Kotak Mahindra Bank Complaints & Reviews

I have taken Kotak Life Insurance policy (#[protected] through Bajaj Capital with monthly ECS of Rs. 2000-/- in the month of Feb'2012. So far I haven't received my policy document even after calling their call-centers 3 times -

1. Complaint # 1-[protected] on 13th April'2012

2. Complaint # 1-[protected] on 25th April'2012

3. Complaint # 1-[protected] on 14th June'2012

1st time, they have corrected my address (from Maharsthra state to Uttar-Pradesh) in their record even they have right address proof and said that I will recieve the document in 6-7 days. 2nd time, I was told that you have to collect from local branch but no update from branch.

Today (14th June'12), again same message that I have to collect from branch. I am clear with them either deliver the document at my address as that's mistake from their side not from me or pls provide my money back with market interest.

I can't rely on a company for life insurance which took almost 5-6 months to deliver policy document and even not sure when I will get.

2nd issue is that as per rule, I should have policy document and after receiving, should provide my consent in 15 days. Here I haven't received the document but they are continuing to deduct money from my account. This fundamental flaw in their operations and highly unethical.

Pls help from such crooks.

I had taken Kotak Smart Advantage Plan (Policy No. : 01594881 Name Prafulla Ingale) by seeing Brand Name of Kotak Group by investing monthly 1,500/- since 14/05/2009. But, we are totally frustrated with the behavior and approach of Kotak Life Insurance Company which we have been never seen in our whole life, this kind of responsibilities and irregularities. They are trying to cheat us since 14, May 2009 when I purchased this policy.

At the time of purchasing that policy (May, 2009), the sales executive (Mr. Ravi Patil) of Kotak had given all wrong information and said that after 3 years, if you want then you can withdraw your policy and get your all invested money with good return (1500 * 36 months=54,000 + Good % of return) (I have purchased this policy due to this feature only which is told by the executive, and I had paid 1,500/- per month since May, 2009 to May, 2012). And after 3 years, I had been called and mailed to Kotak Life Insurance Customer Care he said that your one year invested money will be gone into Kotak Account and it will not given to you, I will get only 2 years invested money with 2% deduction also. I was totally shocked. This is ridiculous. Therefore, I am totally mentally, physically and financially harassed by the Kotak Life Insurance Company and decide to surrender the policy (Policy No: 01594881, Name: Prafulla Ingale).
When I said that your sales executive had misguided us regarding the policy and given fake/wrong information then Kotak’s representative said that it is not Kotak’s responsibilities for their sales person/team or executives and you should verify the things. It means there is no accountability and responsibilities of Kotak about their plan and policies and their Sales Executive’s. All the responsibilities and loss paid by the Customer only!!! Therefore, why should people invest their money or buy policy of Kotak Life Insurance?

Every customer has rights to information to know each and every detail regarding the product which he is going to buy. But we didn’t get full information regarding the Policy of Kotak Life Insurance which I had bought from an executive of Kotak on 14, May 2009. They hide the important information at the time of selling their product.

Now, I am totally mentally, physically and financially harassed by the Kotak Life Insurance Company It’s really worst. So, we don’t have any option rather go to Consumer Court.

I am working the an MNC and drawing take home 80K per month. I have account with kotak mahindra bank, I have applied personal loan amount 100000 but i got the message the application was rejected even my salary is 80k and account with same bank and CIBIL score is 740. After i knew the status i have closed my account with the bank. They dont have skill to keep customer happy always and they failed to retain the customer.

All i am requesting you people don't give any of your document to the fraud executives they wont respond you.

Thanks
Senthil

i dont know what to do but i want to complaint . i have recieved a statement of my credit card of kotak mahindra bank which shows late fees . i have to go to rajasthan for some urgent work so i was not able to make the payment but when i came back i recieved a call from kotak and he says that he will send exexutive for payment but no executive come. but after 10days executive come and he says that he was busy and not able to come but he says that sir i will waive of your late fees we said then k and take payment .now i call to customer care and tell my problem but they says that you will not get a waiver and talk rudely . i dont know how you make ms avneet kaur ,deputy manager delhi customer care she is so rude and dont know how to talk to customers .i want you to suspend this deputy manager otherwise i will not give the payment of your card next month .i will take this matter to court .i am giving payment regularly so in 1 or 2 payments get delayed for some reason so how can you charge late fees of rs700.
sender
jhumarmal jain (m:[protected])

Hi, I Shiraz Abbas Rizvi having Kotak Mahindra credit card no.[protected].I have been cheated while offering the credit card by the Kotak Executive by false promising me that credit card has feature to convert Monthly bill amount into 3 EMI without any interest as well as without processing fee.After receiving the card i have made transaction of 50,000 Rs and immediately i call to the bank to convert the transaction into EMI now they are asking for processing fees and interest to convert the transaction into 3 EMI . I have launch my complain with the bank customer care twice (incident number 1_[protected] and 1_[protected]). but i didn't get any call from the bank to resolve the issue. Kindly help me out from this problem.

