Kotak Mahindra Bank Complaints & Reviews

I was pursued to take a Kotak Mahindra Bank personal loan in Feb 2016. This experience involved forgery of my signature, false information/promises, abuse & threat and no response/action/accountability.

Getting into the details: Right from the beginning I was given false information regarding the loan terms & conditions (which I came to know after 2 months) to lure me into this. The loan application was processed but without my final consent, my signatures have been forged on important documents and the loan issued. I tried to contact the bank people for discrepancies but they intentionally did not respond to my calls once the loan was issued. When I complained to higher levels, one manager even resorted to abuse and threatening (luckily voice recordings available and will soon post on internet). I was shocked to see the T&C copy of my loan with completely different details than what was provided earlier only after 2 months (delay by Kotak Bank in sending the loan documents to me) that too with forged signatures. I immediately brought this to the attention of Kotak Bank and I am escalating since more than a month through all the levels (1-4) with all the proofs. Except for some automated responses, there is no concrete response nor action yet. The feeling is that the escalation mechanism @ Kotak is extremely slow and toothless. I am yet to see Kotak Bank proving otherwise.

This loan is invalid and I am planning to stop the EMI with no binding to the interest on the loan, late charges, fines, etc. arising out of the same. Kotak bank has to act fast and collect these interest/costs/charges from their own internal culprits who are responsible for this conspiracy and prove they stick to their claim of customer value and service. And Kotak Bank has to pay me compensation for the mental agony and the expenses incurred in the follow-up.

In case of no response/action, I have decided to escalate to the Bank Ombudsman and also proceed with legal action against the bank as forgery of signature on bank documents is a criminal offence.

Most of the experiences about Kotak Bank shared on this website are also similar in nature to mine and its time that the Bank does an introspection.

This is the worst experience I ever had with any bank.

Latest SR#1-[protected]

I will keep updating on the status weekly on this forum.

My transaction for booking flight tickets on goibibo.com got failed through kotak net banking for an amount of 12, 780.00 on 13may2016.

Transaction id:
Goibibo ~www.goibibo.com~[protected]~r[protected]

Complaint number registered at kotak customer service:

Complaint 1: 1-[protected]
Complaint 2: 1-[protected]

There is no proper response from the bank and the amount is not refunded till now.

I have a Home Loan Account with ING Vysya HL[protected] for past 6 years now changed to Kotak Mahindra IHL102614.

I am out of India and I have been trying to update my Email ID for the past 5 months. I have written about 30 mails, several calls and couriered mentioned documents to mentioned address twice.

Whenever I send a mail for updates a new customer care person replies to visit branch or send documents to some other new address.

i had a dedicated personal finance officer during ING Vysya and was connecting to them without any problem from any email id.

Below are few of the service Requests created just to update Email Id
SR#:1-[protected]
SR#:1-[protected]
SR#:1-[protected]
SR#:1-[protected]

I request Kotak Mahindra to update my Mail id as per the mentioned requests and mentioned documents sent to do the same

My loan was canceled last month but amount of rs 35000 is deducted from my account and bank is not refunding my amount till now 1 mont has copleted for this process
Mr anshuman bakshi has given me lots of promisessaid aaj hoga kal hoga but it is not happened till date it is pure harasment from him & bank to me sir plz note my coplaint otherwise i have to go to consumer court to resolve my issue

Cheque of 1 lacs given to kotak representataive susilkumar. [protected]@kotak.com for opening 3 in 1 account in kotak the amt got debited from our account on 30 may 2016 however still new account is not been created nor amt is been refunded to us they had done fraud with us

Now we are following up since 30th may 2016 and we are been told that ur money is in bank suspense account when new account will be created tat time u will see the amt till tat time u have to wait

I applied for a personal loan, after six months i wanted to close the loan, when i was informed the term has changed to 1 year lock in period. No intimation sent to me.
After 1 year i did contact to get pre closure quote and was advised to write to service. [protected]@kotak.com.
I did write to them along with the previous discussion. There was no response, hence i did call the customer service desk, when i was surprised to lean that my email address was changed.
I was informed to visit a branch and submit change of details form, to receive a response.
When i did question as to why my personal details were changed, there was no answer.
I requested for a supervisor, as usual they were busy and a call back was arranged with 48 hours, which i havent yet received even after 10 days.
I received a call from closure team to verify if a request was sent by me, when again i was informed about a 3rd email id belonging to an unknown person registered on my account.
I have not yet received any response nor a resolution.
Now as i cancelled my ecs they are charging me unwanted fees and threatening to report as a defaulter.
I need this resolved as it has cause me monetary and mental torture.

Hi,

I just wanted to make the people aware about KOTAK bank and their services.

I have savings account in Kotak (earlier ING vysya), Koramangala branch.

I have tried withdrawing 1000 rupees using my ING vysya debit card in Karnataka Bank ATM on 06th May 2016 08:38 PM. Money debited from my account, but transaction timed out. I have waited for 7 working days, but amount is not yet credited back to my account.

On 16 May 2016 I visited Koramangala branch personally. They gave me 2 toll free numbers.I tried reaching both numbers[protected] and[protected], but no luck. Either number is busy or no one is picking my call.

