Sunday, August 3, 2014

Perks of having a Jifi Account....

'Being social is not just an avocation...
It's like a prophecy...
It's like a thoroughfare of reciprocity...
It's an effulgent concert' - Anonymous.

"Gah! I think I'm wasting my time on twitter"- Jimmy murmured as he quickly shuffled through the tweets on his smartphone. This is perhaps the fifth time in five minutes that I have seen him checking for new notifications. He, in-fact, went on a self-imposed rehab from the social networks earlier this week..hilarious isn't it? It's more of a prevarication to say the least.

"Dude, I think there's an other-side to social networking as's not merely a time-pass now, you can perform all your banking operations by making use the social networking medium"- Ravish elucidated. This voice echoed through the deserted Coffee house, the statement was a sagacious one.

"That sounds hilarious! Do you even realize what you just said? Is it a fragile Facebook or twitter application like the Zynga driven Mafia Wars or Farmville? Dude, it's 'banking' , I hope you acknowledge that"- Raman was thoroughly miffed by his statement. Banking, to him, is quite a sensitive sector...he never hands out his credit card to the waiter, even if it's a 5 star restaurant.

"Yes, the major concern is security. If that is taken care of, I bet, this is going to be a very exciting introduction"- I pitched in to the conversation.

"Haha! No worries on that part, all the account and transaction related information when requested, will appear in your twitter direct message box. Utmost care has been taken to maintain the confidentiality of your account"- Ravish ratiocinated.

"Wo sab to theek hai! But tell me why should I be interested in opening a socially powered bank account when there's substantial risk involved in terms of loss of sensitive data if the social account linked to it is hacked?"- Suresh joined in with a very germane query.

"Hey!! Hold on for a second gentlemen...before you bombard me with all these questions, let me take you on an e-ride into the world of socially empowered banking, the mode of banking that's newfangled, commodious and hassle-free to say the least. I'm sure you're gonna enjoy this experience thoroughly" - Ravish asserted as he logged in to the Macbook Air. He's an investment banker himself, we could, to some extent rely on his elucidation. The stage was set for the banker, the 'engines' all revved up!

"Alright then fellas...let me start off with the very basics, I'll guide you with the entire steps for registration & help you understand the main features of a the Kotak Jifi interface that has been created to facilitate the younger social-network-savvy generation like you and me. You know, a number of family-members hate me because of the fact that I'm a banker, it's a pre-conceived notion nevertheless, but sometimes, managing a bank account really becomes quite a painful exercise. Infact, opening a bank account involves a tedious process...filling up bulky forms, signing on every possible page, waiting for your cheque book, your debit cards and of course the "PIN number" for online account activation. Jifi is a refreshing change in this respect. It has been primarily created to cater to the essence of digital banking through it's seamless integration with Jimmy's favorite Facebook and twitter. But then the documentation required to open a Jifi account is typically the same as compared to the other bank accounts; the conventional KYC process holds. So let's begin.....

1. Relatively uncomplicated login window: 
Net-banking often involves a number of primary and secondary passwords, and sometimes you even need a personalized hash-key to log into the system. Logging in to the Kotak Jifi website, is a cake-walk. You can sign up for the Jifi account either using the Facebook account or by applying through an email invitation...and you are good to go. It's a hassle-free solution because you don't need to remember a huge list of passwords and of course, you don't need to undergo the conventionally rigorous "password reset" exercise. I found the interface flawless, light and easily accessible from any location in the country and abroad. Swanky!

2. Banking allowance- The privilege of a Zero Balance account: 
Unlike the other banking operations that has a minimum balance requirement, Kotak Jifi grants you the leverage of maintaining a zero balance account, it is a non-interest bearing current account. I bet, this feature would attract the school or college goers even more...there's absolutely no headache in maintaining a threshold account balance every month to keep it active. You would require a nominal deposit of INR 5000/- to script the perfect "Subh Arambh". The auto-term creation once the user account balance exceeds INR 25,000/-, attracting a higher rate of interest payout, is certainly a worthy gratification for the account holders. I'm planning to transfer heavily to my Jifi account, in a jiffy. ;) I'm sure that I'm going to reap rich benefits out of it.

3. Earning and transferring social and transaction points: 
The signature 'Loyalty Club' brought to your by Kotak Jifi is a reserve of benefits and benediction. Since your Facebook account is integrated with the Jifi account, your social interaction quotient with the Bank is tracked by the system and you are amply rewarded with loyalty points in return- it shows that Kotak values each and customer & gratifies them with beaming benefits. Loyalty points can also be earned with regular online transactions; it's a joy-ride with the Kotak Jifi. The reward points (both social and transaction-driven) can be accumulated and used at a later stage to redeem products of your choice and avail classy discounts on shopping, dining, traveling etc. Yes, these are the perks of being a privileged Kotak jifi customer, it's a fun ride...!

