Kotak Mahindra Bank taps social media for savings account

Kotak Mahindra Bank taps social media for savings account

India's Kotak Mahindra Bank has launched a savings account that can be opened and managed via Twitter and Facebook.

Following last year's launch of the Jifi current account, Kotak has introduced a Jifi Saver account, which offers customers an interest rate of up to six per cent and can be opened using Facebook and Twitter credentials.

Once signed up, users can also carry out a host of tasks through social media thanks to a feature dubbed 'Hashtag Banking'. Customers simply tweet Kotak's account with a designated hashtag for each request, such as #JifiBal for a balance enquiry. The bank then responds via direct message with the information.

Customers can also request a prepaid mobile top-up by tweeting #mobilecharge and their number, operator, and the amount they want to add.

Other account features include a debit card, access to a money management service and rewards deals for shoppers thanks to tie-ups with various online retailers.

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