Thanks And Regards,
Shiraz Abbas Rizvi
[protected]

Availed car loan from Kotak Mahindra Prime Ltd ( loan No. CF 3985961). and the company issued no due certficate on 06/07/2010. But the recent CIBIL report shows an over due of two instalments though the company even issued NO OBJECTION CERTIFICATE to cancel the HP in RC book on 26 march 2008

Hi Team,
I am receiving hell lot of calls from Kotak Mahindra Bank executives regarding their insurance plans, I have informed them that I am not interested and do not call next time. But still I am receiving the calls, when I am getting in argument with the executives regarding the calls they are suggesting me to activate the DND (Do not Disturb) on my mobile, this is so ridiculous how can they suggest me and who they are to suggest me.

Moreover Insurance calls come under banking category and if I activate the DND then I even do not receive my personal banking transaction details which I own.

Really if anybody is interested in any banking or insurance plans, they personally will approach the bank, why for unnecessary calls and wasting our time.

Team please help me out to sort this problem.

Thanks & Regards,
Srinivas

I Arvind vij here by declare that on[protected] have repaid the car loan in ful amount of 331061.15paise against the agreement num 7447256 dated 16nov2011 amount finance was 353079 make car fiat model f1-punto active to till date i have requested several time to get the NOC and always told you will get NOC with in three to four days till date i never received NOC even today i have been told you will get NOC next three days so please look into the matter do the needful.

Arvind vij
# 18 a first floor divine apartment ambala road
mohali

[protected]

Hallo

I am kedar nath i left kotak mahindra bank ltd on 30 october 2011. i filled up all my formality for provident fund but i have not received my pf till date so please give me full status of my p.f.as early as possible. My p.f. no. is mh/35415/28954 and my contact no. is [protected].

Regards
kedar nath
[protected]

Went to Kotak ATM, sector 9, Faridabad on 23rd March to withdraw some cash. For the second transaction, the machine disbursed less amount. Filed complaint with my bank and received reply that the transaction is complete from Kotak's side!
What a cheat, fraudster bank!
Stay away!

I also took kotak Super Advantage plan ,as false commitment given by there representative, if i invest 30000 for 3 years my fund will comes to be 143000 (gauranteed) after 3 years and i can withdrew that amount and if i wish to continue, i don't have to pay any premium till 5th years.

Recently i called Kotak customer care and came to know that this total amount of 200% will recevie on 20 year only, and if i try to withdraw the amout after 3 year's, i will get only 2 year's amount and interest amount and they will deduct my 1st year premium intsallement plus there would be 4% surrender charges. This is a big cheating and scam by the Bank.
Please look into this matter as i have already paid my 3 years instalment and want to withdrew my amount as i have some urgent family need for the money.

My Premium Details:

Policy no: 01931790
Client Id: 53610298

There promises:--
Premium-30, 000 for 3 yrs.
Bonus-200% Gurenteed On your 1st year premium.
Insurance-5 lac.
Medical Claim- 1lac.
Returns-10-12%.

Dear Sir. I had taken a used car loan from Kotak Mahidra Prime Ltd in Jan 2012 for Rs. 900000/- for 36 months with EMI of Rs. 32850/- pm
The loan agreement No. is CF 7617020 (SR No. 1-[protected]). Initially they have taken one month EMI Rs. 32850/- and Rs. 5000/- (as documentation charges) cash from me. But the statement of Re- pay they have send to me shows total finance amount is – Rs.907738/- .
I made several complaint with the customer care & getting un satisfactory reply.
Initially they said Rs. 7738/- is as the insurance which they made without my concren. but the insurance policy clrealy mentioned the premium Rs. 2687/-. When I put the same in their knowledge, now they says this Rs. 5000/- as administration charges ( They have already taken Rs. 5000/- from me in cash as documentation charges).
I made several request to the company to return my money which they have taken extra from me
This pure signe of cheating.
Kindly help me to get it solved
Please find the communication which I have made with them sofar
Dear Mr.Benni,

This is with reference to the mail received from your end, as mentioned by you in your mail, nothing has been hidden in the transaction. As confirmed by you, the policy is covered for Rs.2687/-. Balance amount of Rs.5,051/- was accounted for towards Credit Administration Charges. The amount of Rs.5051/- was clearly mentioned in the Repayment Schedule, which was furnished to you along with the Welcome Kit. However, for your easy reference, we attach the same herewith.

