Kotak Mahindra Bank Complaints & Reviews

I have been trying to close my personal loan from ING VYSA which is now Kotak. The foreclosure amount was paid on 7th October and have been chasing the bank for acknowledgement, till date haven't received. The communication that i had received from ING vysa and kotak after migration was correct. However now on their system they have a different address for me and so when i call their bank customer service they decline to help me stating none of the details match. I have been highlighting this to the Kotak bank but havent seen any body even willing to help me out. As a customer i would like to know who authorized the changes to pII and what action is the bank taking to resolve the issue.

this is the worst bank that i have dealt with.

Let me know if you need any other details on this.

This is benny stephan. I had received a credit card from kotak bank an year back and i had never used the credit card. I was planning to use the kotak credit card, however i was informed that the kotak credit card has been blocked. I was not given any information why the credit card has been blocked. Now i have put a request to cancel the kotak credit card as kotak bank has blocked the credit card without providing any explanation or acknowledgement.
This is the worst experience i had with kotak bank.

Hi,
This is prabhu and this is regarding complaint against kotak mahindra bank on my personal loan on credit card (Repayment on emi basis). I got a personal loan of rs.1, 50, 000 in kotak mahindra using credit card. The loan got credited on my acc on july month.in august month, kotak mahindra per-closed my personal loan without my approval (Preclosure includes 4% interest rate + processing fees). When i contacted customer care executives, they said that, "there is a mistake in kotak mahindra side and will take necessary action to correct it." i had waited nearly for two week to correct the mistake, but no action. So i escalated the issue to next level. Senior executive told me that they will correct all the problems, but they created new problems. The new problem is, again they approved one more personal loan with processing fees+ extended period. When i contacted them, they are not responsive and simply ignoring my request by telling 'the changes are made based on policy and can't be corrected. I have to repay whatever amount they put it on my account'. Moreover, they are not ready to give clear statement about personal loan detail (Like approved loan, interest rate, total amount paid and remaining amount, duration, total repay amount). I dont know what is the policy, is it cheating customer by preclosing & allocating new loan to loot customer money? Here are the other problems with kotak
1. They put overlimit charges by mistake and not ready to correct.

2. They gave wrong detail to cibil and not ready to correct.
3. It is been more than 2 moths and explained whole problem to many executive more than 10 hours, but no action.

My rough estimation shows that the bank charged around 32, 000 which is two times of actual interest rate (Around 40% interest rate.). Im really depressed due to bank action on my action. Please help me to resolve the whole problem. My kotak mahindra crn is 38079607.

Thanks,
Pràbhu
[protected]

Hello Team,

Before few months, me and my wife opened a joint account in KOTAK MAHINDRA bank, karve putala branch pune. we have submitted all the required documents and the cheque of Rs 10000. Few days ago we received the your account opened sms on our registered mobile number. but still we are waiting for Dabit card as well as Netbanking kit.

We are unable to call customer care as we dont have our complete account number. So please help us to get the required debit card and Netbanking kit (username and password).

Regards,
Sandip

It is the worst bank i have ever seen or heard. Pathetic customer service. Such irresponsible banking staff, you cant find in any bank. I opened junior account and also another savings account with kotak mahindra in 2015, nov.
Their erratic staff promised junior kit and coupons on the opening of the account. I also went ahead and bought an insurance plan wherein again, the final product was way different from what was offered.
On top of that, without any intimation or call, they keep deducting money from the saving account in the name of the amb maintenance.
I want to go ahead and don't want to keep any association with such bank where the customer care number is also paid and the customer is made to wait for hours with finally no response.
Disgusting bank!!!

I agree with all details n confirmed.28/09/2016

loan confirmation[protected]GOLLA DHANRAJ

disb.[protected]@kotak.com

Wed 28/09/2016 12:28

Hide recipients

To:

golladhanraj;

Cc:

k.[protected]@kotak.com;

Santoshkumar.[protected]@kotak.com;

SPLN.[protected]@kotak.com;

Pldisb.[protected]@kotak.com;

Action Items

Dear,

GOLLA DHANRAJ

This is with regard to your personal loan application with Kotak Mahindra Bank.

Request you to please confirm that you have applied for a loan and also confirm the following details.

Emp ID

Office add

GOLLA DHANRAJ

LOAN AMOUNT

306701

TENURE

48

ROI

12.60%

PF

1%

EMI

8167

KLI

1901

CAC

801

ONE ASSIST

3999

EMI DATE

15th OCT 2016

FC

5%+ST

Lock In

12 Months

Regards

Kotak Team

I have booked a consignment under awb no. B33856277, to miraj on 5th of september 2016. This been a worst experience with dtdc n decided will never ever use their services. There is no customer support division for enquiry most of the number updated are not valid. When bluedart delivered the consignment on the very next day in the address. Dtdc took almost a week n still ty are nt able to deliver.

