Forget ATMs, Kotak Mahindra is now bringing banking to Twitter and social media.
The private sector bank has introduced a new feature called JiFi banking that lets users receive banking updates via Twitter, reward points for online transactions and let them add friends to the JiFi network.
JiFi users will get updates and can make requests via their personalised Twitter handle. All information requested on Twitter will be relayed via DM and will be private. To activate Twitter, users need to register for the JiFi account and connect Twitter to it. Kotak has also released a list of social banking hashtags for account holders to use.
Opening a JiFi Account
Accounts can be opened by anyone by submitting the relevant kYC information. The JiFi account will require a minimum amount of Rs 5,000 for activation and funds can be transferred via Net Banking or Credit card transactions from other accounts.
A JiFi account will be a non-interest bearing account and will not have any minimum balance requirements. For amounts above Rs 25,000, a JiFi account will automatically create term deposits and pay interests as applicable.
The JiFi account that can currently be accessed by invite-only, can be accessed from here. Users require a Facebook account to access and activate their JiFi account.
The service will be available only in a few cities including Delhi, Mumbai, Bangalore, Chennai, Coimbatore and Lucknow.
While the initiative is one of a kind, security will be a big concern for users. In case a Twitter account is hacked, Kotak Mahindra only asks to contact the bank to disable Social Banking. Not very convincing that.