But finally I made it after 2 days. Somebody from customer care picked up my call and raised an SR-1-[protected] and they told me to wait for 7 working days. The surprising part is if the complaint is invalid, then I will be charge 30 US dollars penalty. :D... Forget about that. After 7 working days, again they said wait for 48 working hours. On 2-June they are saying AS SOON AS POSSIBLE we will credit your money. There is no option to escalate the SR.

Worst banking service. Either KOTAK is unfit for banking or they are paying for some useless people. Whatever it is, customer has to suffer.

Took a loan from Kotak Bank on Jan 2016, Below are the 2 complaints
Raised the same complaint with Customer care for which no response received and closed the request without informing, Upon multiple follow ups as well they didn't provide any resolution (Previous Complaint number: Number: 1/[protected] and Current complaint number: 1-[protected])

A) Initially agreed to provide loan for 4 years tenor however they provided for 5 years without informing of the increased in the tenor and disperse the amount. Upon checking they confirmed they will correct it but till date they have not corrected it

B) Bank has deducted all the Processing fees and documentation fees however they have deducted extra 3999/- Rs for which they don't have any description and reason why they deducted.

For both issues complaint raised but no response from past 4 Months (Raised complaint on Feb 2016 and again new one today)

I am Deepak sharma, I have applied balance transfer (personnel Loan) from HDFC bank to Kotak Mahindra. My loan Application no is 00438723, loan amount Rs. 404371 for 24 months.
I got approval letter on 02nd may. In which I found that my rate of interest is 12.5 %. Earlier Bank person were discussing for 11.5% rate of interest.

On 04 May 2016 i have mail this to 'service.[protected]@kotak.com' to cancel my loan request and they reply that they that are looking into the said matter and shall revert back to you within 15 working days.
And now on 27.may.2016 they transfer the amount in my account with out any information. Now i dont need any loan.

Hi sir,

I am satish pandey and stay in koperkhairane. Today i received a call ([protected]) saying she is calling from kotak mahindra mumbai boriwali branch. She told me her name as naina kasyap with employee id - kmb000213. She told me that i am using kotak credit card. I said i had closed my credit card before 1 year ago. She said here in her system it is not showing close and she wanted to convert my rewards points into cash and then transfer to my account. After taking information form her identity i have given my information through ivr as per the bank policy but an amount of 10000 rs suddenly deducted and i felt cheat here and stopped her to do that. She was saying since this is system maintenance issue so amount will credit into your account with in the one hour but amount not credited yet. I contact customer care and told the story and they were saying it is forgery case so you need to give us the fir copy. We visited rabale police station and they suggested to visit the cbd belapur cyber cell. Please help us to return our money back.

Hi, I want to file a complain against the harresment done to me by Kotak Mahindra Bank.May bethere was a unsecured loan taken by my fatther ..which i am not aware niether i am in touch with him.Bank is calling me and abusing me using foul language. Harrasing me by calling other people in office and saying things and also threatning them, misbehaving with them.
I have given them my no. still they are harrasing me and threatning me to call other people and do this and that. I have not taken any loan from them and i am not liable for any unsecured loan they are saying. As per them they dont have any fear from police and keep on threatning me like this.They even use foul language about my family. I am so much harresed by this as they are calling people in office and i am unable to work and feeling mental stess.Please take action for the same.

Bank : Kotak Mahindra
Person called : Mr.Sanjay Kumar(told by him)

No.[protected]
Mobile no. he gave :[protected]

Regards
Abhishek Mehra

I really fell unhappy with your services, due to your many charges without any prior notice like tbms/pcd charges are applied in my account without prior information. At the time of opening account they informed me that it is a salary account hence zero balance acoount. The most surprising thing is that i was never informed about this. No email, no phone call no text message. Such a great customer service. After spending hours of discussion with customer care am still charged. This is clear unjustice with the customers. We the customers are depositing our hard earned money in banks to keep it safe and bank itself is eating away our money.

Hi,
I purchased the om kotak insurance policy (149611) money back policy.
After 10 years when the term completed they provided the money, however there was no bonus given.

As per the agent and policy i was entitled for bonus after 10 year, see attached policy document.
I did follow up with them for months and there was no response.
Kindly help me to get my bonus.
Regards,
Vinod rana
[protected]

Hi I Applied for Personal Loan Online on Kotak Mahindra Bank Site for RS 2, 10, 000 on dated May 10, 2016. I got the below reply immediately on 10-May-2016
Dear JATINDER Palvindersingh DHILLON

We are pleased to inform you that your loan has been 'in principle sanctioned'* basis the information provided. The detail of the loan sanctioned is as below:

Loan Details

Loan amount Rs. 2, 10, 000/- (Rs. Two Lakh Ten Thousand Only)
Loan Tenure 5.0 years
Your Application Tracking Number is : PL00443272

On 11-May-2016, Kotak mahindra executive came and taken sign on the form and collected my all the required documents. He assured me that your file will be submitted in system by same day or next day.

After that i waited till date 18-May-2016 but till that i havent got any response from Kotak bank.

