All about JIFI Account
- JIFI account is a bank account which can be described as an extreme form of social banking which seamlessly incorporates social networking platforms such as Face book and Twitter with mainstream banking.
- This account runs having a complete integration with the social accounts of the customer. In this account the customer can use twitter or face book to do his banking transactions.
- For example if you want to transfer funds from your account to your brother’s account, you can do it just by a tweet. The banker will respond to your tweet from the registered twitter account and will message you directly to make you experience the thrill in social banking.
- It also gives you the reward points based on your banking activity. Reward points are of 2 types as social points and transaction points. The more you bank through your social accounts the more social points you will get.
- JIFI has both savings and current accounts offering. Let’s have the discussion about “JIFI-Current” account.
- JIFI-Current is a non interest bearing account which does not require any minimum balance.
- Once the average balance crosses Rs 25000 it creates a term deposit automatically.
- Banking in hand – All the banking services such as paying off your bills online, mobile & dth Recharge can be done through a tweet. This gives you a wonderful social banking experience.
- Free net Banking and it can be operated using the mobile application.
- With a nominal subscription fee you can avail the service of Kotak money watch which monitors Your expenses.
- Rewards points will give attractive benefits such as recharge etc.,
The applicant should be a resident Indian of the age 18 years or above.
- Documents required:
- Proof of identity
- Proof of residence
- Proof of signature.
- JIFI Savings account has a slightly different features as follows:
- Being a savings account it offers you some interest which requires you to maintain a minimum Balance of Rs 10,000.
- It offers an interest rate of 5% p.a. on balances up to Rs 1 lac and 6% p.a. on balances above Rs.1 lac.
- Remaining general features are as same like JIFI – Current account.
- One should have a twitter and face book account to operate his bank account.
- Like many apps this account also gives you referral reward. If you refer a friend by unique link generated then you will get the reward points soon after your friend opens the link.
- It gives you reward points for the likes and comments you make on Kotak jifi face book pages.
- It is very easy to deactivate your twitter account in the cases of any hacking or password leakage.
- Since it is a completely integrated with your social plug ins, it may impose a high security concern .
- In case of jifi current account you cannot get interest on your balance until it reaches Rs 25000.
- It is beneficial to those who are literates of social media, rest of the people cannot reap the benefits of these accounts.
All about JIFI Account
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