[Resolved]  Kotak Mahindra Bank — You cannot access your own money when you need

Address:

Andhra Pradesh

Service request Number: 1-[protected], Deposit Number: [protected]
It would be surprising for all o[censored]s to know that you cannot withdraw the money from the bank whenever you need it!
I opened a term deposit about 390 days ago, which got matured on 13/09/2011. The maturity instruction on this deposit was to transfer both principal and interest to my saving account. But the bank has not followed my instruction and auto renewed it for another 390 days. I say OK and request them to premature close it using phone banking, I got a response that you should visit branch for premature closure. I say OK.
On 14/09/2011, I have given a written request to premature close the deposit and transfer the amount to my saving account as I have already issued a high value cheque on 13/09/2011 keeping in mind that the maturity value will automatically come to saving account.
Today, three days have been elapsed but still the term deposit is not closed by the bank. I have never seen such a slow operational model.
Do you know why the bank has auto-renewed my deposit on maturity i.e. 13/09, it is because the bank has placed a lien on my account. May I know why the bank has placed a lien on my term deposit since last 390 days even though I have not taken any loan or credit card? The bank is saying that you had aqua card against a deposit. It is just to clarify that the card had been surrendered well before 390 days from now. Important thing is that the card had been surrendered and the associated deposit is also closed 390 days before. So there is no relation between the deposit that has been auto-renewed and the card that has been surrendered well before this deposit is open. So how the bank can put a lien on this deposit and renew for unlimited times. Don’t you call this violation of banking rule?
Now I am looking for forums to complain about it so that Kotak bank will learn how to do banking.


Meenakshi