Hope we have clarified your query suitably.

Incase of any further queries kindly mail us back on service.[protected]@kotak.com or call us on our toll free no #[protected] /[protected] and we would be happy to assist you. You can also visit us at our website i.e. carloan.kotak.com. Assuring you of our best services at all times.

Regards
Thasiveen P.A.,
Customer Service
Dear Mr.Benni,

This is with reference to the mail received from your end and further to the discussion which Mr.Jeyaprakash - Sales DRM had with you regarding the same. We hereby confirm that as informed in our previous mail thebreakup details is as follows :


Finance amount – Rs.9,00,000/-
Insurance provided – Rs.7738/-
So total finance amount is – Rs.907738/-
Monthly installments – Rs.32850/- and tenure is 36 months

Documentation charges for the contract – Rs.5000/-
First installment – Rs.32850/-

Amount disbursed to the dealer is Rs.862150/- ( 907738 – 7738 – 5000 – 32850 )

Incase of any further queries kindly mail us back on service.[protected]@kotak.com or call us on our toll free no #[protected] /[protected] and we would be happy to assist you. You can also visit us at our website i.e. carloan.kotak.com. Assuring you of our best services at all times.

Regards,
Thasiveen P A,
Customer Service
From: Thomas Benni [mailto:Benni.[protected]@charles-voegele.com]
Sent: Saturday, February 11, 2012 9:06 AM
To: Service Carfinance (Support Services Division, KMPL)
Subject: Re: Existing Car Loan Agreement No. CF- 7617020 SR NO - 1-[protected]

Dear Sir
I think you are wrong. The insurance amount is only Rs. 2738/-
The amount Rs. 5000/- cash taken by Mr. Ramesh is extra. I refused the same that day it self. Because I know the documentation charges will be coming in emi .
Kindly do the needful to return the money

Best Regards,

Benni Thomas
Manager - Quality Control / IT. INDIA
Charles Voegele Fashion (HK) Limited

Daily iam getting calls from kotak Mahindra for their marketing. Diffrerent type of persons ( Men & Women)are calling me twice / daily and wasting my time. The phone no is[protected].

Though iam not willing to listen they are calling me daily and give me trouble in my office hrs. If this continues i'll make complaint on them

dear sir
my vehicle loan was finished on november 2011 but I have not received NOC
till today.local Agra branch is not responding for my NOC.kindly send my
NOC in the name of
Praveen Bedi
agg no PF 4918363
veh no ambulance omni UP80 BE 9218
Comlaint ref no 1-[protected]
Dr Dharmendra Sharma
[protected]

Hello Everyone,

Before taking the credit cards from Kotak Cards (Kotak Mahindra), be very cautious.

1. They do no send you the soft copy over email so that you fail to make a payment on time.
2. They wont update about your outstanding amount unless and until the due amount is a very healthy and lumpsum amount.
3. When you talk to the collection manager who actually should go through your request and concern they will shout on you and they will tell you all non sense things.
4. They will tell you a settlement amount to resolve the matter will be Rs X. But once you make a payment and confirm that the amount is paid by sending screen shot of payment, they too will confirm but the amount paid wont be updated in their system.

5. again after few months, once the amount is increased to again a huge amount, they will keep calling you make a payment.

This is the worst bank and the worst policies of credit card department. Executives are a big liar.

Do not go for this credit rather pay over cash. Make the life simple!!!

Regards
Sourav
sourav.[protected]@gmail.com

I have saving account in Kotak Mahindra bank Ltd. I have done tansaction from Axis Bank Atm at hisar on dated[protected] timing 13:33:15 with the amountof Rs/.8500 but during the transaction I received only Rs/.1500 and rest Rs/. 7000 i did not recieve.
A lot of complaints raised against that ATM in that period and also axis bank employees admitted that.
All such kind of complaints related to Axis Bank customers are solved.

