Kotak Mahindra Bank has launched a new savings account product aimed at the tech-savvy crowd. The new product known as Jifi Saver can be managed via a customer’s Twitter and Facebook pages. Customers can sign up for a Jifi Saver account on the website using their Facebook or Twitter credentials.

Kotak Mahindra Bank

Kotak Mahindra Bank had earlier in March created a similar bank account, called Jifi,  which was a zero interest current account with no minimum balance restrictions. Jifi Saver offers customers an interest rate of 6% on a balance of above Rs1 lakh and 5% interest per annum on a balance of up to Rs 1 lakh.  The savings account is also targeted at customers who use online shopping and offers customers extra transaction points from select e-commerce players. You can check out the bank’s e-commerce partners and their offers here.

Hashtag banking

Another interesting feature of the account that the bank calls Hashtag banking where users can send commands out to their bank account using hash tags on Twitter. The bank account is bound to the the customer’s Twitter handle and the customer does not have to enter their bank account number or card details.

For example, to get the account’s balance details, customers have to send #Jifibal to the @kotakjifi handle. Customers will receive the requested details from as a DM (direct message) on your personalized Twitter handle (and not the public domain). The responses are sent from @kotaksync handle which is automated and has no manual intervention. Here’s a list of the hashtag banking commands.

In case a customer’s Twitter handle is compromised or hacked, they have to go to the Jifi Saver website and login and deregister their twitter account.

This feature allows customers to recharge their mobile phones and DTH connections. Note, the transaction limits for mobile recharges and DTH connections have been capped at Rs 500 and Rs 1000 per transaction respectively. There is also a limit for the number of recharges done over Twitter – for mobile recharges it is 10 per month and for DTH connections it is capped at 5 per month.

Jifi Saver customers also get a year’s subscription to Kotak Money Watch free which allows them to plan their finances and expenditures. Jifi Saver is currently in 27 cities in India.

Other developments at Kotak Mahindra Bank

Earlier in 2014, Kotak Mahindra Bank also introduced Mail Money, an email-based funds transfer service to their customers.

The Bank also launched KayPay, a bank agnostic payment product for Facebook users to send money to each other.  The sender will have to register on a dedicated KayPay website wherein he will have to give bank account details and the bank’s MMID, apart from personal credentials. Once registered, the sender can initiate transactions and if the beneficiary is not registered on KayPay, he will be directed to a page to register for completed a transaction.

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Kotak Mahindra Bank’s Deepak Sharma on new payment services, security and convenience, and mobile banking