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[Resolved]  Kotak Mahindra Bank — Reg. Demat account Charges

hi ,

Kotak bank has made my DEMAT account chargeable without informing me. While opening of that account their executive said its a free account for the salary account people.Although they didnt sent id password for the same. After an year they charged me 400 Rs. for the same demat account which i didnt used (without asking me weather i need the same). Iasked their executive so many times for the id password but it got unheard. I feel like cheated for the same. i talked to the executive and he said that free account was for 1 year and this year it will be charged to you. Please Let me know what action can i take against such activities of bank.
Reference no. for my query with kotak bank is :[protected]

Lokesh Rathi
Complaint marked as Resolved Aug 13, 2020
Complaint comments  1 CommentShareTweet


I am a Privy League Bank customer of Kotak Mahindra bank, and also have my trading account with them.I was informed that there will be no demat charges if I open my account in their Bank Branch securities.I switched mine from their Ghatkopar branch to the Bank's securities just to save on monthly demat charges.But it was not so as they kept charging me demat charges month wise directly from the linked Privy league saving account.I objected and asked for explanation from my RM, But no suitable reply received so far.The only reply on my email that I received from their executive Shweta two days back, that too after pursuing for months, that they are actually brokerage charges.This is rediculous.I am paying brokerage charges each time that I buy or sell any shares.Then why am I being slapped with double the brokerage charges.I have this photo added as a proof to show that Privy League Customers of the Bank are not charged Demat fees.But sorry to say I am being charged the same and no proper explaination or reply being sent to me after all the emails and phone calls that I have made to them.Please see the picture and I have all the records of the correspondence email with me to substantiate my case.Thanks

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    Kotak Mahindra Bank Address
    27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra, India - 400051