I raised this Issue many times but do not get any positive resonse from Kotak Bank.
They are also not providing any video footage related to this.
Regards
Vikram Jeet
Mob-[protected]

On 11.08.2011 applied for Cash Credit facility, after processing our file sanction letter issued vide No. RCAD/RBG/1626/2011- 12 Dt.13th Sept 2011 ( and facility to be renewed on 05.09.2012 ), at 14% rate of interest ( against bank benchmark base rate (BR) being 9.75% ,issued for (a) Cash Credit facility of 75lacs (b) Bank Guarantee of 28lacs total exposure sanction 1.03 crore. against mortgage of my personal residential and commercial property valued as per banks approved valuer to Rs: 1.75crore. Kotak Mahindra Bank collected two un dated additional cheques of Rs: 1.03 corer as security, Processing fees charged Rs:1,13,537, was initially collected n paid by us vide chq.no. 3256 dt. 15.09.2011 of citi bank , after refuting , the same , since had charged higher fees then agreed upon. Then re -revised it to Rs: 79,526 which was paid off vide citi bank , aurangabad ,Chq.No. 3262 dt. 27.09.2011. For document execution amount of Rs: 56418=00 paid in cash for franking fees.
(B )
Since 13.09.2011 till 27.12.2011, i.e literally ,for a period of 104 days Kotak Mahindra bank refused to clear off our previous Citi Bank loan of 22lacs an restore our account by releasing the balance funds.
My business had come to a stand still, since Citi Bank loan was utilized to the full extend n Kotak Mahindra Bank refused to release sanctioned funds to continue and sustain my business. Principal had stopped supplies to us due to non payment as well as not lifting fresh stocks from the company. Resultantly customers so created by us in this last 19 years hard work were started shifting to other suppliers n my fund recovery too had got crippled due to non supplies to my customers, resulting into their production loss an ones of responsibility trashed on to us. This fact , in spite of being communicated / informed to Kotak Mahindra Bank, had refused to released balance sanctioned credit facility.
(c)
After intense persuasion an compliant to their Mumbai office about the level of harassment inflected n diligence in performing duties on 28.12.2011 vide pay order no. 825491 for a sum of Rs:21,99,170=00was paid off to citi bank by Kotak Mahindra Bank as loan repayment, but the balance amount of Rs: 53lacs or its part was not disbursed.
(d)
On 25th January 2012 we sent across to Kotak Mahindra Bank , Mumbai a Regd. Post letter highlighting the high handed attitude of the bank while dealing with us.( no reply to which is received till date )
(e )
Surprisingly on Feb 8th 2012 at 9.45am we happened to receive mail from the bank stating that from the Original Property bank valuation of Rs;1.75 corer, within 105days period our property valuation has come down to just 78 lacs???? and the same stands to be disbursed after deducting money paid to Citi Bank an post mortgage formalities being completed. We kept of perusing that ( a ) as per sanction letter only in next renewal you can upgrade or downgrade the property valuation an the sanction limits.
But the bank had turned a deaf ear,, resultantly by this time my business had crashed/ collapsed/ lost.
(f )
vide my Regd Post letter dt. 04,02,2012, we expressed our desire to close our loan account an paid off Rs:18,68,303=00 vide Citibank chq.No. 37284, after deducting money's spent / paid to Kotak Bk, which was returned back by Kotak Bk un en cashed, and requested to surrender / return my Original property document of M 6/2 along with blank un dated 1.03croer two cheques.
( g )
After re considering Bank request on account of deductions so made, issued fresh chq no. 37284 dated 14th March 2012 for a sum of Rs: 19,13,360=00 vide Regd Post letter dt. 14.03.2012.and requested to surrender / return my Original property document of M 6/2 along with blank un dated 1.03croer two cheques.
( h )
On 22.03.2012 Kotak Mahindra Bank did en cash chq.No. 37284 dt. 14.03.2012 issued for Rs:19,13,360=00, as such vide our letter dt. March 22.03.2012 we again pressed for release / surrender of our Original property document of M 6/2 along with blank un dated 1.03croer two cheques.
In these nine months I have suffered huge business losses for which i had applied for the loan.
I need the bank to be taken to task for their inefficiencies in non performance of the obligations.

