• Kotak Mahindra Bank Jifi Account

    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:

    Particulars Charges
    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
    • For transaction of Rs.2 lakh to Rs.5 lakh : Rs.25 per transaction
    • For transaction greater than Rs.5 lakh : Rs.50 per transaction
    RTGS through net banking Nil
    NEFT through bank branch
    • For transaction of up to Rs.10,000 : Rs.2.5 per transaction
    • For transaction between Rs.10,000 and Rs.2 lakh : Rs.5 per transaction
    • For transaction greater than Rs.2 lakh : Rs.25 per transaction
    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
    • For transactions less than Rs.10,000 : Rs.100 per cheque
    • For transactions between Rs.10,000 and Rs.1 lakh : Rs.50 per cheque
    • For transactions above Rs.1 lakh : Rs.25 per cheque
    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
    • For cheque/DD : Rs.75 per request
    • For cash less than Rs.2 lakh : Rs.200 per request
    • For cash between Rs.2 lakh and Rs.5 lakh: Rs.400 per request
    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
    • Upto 3 returns : Rs.350 per instance
    • From the fourth return onwards : Rs.750 per instance per month
    Cheques issued and returned (inward) and ECS returns - technical reasons Nil
    Daily and weekly balance updates, transaction details and value-added alerts
    • Transaction : Nil
    • Balance weekly : Nil
    • Balance Daily : NA
    Phone banking Nil
    Account statements (physical or email) - Monthly
    • Physical : Rs.75 per quarter
    • Email : Nil
    Annual combined statement - Physical
    • Through net banking : Nil
    • Through branch : Rs.85
    • Through phone banking : Rs.110
    Ad-hoc statement requests - at branch or through phone banking
    • Less than 90 days : Rs.150
    • Between 91 and 365 days : Rs.100
    • Greater than 365 days : Rs.100
    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
    • For current year : Rs.100
    • For previous year : Rs.200
    Interest statement, duplicate only
    • For current year : Rs.100
    • For previous year : Rs.200
    TDS Certificate, duplicate only Rs.100
    Signature verification Rs.50
    Photo attestation Rs.100
    Address confirmation 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
    PIN regeneration Rs.50
    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)
    TOD charges Rs.500
    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
    • Up to Rs.1 lakh : Higher among 0.150% of the gross value and Rs.37.50
    • Between Rs.1 lakh and 10 lakh : Rs.150 plus (0.0750% of the amount that exceeds Rs.1 lakh)
    • Above Rs.10 lakh : Rs.825 plus (0.0150% of the amount that exceeds Rs.10 lakh)

    Eligibility

    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

    1. 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.

    2. 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.

    3. 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.
    4. 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.
    5. 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.
    6. What is the value of a transaction point?

      Every transaction point you earn is worth Rs.0.25.

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