Jifi transcends digital banking by seamlessly incorporating social networking platforms such as Twitter and Facebook with mainstream banking, the bank said.
Jifi is a zero-interest current account with no minimum balance conditions, and can be opened with an initial payment of Rs 5,000.
All balances over Rs 25,000 automatically move into term deposits at applicable interest rates.
Opening a Jifi account is triggered by a self-invite by signing up through Facebook or email.
K V S Manian, president (consumer banking) at Kotak Mahindra Bank Limited, said: “Jifi is a unique digital account that integrates social media platforms like Twitter and Facebook for secure and seamless on-the-go information.
"With Jifi, the first-of-its-kind digital account, Kotak takes banking to the next orbit by providing a hassle-free proposition to tech-savvy persons who prefer to stay online at all times.”
Jifi also has a loyalty point programme encourages high level of interactivity among account holders.
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