The pivotal aspect here is the loyalty-point-relegation or transfer functionality; you can transfer your loyalty points to a friend-in-need as well as accept points from others. You can lend your points anytime; that is indeed the essence of social sharing. This, my friend, has some sort of similarity with the Zynga developed apps like Mafia wars where you can send weapons/ wishlist items to a fellow mafia. Gah..not a fair comparison though ;) Let's take a look at the classy rewards that you can unlock using the points.

4. Extend your network and get rewarded:
Following the basic principle of a social networking website, Kotak Jifi offers you an unique platform to connect to your near and dear ones on the social banking platform. You can refer your friends to try out the innovative way of banking through Facebook invites or by sharing a unique link generated through email. You can make use to the ‘Refer Friends’ functionality on your Jifi dashboard. A referral point count of 250 is added to your account immediately when your invitee activates his/her Jifi account using your referral link. The accumulated reward points, as mentioned above, could be used in redeeming lucrative allowances..!

5. Kotak mobile banking and the Kotak Offers Application:
The mobile banking application is an exclusive introduction that caters to seamless banking , transactions and funds transfer on the go. It is absolutely a necessity for professionals like us who roam around the country for almost 300 out of the 365 days, getting hold of a laptop is sometimes pretty onerous. The mobile applications are robust, user friendly and is 'harnessed' with a number of effective functionalities like a quick account overview, hassle-free mobile bill payment facility, easy locating of term deposits, identifying the nearest ATM for withdrawal or deposit etc. All you needed is the bliss of mobile internet connectivity and the rest is pretty much a cake-walk. It can be easily downloaded from the App-store & installed & accessed on the move...!

The only problem that I see is that the application is not yet compatible with the Windows O.S.; a quick heads up in this direction is appreciated. We all are equipped with internet enabled smart-phones these days, isn't it? The fact that we 'socialize' using the mobile-phone and social apps, adds to the bearing of having a dedicated mobile banking application. The Kotak Offers application is an idiosyncratic addition that enables an user to track down the various offers & privileges that are rewarded to a Kotak Mahindra Bank customer. Now I can explore offers-galore right on my tablet. It also offers free NEFT through net banking, that is indeed a boost for the ones who deal with bulk online transactions regularly- the 360 degree circle of customer vindication..!

6. Free Platinum Debit Card for the first year:
Getting hold of a Kotak Mahindra Platinum Debit card is quite a privilege, especially when you are allowed to withdraw a maximum of INR 50,000 per day, it is a worthy possession. I'm sure that my girl-friend might just be licking her fingers at the prospect of a daily purchase limit of INR 2 Lakhs using the Platinum chip based debit card. She's knows the benefits already.!

7. Multiple sign-up benefits for the first time user:
Kotak Jifi offers you exclusive benefits on the first time sign-up:- 1. 1 year free subscription of the Kotak Money watch (a platform that caters to every aspect of personal financing: expenses, investments, gains, monetary settlements etc) 2. Earning up to (250x25) referral points for successful sign-ups in a year. 3. Garnering up to (25x6) transaction points in a month for every transaction above INR 500/- - the prerogatives of being an active part of the first ever socially empowered banking platform.

8. Customer support on twitter:
In case of any account or transaction related issue, send in a tweet to their official Jifi account @KotakJifi (using the hashtags #JifiBal or #JifiStatus - to know the account balance and application status respectively) and the queries would be resolved on priority basis. No need to stay on the call for hours, waiting for the customer care representative to get in touch with you. All the account related details would shared with the account holder using the direct message service on twitter to ensure confidentiality.

8. Security:
Now, to answer Suresh's question...yes, the social networking sites, these days are extremely prone to hackers, but then, be rest assured, even if your Facebook or twitter account is infested by unauthorized access, the security of your bank account is still restored. The external entity might be able to view your accumulated social and transaction-al reward points; but the right to check the user account balance or executing a new transaction would be provoked. To complete a transaction, the user would be routed through the net-banking mode...and thus any unauthorized access would be interrupted. Looks like a very secure mode of operation this.

Phew! Any more questions?"- Ravish stopped to take a breather. He has been touched upon every possible details to say the least.

"So this service is available across India?" - I decided to throw in a random question.

"Kotak Jifi is currently available in Bangalore, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Delhi, Hyderabad, Jaipur, Kolkata, Lucknow, Mumbai and Pune. But fiqaar not, the services are going to be rolled across India soon enough. Your account can however be accessed from anywhere in world. Tadaaa"- He retaliated...the perfect banking consultant. And as we spoke...

Kotak Jifi is certainly announces the 'new era of banking' is certainly a glorious metamorphosis, it makes banking easy, convenient and customer-gratification is it's ultimate objective. The customer base, as a result, is growing exponentially with every passing day. Since, it remodels the mode of financial-accomplishment for good, you can certainly 'Bank upon' Jifi. TVC:

* I would like to thank indiblogger for giving me opportunity to explore the all new socially empowered banking platform~ Kotak Jifi.

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