The Jifi account offered by Kotak Mahindra Bank is a new-age digital account that provides ease of use and convenience to the account holder. You can access your account any time and perform hassle-free transactions. There is no minimum balance requirement for the Jifi account. The Jifi Saver variant, however, has a minimum balance requirement of Rs.10,000.
Jifi has also made banking social as account updates can be received through Twitter. It is possible to add friends to your Jifi network and gain reward points for performing online transactions as well.
Features and Benefits of Jifi Account
The key features and benefits of the Jifi account offered by Kotak Mahindra Bank are as follows:
- There are no minimum balance limits on the Jifi account. It is a non-interest bearing current account.
- When the average balance exceeds Rs.25,000, an Auto Term deposit is created.
- The customer receives the benefits of Hashtag Banking, i.e., prepaid mobile and DTH recharge facilities, cheque book requests, account updates, etc. through tweets.
- Customers become part of the loyalty club, and receive reward points for social updates and transactions.
- Account holders receive a free Jifi Platinum Chip Debit Card for the initial year.
- The account holder can earn extra transaction points for all purchases that are done through the Jifi Platinum Debit Card at the website kotakrewards.com.
- Customers can earn rewards by referring friends to Jifi.
- Customers can keep track of their expenses with a platinum subscription of Kotak MoneyWatch for 1 month.
- Account holders receive access to the mobile banking and offers app that facilitates banking on the go.
- Transactions can be performed through NEFT, free of any charges, using the net banking facility.
Fees and Charges
The fees and charges applicable to Kotak Mahindra Bank Jifi account are as detailed below:
|Banker’s cheque or demand draft payable at branch locations||Rs.1/Rs.1000 (minimum of Rs.40 and maximum of Rs.5000)|
|Banker’s cheque or demand draft payable at non-branch locations||Rs.2/Rs.1000 (minimum of Rs.40 and maximum of Rs.5000)|
|RTGS through bank branch||
|RTGS through net banking||Nil|
|NEFT through bank branch||
|NEFT through net banking||Nil|
|Fund transfer at branch and through net banking||Nil|
|Cheque book||Rs.5 per cheque leaf|
|Local clearing cheque or intercity clearing cheque||Nil|
|Out-station cheque (at non-speed clearing branches) drawn at Kotak branch and non-branch locations||
|Out-station cheque (at speed clearing branches)||Nil|
|RTGS, NEFT, and fund transfer inward||Nil|
|On call requests such as cheque pick-up/Cash pick-up or delivery/DD Delivery||
|Cash deposits or withdrawals at home branch or non-home branch locations||Rs.5 per Rs.1,000, with a minimum of Rs.100 per transaction|
|Cash withdrawal or balance enquiry at Kotak ATMs||Nil|
|Balance enquiry at other bank’s VISA ATMs - International||Rs.25 per transaction|
|Cash withdrawal at other bank’s VISA ATMs - International||Rs.150 per transaction|
|ATM transactions declined due to insufficient funds - Kotak ATM||Nil|
|ATM transactions declined due to insufficient funds - Non Kotak ATM||Rs.25 per transaction|
|Primary card with Platinum chip - Issuance fee||Free|
|Primary card with Platinum chip - Annual fee||Free for the first year. Subsequently, Rs.199 per annum.|
|Add-on card with Platinum chip - Issuance fee||Free|
|Add-on card with Platinum chip - Annual fee||Free for the first year. Subsequently, Rs.199 per annum.|
|Card replacement for lost card||Rs.200|
|Card replacement for damaged card||Nil|
|Visa Global Assist||USD 5|
|Visa Global Assist for lost card||USD 35|
|POS transactions declined||Nil|
|Account closure charges||Nil|
|Local cheques deposited and returned - outward||Rs.150 per cheque|
|Out-station cheques deposited and returned - outward||Rs.150 per cheque + Corr bank charges|
|Cheques issued and returned (inward) and ECS returns - financial reasons||
|Cheques issued and returned (inward) and ECS returns - technical reasons||Nil|
|Daily and weekly balance updates, transaction details and value-added alerts||
|Account statements (physical or email) - Monthly||
|Annual combined statement - Physical||
|Ad-hoc statement requests - at branch or through phone banking||
