Private-sector lender Kotak Mahindra Bank has launched the new product under the JIFI brand called ‘JIFI Neo’. JIFI Neo comes with Zero Balance Saving account offering up to 6% Interest rates on saving balance.
Like Kotak JIFI, the new JIFI Neo account comes with no minimum balance requirement. Additionally, it offers 5% p.a. on balances up to Rs.1 lac and 6% p.a. on balances above Rs.1 lac. The difference between old JIFI and the new JIFI Neo account is, JIFI Neo is saving bank account whereas old JIFI is C/A Current Account. Also, there will be no transaction rewards available on new JIFI Neo account like JIFI (C/A) account.
With Kotak JIFI Neo, a customer will get Classic Debit Card with annual charges of Rs.200. Customers can withdraw cash up to 5 times in a month from Kotak bank ATM and 5 times from any other domestic ATM of another bank. Online transactions like funds transfer to other banks via NEFT/IMPS/RTGS is absolutely free of cost. However, there are charges for offline transactions from a branch, i.e only one cash deposit of up to 10,000 is free in a month, thereafter Chargeable as Rs. 5/1000 Min 100 per transaction. Similarly, One cash withdrawal from a branch up to 10,000 is free in a month, thereafter Chargeable Rs. 5/1000 Min 100 per transaction.
The opening of an account is a totally online process, Customer need to sign-up through the Facebook or email option available on the www.kotakjifi.com page and complete the online application process to get started. For activation of an account, intial funding of Rs.5000 is mandatory which can be done by Net Banking from other bank or a cheque which you can handover to bank executive at the time of account opening. After completion of online application form by customer, representative of a bank will visit and collect the required (KYC) documents for activation of the account. After completion of the online application and initial funding of account, JIFI Neo account would get active within the next 7-10 working days.