I signed up for the Kotak Jifi account online a month back and got the account activated a couple of days back. So, I thought I’d share my Kotak Jifi experience and review it on the blog.
Being the first social banking option available in India today, makes Kotak Jifi a great fun option to make some points and get some goodies whether you’re having fun, Shopping and Socialising or just going through the chores like paying your monthly bills!
I have tried apps like Airtel money etc which allow me to pay my bills or book a ticket and save money but the functionality is limited and it adds an extra transaction of adding money into these apps without getting any interest on it. So I was excited when I heard about social and transaction points coming from a Bank.
Why you should signup!
1. Banking is something that is a necessity and there are no extra efforts to be made. Just shop like you do, socialise like you love (online) and you would have earned enough points to treat yourself even further 😉 Isn’t that cool? I have an account with AXIS Bank and SBI Bank and now I have signed up for Kotak. I’ve never been very happy with AXIS bank so might just close that one.
2. It is a ZERO balance account so I don’t really have to keep track if my balance goes below a certain amount and have to pay an extra fee for that. My AXIS account is not a zero balance fee and I’ve been their customer for 8 friggin’ years! There was once that my account went below the minimum balance threshold and I have to pay a fee. I mean, you can see your customer is broke and instead of helping your customer or being sympathetic you’re stealing money from the poor gal!
3. MOBILE APPS – It comes along with a mobile banking app and a money watch app explained in detail below.
4. Twitter Banking – Oh I love this part ! I now just have to tweet to check my account balance, transaction history, or place a cheque book request. Works through DMs and hashtags. And all information is secure. No more calling up the customer service and waiting on the line, or TPINS or taking out time to actually go to the bank in their working hours to drop a cheque book request slip!
5. Last but not the least, SWEET REWARDS – You get social points and transaction points for paying bills, liking/commenting on JIFI’s facebook posts or shopping online and transacting through KOTAK JIFI. You can gift these points to a friend or redeem them for your own benefit !
1 transaction point = Re.1
50 social points = 1 transaction point
1 comment on JIFI’s FB account = 20 social points
1. APP – KMW or Kotak Money Watch with which you can keep track of your expenses and much more in a Jifi,
You can get a 360 degree view of your personal finance with Kotak MoneyWatch. It allows you to view and analyse all your finances online with ease, like:
• All financial instruments under one roof; • Upload or simply forward your e-statements to Kotak MoneyWatch• Automatically connect all your online accounts, to view your net worth• Auto categorise your bank and credit card transactions• Calculate your income tax automatically• Access Kotak MoneyWatch even from your mobile phone• Generate more than 30 reports like spending patterns, Capital Gains, Profit and Loss etc.• Add multiple billers such as telephone, electricity, gas, internet, etc. to receive timely alerts so you never miss a due date• You also have a folder to store your important financial documents online
2. PLATINUM DEBIT CARD with benefits as below:
• Enjoy a purchase limit of Rs.2 Lakhs and a lost card liability insurance of Rs.2 Lakhs. The insurance covers any misuse up to 30 days prior and 7 days after reporting loss of card• Highly safe and secure, as all account details are encrypted on the chip of the card• Enjoy it free for the first year • Lost Baggage Insurance of Rs.1 Lakh• Air Accident Insurance of Rs.20 Lakhs
My experience with Kotak Jifi:
Day 1: Logged in on kotakjifi.com via facebook. It was an interesting concept and I wanted to explore it.
Day 2: Explored the whole site and connected twitter too.
Day 3: Got a call from Kotak executives for the next steps and to actually make me signup for an account. I wasn’t sure so I asked them to call me a couple of days later.
Day 7: An executive called back and explained Jifi to me again (didn’t need to but I wanted to sure that I wasn’t missing anything). I asked him to send an executive home for the required documents.
Day 8: Submitted the required documents – PAN card copy, ITR copy, 2 passport sized photos and an initial cheque of INR 5000 (you can also transfer money online for which you get extra transaction points!).
Day 9: Received a verification call.
Day 10: Details got verified. Account was activated and Platinum Debit card was shipped to my address.
Day 12: Debit card PIN, TPIN and Online banking password were sent to my address.
Day 13: I activated my Debit card and changed the PIN.
I had accumulated 2540 Social points by now and was eager to do a transaction as well.
Day 14: Logged into my online banking interface only to find that the balance was zero. I was a little perturbed and thought that maybe the 5000 bucks were activation fees!
To confirm, I authorised twitter for customer service and wrote a Direct Message and tweeted to @KotakJifi about the glitch.
Day 15: They confirmed that the account was active and the balance was INR 5000.
Day 17: Made my first ecommerce payment and received 25 transaction points !
I’m yet to redeem my points but it has been a great experience so far. I’m considering closing my existing AXIS Bank account and transferring the funds to KOTAK JIFI but I’ll hold on with that decision for a bit.