That's it,,, look forward to your line of support

Dear Kotak Customer Service - Vice President

We would like to inform you that some of your business associates are giving very very high wrong commitments in market & this effects on your brand value or company market .i shall be register an case into legal as forgery & fraudulent commitment given by kotak life insurance company.

17 September 2009 , Mr Gurbinder Singh , Employee Code - CHD 028 , Territory Manager approached to my Father Sh Ramesh Chander Adlakha & brief the plan , you have to invest Rs 90,000 in three years ( Rs 30,000 years per Annum He informed to my father that after maturity a sum of Rs 2,200 /- per month as pension will be paid after fourth year.

But after several correspondence with your company , No one has responded or replied on this matter .

Now we have confirmed the policy plan with some senior person of your company This Policy High lights is in trail mail which is totally wrong commitments given by your Executive .

Maximum Term 10 years - Minimum commitment 3 years but in Policy bond Minimum term i s 10 years
Pension Plan conveyed by him - wrong commitment but this is a ULIP Plan
Premium Amount Rs 30000 Per annum committed now you are demanding for Rs 4000o per annum .

we have paid Two Premiums till the time , Kindly refund the Our payments which is paid by us to you in past either escalation to Higher management of your company as well as legal and IRDA also.


Even we had sent an letter to your company Mumbai also , but No Response .

This shows your worst customer after sale service

Kotak Sales Person
Mr Gurbinder Singh

Kindly take necessary action against him
Client Service Desk
Kotak Mahindra Old Mutual Life Insurance Co. Ltd.
Kotak Towers, 5th Floor, Zone II,
Building No. 21, Infinity Park,
Off Western Express Highway,
Goregaon Mulund Link Road,
Malad East, Mumbai - 400 097


Kindly intervene in this case , its my humble request to you
Mr. T Venkateswara Rao, Deputy Director
Insurance Regulatory and Development Authority
Consumer Affairs Department



Issue submitted behalf of Mr Ramesh Adlakha

Regards

Sourabh Adlakha
A4-146 , Paschim Vihar New Delhi 11063

Telephone Number -[protected]
[protected]

Dear Sir,
Many o[censored]s are employees of an organisation and we all opened an account with Kotak Mahendra Bank . We have not received ATM PIN number and Cheque book. I opened the account in the month of December and have not yet received ATM PIN . The bank does not understand a customer's plight at all. The customer care is very unfriendly . They always blame on the Courier service as an excuse for not delivering the 'Kit' at the respective residential addresses. They make us run to different branches and create nuisance. We suffer at the hands of the 'lazy' and 'least bothered attitude' of Kotak.

Its time they woke up and treat the customers with respect.

Thanks & Regards,
Raji.

Hi,
My Name is Amit Maharwar one of the account holder of your bank.
I have got the salary account with KOTAK MAHINDRA BANK.But,With
so much disappoinment i have to inform you that false expectations
were made to me because of which now am in a helpless situation.
On 8th-March-2012 on of your agent asked to me open a bank account,
I informed him that i have already got the salary account with kotak
but after that he asked me whether i have got the credit card or not,
i said no i haven't got then he informed me that you can apply for
it ,all you have to do is to give your documents{Salary Slip & pan card
xerox and a photograph} which i did after that he told me that you will
get a sms on your mobile regarding the application details however he
has not given me any application form to fill up,after ten days when i
called him to get the update he told me that he is not in the office and
will update me tomorrow and that tomorrow has never came almost more than
100 times i have called him but till date i have got any information,
after that i contacted Ajay MM regarding the same issue to check whether
what exactly is going on but Ajay also didn't show any interest in this
issue after all the hassle with a hope i visited the KOTAK MAHINDRA BRANCH
and they also didn't showed any interest in this and at that point of time
i was very frustrated and i said that i will cancel the account if this will
continue and they simply toldme about the cancellation procedure this what
customer service i have got from your bank which was never expected, my
sisteris going to get married on 15th-April-2012 andi was infact in need of
some financialhelp and if Avik{the agent who took my documents }would have
not misguided me at that time i would have arranged something for this butnow
I'm in a situation wherei can't do anything rather than regrating why i have
trusted on you, and with a lasthope I'm sending this e-mail to you so that
at least if you can't issue me a credit-card you can take some serious action
against these people who use to misguide people because of which they have to
suffer.you can contact me on my mob.no.-[protected]
Customer Relationship number[protected]



Agent's name :- Avik , Kotak mahindra bank, Park street branch, kolkata{west Bengal}