|Ad-hoc statement requests - through net banking or ATM||Rs.50|
|Ad-hoc statement requests - through mobile banking||Nil|
|Standing instruction - Setup||Rs.100|
|Standing instruction - Execution||Nil|
|Standing instruction - Amendment||Rs.25|
|Standing instruction - Failure||Rs.25|
|Balance statement, other than 31st March||
|Interest statement, duplicate only||
|TDS Certificate, duplicate only||Rs.100|
|Foreign currency payments and collections - DD issuance||Rs.500|
|Foreign currency payments and collections - DD cancellation||Rs.500|
|Foreign currency payments and collections - DD revalidation||Rs.500|
|Foreign currency payments and collections - TT transfer, when corr bank charges are borne by the beneficiary||Rs.250|
|Foreign currency payments and collections - TT transfer, when corr bank charges are not borne by the beneficiary||Rs.1,000|
|Foreign currency payments and collections - cheque collection||Rs.500|
|Foreign currency payments and collections - cheque deposited and returned||Rs.1,000|
|Foreign currency payments and collections - Cheque issued and returned (financial reasons)||Rs.1,000|
|Foreign currency payments and collections - Cheque issued and returned (technical reasons)||Nil|
|DD/BC cancellation or revalidation||Rs.100|
|Fund transfer return - Financial reasons||Rs.300|
|Fund transfer return - Technical reasons||Nil|
|Cheque purchase charges||Rs.0.5 per Rs.1,000, per day (minimum of Rs.50 and maximum of Rs.10,000)|
|Stop payment||Rs.100, free through net banking|
|Inoperative account charges||Nil|
|Activation of inoperative account||Nil|
|Record retrieval charges||Rs.100 per request|
|Service tax on foreign currency conversion charges||
In order to apply for the Kotak Mahindra Jifi account, a customer needs to fulfill the following criteria:
- He/she should have completed 18 years of age.
- He/she should be a resident Indian. This is applicable for single and joint accounts.
Kotak Mahindra Bank Jifi Account FAQs
How can I refer my friends for the Jifi account?
You can refer your friends for the Jifi account through Facebook. Alternatively, you can share a unique email link for referral. This email will be generated when you send them an invitation by clicking on the ‘Refer Friends’ option on your Jifi dashboard.
How do I receive rewards for friend referrals?
The referral rewards are provided when you refer your friends to Jifi and their account is opened. Even if your friend does not open a Jifi account, you can still redeem the social points that you earn. When your friend opens a Jifi account through referral, you are eligible for 1,000 transaction points, capped to a maximum limit of 25 successful referrals per year.
How can I earn social points?
You can earn social points in the following ways:
- By inviting your friends to your Jifi circle.
- Rewards are provided for social activities, such as commenting on and liking Kotak Jifi and Kotak Bank Facebook pages.
What are transaction points?
Transaction points are reward points that you earn by making online purchases using your Jifi Platinum Debit Card. You also earn transaction points through the activities in your social circle. You can earn these points in the following ways:
By making an online transaction such as a purchase or bill payment. Transaction points are offered up to 6 transactions per month.
- For Jifi Saver - 60 transaction points are earned on a minimum transaction value of Rs.1,000.
- For Jifi - 100 transaction points are earned on a minimum transaction value of Rs.500.
- After referring your friends to the Jifi network, you receive 1,000 points once their Jifi account is activated.
- By making an online transaction such as a purchase or bill payment. Transaction points are offered up to 6 transactions per month.
Which online transactions are not eligible for transaction points?
- Transaction points are not given for any NEFT, RTGS, or IMPS fund transfers.
- Fund transfers through email requests or KayPay are also not awarded transaction points.
- Credit card payments are not eligible for earning transaction points.
- Transfer of money from one Kotak account to another does not earn transaction points.
What is the value of a transaction point?
Every transaction point you earn is worth Rs.0.25.