Kotak's JIFI Account- Pros & Cons

Kotak Mahindra Bank's JIFI Account - Taming Social Media

Kotak Mahindra Bank is sensationalizing the banking world by making its strong presence in the Social Media by its jifi account. Jifi account targets youth and tries to en-cash their high presence on the social media platforms. It encourages the youth to use social media for their banking needs. Jifi customers are provided banking services via Twitter & Facebook and are also rewarded for publicizing and making their friends join Jifi.

Why to open Jifi Account ?

Pros/Benefits of  Jifi

• It is Zero balance account, means no minimum balance is required to be maintained.
• Chip based platinum debit card is provided.
• Provides social banking, account inquiry can be made using Twitter.( However no financial transactions are possible )
• Provides social points for referring friends on Facebook and posting comments. These points can be redeemed for attractive rewards.
• Provides mobile banking via apps for carrying out banking transactions.
• Keeps track of the expenses in the account and provides report for the same.
• Online transaction of Rs 500/- or more earn transaction points that can be redeemed for attractive rewards.
• Amount of above Rs 25000/- gets interest of Fixed Deposit.
• Accumulated points can be transferred to friends.

Why not to open Jifi Account ?

Cons/Loss of Jifi 

• It is a current account, means no interest is paid on deposits if account balance is below Rs 25000/-.
• Although, the account is Zero balance but for opening the account Rs 5000/- are required to be deposited.
• Only 25 friends can be referred in one year.
• Facility of Jifi is presently available only in few cities.
• Account on Facebook is must to open Jifi account.
• Basically Jifi is beneficial for the persons who are doing business and not for the Students.

Conclusion

• Jifi is not so good for Students. 
• Jifi is for Businessmen and gives them good amount of flexibility and saves money.
• Target section is not properly managed and shows confusion of Kotak.

Jifi tries to tame the social media by linking it properly to the modern mediums of communications. However, it gets little confused in its approach.On the one hand it wants to attract the Students by allowing them to play with reward points but on the other hand it restricts them by not paying any interest on the deposits. It does not appears that the people involved in business will like to play much with the reward points games so efforts of Kotak may not be much utilized.

More details about Jifi can be found here under FAQ section.