and a free subscription to Kotak MoneyWatch (KMC) platinum plan for the first year. This facility can be accessed across 27 cities of the country.