Regards
Venkatesh

Dear sir,
I have no loan in past by kotak mahindra bank but according to my cibil report bank showing outstanding due to fever me, i am two time reminder bank are saying he referred my case his department but not response till date!!
Ist cibil report sanction amount-rs[protected]
2nd cibil report sanction amount-rs[protected]
Please help me

Whenever I need to do an online transaction, most of times, otp comes very late. The registered number with bank remains on roaming most of the times since I live in Delhi.I think, i have wasted more than 100 rs roaming charges just to get otp on call. I think kotak is the only bank with suc a poor message delivery system. please resolve your system. I have suffered l lot and I think have very little patience left now.
CRN NO.[protected]

We took a laptop loan from bajaj finance in 2007 and then bajaj fiance office closed in my city. Only 3 installments(Total12000 Rs) were left for the loan. That time we don't have internet banking so no medium to submit installments. Now After 9 years we are getting calls from some people that we are calling from kotak mahindra and you have to submit 60000 Rs including interest. Not only threatening calls but also used abusive language with us, they call on mobile then if we do not pick up they call on office landline phones and who so ever picks up they start shouting on them. Who would think that these "Gunda mawali" are the employees of KOTAK MAHINDRA BANK. We thought this is fraud, because there is no information on internet regarding kotak and bajaj merger. We did FIR against the number and when police called they told they are some cement suppliers and they called for money as we purchased cement from them without paying.

When i went to local kotak branch -they told we cant say anything. Please deal with them at your risk.

This was very disgusting as our reputation was on stake. For just a matter of 12000 Rs which were ready to pay, they created this mess. I must say kotak mahindra bank employees or so called recovery agents do not have manners to talk to people They are gunda mawalis.

1 Advice to people -DO NOT OPEN ANY ACCOUNT IN KOTAK MAHINDRA. IT IS THE WORST BANK I HAVE EVER SEEN.

I am jitendra singh, opened salary account in kotak bank on october 2015.
Saving a/c number: [protected]
Before opening the account, kotak bank representatives given lot of good information (But really, all are fake) about the bank.
But after opened the account, i faced the following issues.

1. I have given the request to change my mail id - they took 3 months to change the mail id.
2. After 1 year, they detected rs700+ for demat charges. Actually i never ever activated and used the demat account. And i have not seen the instructions how to use demat account in kotak bank.
3. No clear idea of how the saving account linked fixed deposit interest calculation.
4. I spend half day of my working hours to give the closure request to noida sector 63 kotak branch, noida. Actually i asked to give acknowledgement for receiving the demat account closure form. They told it will not be given.
5. I forget to add one more, i have requested for kotak customer center, close demat account but not closed my demat account.

Really frustrated after facing all the issues.
Actually the above issues are very less. If collect the issues from other kotak consumers, it will be more and more.

My only request:
I want the refund of demat charges which is taken from me. Just close my kotak demat account.
Please don't waste my time and money.

Thanks
Jitendra singh

I have applied for credit card 6 months ago. I have filled all the required information. They said I will be getting my card with in 15 days. Still I didnt get my credit card and when ever I try to contact through customer care, it says no person is available and will call in 56 min, 48 min etc. It is very irritating when people tell me these explanations without getting my work done. I need my credit card as soon as possible. If you can...

I am kotak credit card holder. on 21st sept, i got a mail from the bank:
" this is to inform bank has marked a lien on the amounts lying in your captioned kotak mahindra bank savings a/c no. ********20 to the extent of the amount outstanding in respect of your credit card a/c.

Credit card dues: rs 20610.48/-
Extent of lien: rs 20610.48/-
Lien marked on: 20-sep-2016.

24 september, i requested to remove the lien on salary account(credit card) and i was promised it will be removed within 5 working days . they blocked my credit card

1 october 2016, 16, 500 rs came to my salary(debit) account and i saw my debit account is blocked, i called credit card company and requested that please unblock account for debit card, remaining 3600 i will be paying later, i literally begged but they confirmed and promised that i need to pay 20 k only to get it sorted

3 october evening i had to burrow from my friends remaining, , 4 k and called them to remove the lien . they said it takes 2 days to remove lien and i asked when will my credit card will be unlocked, they changed the statement that now for unblocking the credit card, u need to have zero outstanding dues. but i arranged it already 20 k was my outstanding, i said i have record and call logs and mail which states that i have to pay 20 k and now they saying to activate credit card, pay entire outsanding 27 k instead of 20 k

I wanted ro speak to teamlead they guy said that all managers are unavailable at the moment .

3 october - i spoke to manager joyson and he promised me that the lien will be removed today itself by 7.30 but for credit card unblock its going to take another 5 working days .

Please listen i want to officially lodge a complaint for the harassment

Hi support team,

Account no: [protected]
Crn no: 90384820
Phone no: [protected]
Email id: [protected]@gmail.com

I went to my nearby atm (Ejipura, bangalore) today afternoon to collect rs.5000/- from my kotak account using my kotak debit card but due to some system error the transaction was declined, same happened when i tried with two other different atms. I got mails about the declined transactions from kotak.

Later when i checked my banking app, it showed my account got debited with rs.5000/- but i did not get any sms or email from kotak about that particular transaction. It seems kotak bank should be held responsible for my lost amount due to negligence in their part.

I have attached the evidence of that transaction below for your view.
Please kindly take action immediately and credit the lost amount to my account as soon as possible.

