Kotak Mahindra Bank today announced the launch of Jifi Saver, a unique social savings bank account which can be seamlessly managed via Twitter and Facebook. Developed for today’s tech savvy and socially connected consumers with an active digital life, Jifi Saver will take care of their needs such as online shopping, on-the-go transactions, financial planning, etc. It also offers all benefits and functionalities of a regular savings bank account.

Jifi Saver enables customers to earn savings interest rate of 6% p.a. on balance of above Rs 1 lakh and 5% p.a. on balance up to Rs 1 lakh. Further, the account offers extra transaction points for purchase from select ecommerce partners.

The account offers a host of other benefits such as mobile and DTH recharge via Twitter, reward and transaction points, 25 free at par cheques per quarter and unlimited free transactions at Kotak Mahindra Bank ATMs.

Shanti Ekambaram, president, consumer banking, Kotak Mahindra Bank, said, ''Jifi Saver integrates the best of mainstream banking, digital innovation and social connect for today’s savvy consumer. It offers a holistic banking experience combining a secure technology platform and our pan-India branch network.''

Ekambaram added, ''Jifi Saver also addresses the needs of frequent online shoppers. Through our tie ups with various ecommerce retailers, customers can not only benefit from the plethora of online deals, but also earn extra transaction points, which can be redeemed for a host of offers.''

Shares of the bank gained Rs 4, or 0.29%, to trade at Rs 1,365.00. The total volume of shares traded was 45,788 at the BSE (1.10 p.m., Monday).