Kotak Mahindra Bank launches social media-managed savings account

India’s Kotak Mahindra bank has launched a new account that can be managed using Twitter and Facebook.

The new offering, dubbed ‘Jifi Saver’, is part of the bank’s ploy to tap tech savvy customers.

Customers can open a Jifi Saver account on the bank’s website using their Facebook or Twitter credentials. They can then request services from their bank account using ‘Hashtag Banking’ by tweeting the bank’s Twitter handle with their hashtag request.

As well as acting as a savings account, Jifi Saver offers a credit card, access to a money management service and extra transaction points for purchases from the bank’s e-commerce partners.

“Jifi Saver also addresses the needs of frequent online shoppers,” said Shanti Ekambaram , president of consumer banking at Kotak Mahindra Bank “Through our tie ups with various ecommerce 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.”

The Jifi Saver offers customers a savings interest rate of six per cent on balance above Rs. 1 lakh and 5 per cent on balance up to Rs 1 lakh, the bank said in a release.

ICICI Bank was the first Indian bank to allow real-time social media over a year ago. Kotak Mahindra Bank followed suit last year with the Jifi Current Account.

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