Then on 18-May-2016 i raised a SR with Kotak bank, below is the detail.
Dear Customer,

This is to inform you that your service request has been registered:

Service Request Number: SR#1-[protected]

Customer Name: JATINDER DHILLON

Service Request Type: Loan Application Status.

Date of Request (MM/DD/YY): 05/18/16 4:49:16 PM

We thank you for reaching out to Kotak Mahindra Bank, in reference to your loan Account Number . The Service Request no. for your request is SR 1-[protected] for your Loan Application Status. We wish to confirm that our customer care team is looking into your request and shall get back to you within 5 working days, from today. For any clarifications, we would request you to kindly contact our customer care no.[protected]local call rates apply) from Monday-Friday (9:00am to 6:00pm) excluding holidays.

We value your relationship with us and assure you of our best services, at all times.

Best Regards,

I again waited till today dated 24-May-2016 to get any fruitful answer, but when i called up in Kotak bank Customer care department the executive was so pathetic she doesnt know how to speak. She speak very rudely that we dont know your status as loan account has not been created.

First of all i want to ask kotak bank if you want to waste our time and energy and money why you guys have collected my documents?
Second till date why loan account or any kind of account has not been created in your system?
Third if you say we are doing verfication first than why you havent done any verfication of mine or mine documents?
If you have done the verfication then why account has been not been created and where is my verfication report?
If you have verfication report than why guys have not shown curtesy to call and inform me the status?

Because of Kotak mahindra bank i lost the offer of getting loan from other bank.

Now tell me what i should do i required money to make the repayment of other loans. who will give me loan now due to your mistake,

ONE IMPORTANT POINT:- EDUCATE & GIVE TRAINING TO YOUR CUSTOMER CARE STAFF... THEY DONT KNOW HOW TO BEHAVE WITH CUSTOMER.

This is r s babu .My native place is andhrapradesh..I have account in your bank.But they has not responsible for ladies.They has to asking alwys amount amount...Etc.,
i have in your bank in gold locker.But they has not responsible well.I have account in various names and various accounts in your bank.Still they has to asking always your account is low balence always asking amount amount...
My amount turnover is 1c or near 60 or 70 lakhs
in some problems are there in bank, i am not tell in mail please call me i have to tell all
gm is balaji prasad
in that bank sm is jagadeesh
my ph no: [protected]

In my kotak bank saving account no [protected], rs 171.75 was debited on 5th april'16 for debit card annual fee charges. Pls reverse the same on priority. Unable to understand why this has been levied.Inspite of my reminders & follow up through phone, query still unresolved.

Pls credit the amount on priority

Regards
Gurpreet singh
[protected]

Kotak Mahindra Bank are very bad in service.
Kotak Bank Sent me mail to apply credit card, when i had applied they have collected documents from me base on I am credit card holder of HDFC. and after one week they have disapproved my application with below reason.

We were unable to verify the residence address as provided by you in the application. We request you to kindly call our Customer Contact Centre to provide any landmark or additional information regarding the address.

I had given Aadhar card copy for address proof with Land mark...
Application Reference No:[protected]

I had very bad experience with kotak mahindra bank. I for offer for balance transfer loan from kotak mahindra bank. I submitted all my documents in 1st week of april. Every week they use to ask further documents from me. And submitted all. Finally on 2nd may they came for taking signature on loan documents & took 10 signed cheque. I was told within one week, loan will disbursed to me. I received sanction letter copy through wats up, dated 5th may. Executive called & told me within 3 to 4 days i will get amount. But till 1 week no response, and they keep saying that our process changed so 1-2 days u will get amount. Again on 13th may they called & said submit one more document & your dd is ready we will submit to bank once u give document. I have sent my personal loan tracker document. I waited 2 days but no response. Till 18th may they are saying reasons. I called them on 19th may and asked to return my documents & chequea. But they are sayin plz visit our branch & we cant return. But now i dont need loan from kotak. I am afraid what to do if they dont return my signed chques?

Had a very bad experience with kotak bank, i had applied for personal loan for 150, 000 lac on may 2 2016, and got a call from kotak bank i will be notified if the loan is approved or rejected on the same day, i got a mail on the same saying my loan is approved and principle sanctioned. After 1 week i got a call for document collection and after 1 more week verification completed at the resident place.
After 3 weeks after repeated calls they say my loan is rejected due to bad cibil score, i had already informed to them about the same.
Below is the email i got from them.
Welcome to the kotak mahindra bank
Monday, may 2, 2016
Dear sunil kumar
We are pleased to inform you that your loan has been 'in principle sanctioned'* basis the information provided.
Your application tracking number is : pl00440271

People at kotak should understand that we apply loan for emergency and should not waste our time.

Regards,
Sunil
[protected]

I tried to withdraw inr 10, 000 from kotak mahendra bank of swarget pune branch i only got 6, 500 from the machine and didn't receive 3, 500 on 24th february 2016. I don't have account with kotak bank but through axis bank i complaint against this many times but kotak bank is rejecting my complaint stating that transaction was successfully but not providing cctv footage and day of the withdrawal kotak officer said there is a problem with machine. Might be cash must have got stuck in machine only i want my money, case it is pending since february 16