Now transact on your bank account through social media

MUMBAI: Kotak Mahindra Bank's new social media enabled bank account allows customers to place service requests including those for cheque book or mobile phone recharges through twitter. The account also enables customers to download for free a copy of their credit bureau score which indicates their creditworthiness with the banking industry.
Besides providing the functionality of a regular savings account, Kotak Mahindra Bank’s Jifi Saver launched this week provides online shopping through mobile apps.Announcing the launch of Jifi saver the bank said that its savings account provides a wide range of services through a comprehensive suite of investment services and other transactional conveniences like online shopping, bill payments, ASBA, Net@rd, and ActivMoney – a facility for automatic sweep-in and Sweep-out of funds from savings account in fixed deposits.
ICICI Bank was the first to allow real-time banking while on social media over a year ago. Kotak Mahindra Bank which followed suit with its Kpay payment feature allowing transfer of funds to friends has now built a new savings account product which allows customers to open their account from either facebook or twitter account.The bank claims that K-Pay is the world’s first bank agnostic payment product for Facebook users which enables millions of bank account holders transfer money to each other anytime without the need of net banking, or knowing various bank account related details of the payee.
Like other Kotak savings accounts Jifi Saver provides interest rate of 6% p.a. on balance of above Rs. 1 lakh and 5% p.a. on balance up to Rs. 1 lakh. Further, the account offers extra transaction points for purchase from select e-commerce partners. The rewards can be used to make purchases from the Kotak Banks shopping website by making purchases through debit card.
“Jifi Saver addresses the needs of frequent online shoppers. Through our tie ups with various e-commerce retailers, customers can not only benefit from the plethora of online deals, but also earn extra transaction points, which can be redeemed for a host of offers,” said Shanti Ekambaram, President – Consumer Banking, Kotak Mahindra Bank.