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Kotak Mahindra Bank: Jifi Account Review

Private banking sector giant Kotak has launched Jifi account targeting the youth (the tech-savvy generation), who well socially connected. It is a fully integrated zero interest social bank account that gets account updates via twitter and social loyalty points. Additionally, almost all kind of banking requests like requesting a check book, transaction history, Mobile and DTH recharge, account balance are just a tweet away.

But are these perks enough for you to form a mindset about Jifi account? Well, first of all, question yourself some questions. Like; Are you not able to do international payments? Does your debit card doesn’t support PayPal? Do you want to open a saving account from home? If your answer to all these questions is yes, then Jifi Account is undoubtedly for you.

Most of the government banks are dull at international payment and almost all other banking services. One reason being, the intrusion of RBI in all the activities if banks and their banking services- it’s high time for a change. Jifi account of Kotak Mahindra can make your life easier and mess-proof.

You can open a saving/current account through the online application. You don’t need to go to the bank, rather the bank will come to you. We can open two types of account under Jifi account of KMB, namely;

  1. Kotak Jifi Saver Account: The interest rate offered under this type of account is 6% and you need to have a minimum balance of Rs.10, 000 to enjoy the interest benefits. You also get a Platinum Chip-based debit card which supports both international payment and PayPal.

You also get points upon each transaction, which you can convert into money and add to your account or you can use it for online shopping.

  1. Kotak Jifi Account: This account doesn’t need you to maintain a minimum balance (zero-balance account). It is a current account and so it will not render you any interest. Your account will stay active even if your balance is zero. If you intend to get a debit card only for international payment, you should consider this account.

Though you need to deposit Rs. 10, 000 initially in both types of account which you can obviously withdraw later, if you want.

The account opening process is simple and submission of application can easily be done within minutes. All you need to do is go to Kotakjifi.com and choose the type of account you want to open. After you select the type of account you click the “Signup” button and register yourself on the website. You need to fill out the registration form that seeks personal details and click on ‘Submit’.

Congratulations! Your application is submitted.

Now a bank executive will call you to verify that you need to open an account. You need to give the executive your address so that he comes and takes the required documents from you. After this, you need to pay Rs. 10, 000 to the executive when he/she comes again on a given date to collect and credit the amount to your account. The executive will take your signature on the form and when the documents are verified, your account gets activated.

In a nutshell, Jifi account is dedicated to giving the customers a better banking experience that includes more comfort and features. Jifi accounts are surely worth a try for everyone.