Recently Private sector bank – Kotak Mahindra rolled its social networked account named ’jifi’ in association with twitter and facebook. In order to attract more number of young generation and technology based customer, Kotak Mahindra bank came up with this account.
It has been reported the kotak JIFI is a zero balance account that offers zero rate of interest , with an initial payment of Rs 5,000. Bank has also decided to work in asscocation with online sites like make my trip, Ebay , jabong that are having a huge network of customers online. According to the report major numbers of transactions are made outside the branch from which about 40-50% transactions are made through mobile and internet.
If the balance in account will be more than 25,000 it will be transferred to fixed deposits. Without any the manual intervention bank wanted to reach out the customer through social network. Currently the bank has launched the facility in 11 cities including Jaipur, pune and will further be launching in Chandigarh and Ahmadabad.