Thank you

I've a personal loan from kotak bank, and i want to pre-clouser the loan. Already, i've paid 11months emi and 2-3 days left for another emi. However, i got the homeloan sanction letter of the condition to close the amount. Now kotak people are not helping in the situation. If i get 1 delayed, then i've to pay 18% interest to the builder (5 lakhs). Please understand the problem and close the loan and provide me the loan closure letter today.

Regards
Nithin
[protected]

Hello,
I was paying my electricity bill to tata power and transaction was worth 10k in the month of june. The bank stole my money in between before it reached tata power and now there's no response since past 4 months.
Since then, i've tried to calling them multiiple times, even went to the hiranandani branch, powai once but there was never a strong response from these people.

Every time, they reply saying "we are looking into the issue"

Look at the below screenshots for the same.

Spln: 59926873

I have received the hard copy of the loan documents which includes covering letter, repayment schedule, personal loan cum guarantee agreement, schedule cum keyfact statement.

In one of the document my signature is forged as the acceptance (Four signatures) by one of your kotak executive, which is legally an offence which i will be escalating as the legal act. From the beginning i have informed you that i have not accepted for any of your loan details which says 13.25% roi (11.49%), loan amount rs. 8, 15, 550 (10, 00, 000), insurance approx. Rs. 13, 000 (Not mentioned), processing fee approx. Rs.[protected]. The breakup of my loan disbursal amount is not mentioned anywhere in the document nor it is conveyed to me.

Find below the transactions happened with kotak mahindra which was a worst experience and poor service.

1. I have applied a loan with kotak mahindra on july 5, 2016. Submitting my documents with the committment of 11.49% for bt, rs. 10 lakhs and processing fee rs. 999 for personal loan.

2. I didn't get any verification / confirmation from the executive of kotak mahindra after continuous follow up. It has taken more than 20 days to know the status.

3. The executive will send the blank agreement copy stating that your loan is sanctioned for rs. 10 lakhs at 11.49%, no need to worry the document will be processed as per committment.

4. After signing on july 26, 2016 i got a call from kotak around 9 pm in the evening stating that you are eligible for rs. 8 lakhs and 13.25% roi. I objected not to proceed, because the promised roi and amount was not matching. Then the kotak executive mentioned that he will call back for confirmation. I didn't receive any call back from kotak.

5. Aug 1, 2016 i received an welcome kit via email with documents attached from kotak. Stating the disbursal amount of rs. 8, 15, 550 and will be remitted to my account on aug 5, 2016 along with repayment schedule document attached.in that document there was no breakup amount mentioned like insurance amount, processing fee, document verfication, stamp duty deduction. How can a bank be so irresponsible of not mentioning these details?? No clarity.

6. The amount rs. 8, 15, 550/- which was supposed to be disbursed on aug 5, 2016 got bt transfer dd on aug 8, 2016 and remaining amount rs. 4, 57, 531/- was disbursed on aug 10, 2016. Who will pay the interest for 5 days?

7. The difference amount of rs. 34, 000/- explanation was not seen anywhere in the welcome kit email nor agreement copy. If the kotak executive would have explained clearly to the customer why should i come back to you for explanation?

8. I called up to the customer care for the clarification with sr no. 1-[protected] / 1-[protected] / 1-[protected].

9. I heard these common terminlogy from call centre on high priority / relationship manager will call back today, eod, they are working on it (Till today not received any call from relationship manager).

10. The amount has been deducted for loan insurance. Till today i have not received the policy details. I gave the cancellation for insurance amount but still no clue on that.

I hope will get immediate response for my clarification.

I called customer care abt changing mobile number n address, they replied that i[censored]sing net banking can edit what I required. If not, said to visit nearest branch.
I tried but not succeeded. So I visited nearest branch, I don't know what they did for my request, I have submitted the form even but from 2 months I didn't get any response.
Ac : [protected]
Crn:98256852
Reg mob no : [protected]
Want to change my mob no. to [protected] n want to set my permanent address as my primary address rather than salary account address..
Plz do the needful.

I have been charged annual fee for credit card which was blocked 3 years back. Getting reminders to pay the bill which is due. Card was lost and was blocked long back. Called the customer care, they say it is blocked but not cancelled that is why they are charging. If a card is blocked, it means that is not getting used. So what they are charging for ?

Hi,
I was worked techmahindra and used kotak salary account. Due to inefficiency kotak service. I formally filled salary account closing form and summit to bank authorized person at my company premises while taking kotak personal loan.
Hereafter my account was inactive andmy debit card was blocked.
But i have not noticed few mail stored in spam mail received from kotakbank stating that 21k need to pay to kotak for maintenance charge.
I am not using kotak bank and long days back bank my account was inactive. Then why there is a maintenance charge applied to the inactive account.
I didnt get any call from kotak, the amount is getting charged monthly by 3k and reached 21k. It is illegal. Please revice the amount and update your bank record that account has been closed. I never seen such a bank charging silently without knowing to customer such a huge amount for a maintenance fee.
If there is any issue my closing formality form, bank should communicate customer thru phone/email/mail to address.
Ending spam mail and charging customer silently is illegal.