Kotak Mahindra Bank Complaints & Reviews

I am a customer of KOTAK MAHINDRA BANK / KOTAK LIFE INSURANCE and very badly unsatisfied with the working culture and services. As I was very much convinced by the advertisement of KOTAK MAHINDRA BANK flashed on TV and contacted to the nearby branch of my city, which is only branch in Meerut and around 25 Km from my residence but still i chose KOTAK for me and my family. I visit the branch and opened two saving a/c one with minimum Rs.50, 000 and other is of minimum Rs.10, 000 and also purchased two life insurance plans (Policy No. 02597540 & Policy No.[protected] At that time the executive assured us that you should pay the whole-sum only for first year than after it will be deducted monthly for the coming years, but after 11th month(of policy i.e July 2013) I got a sms and email from Kotak Life Insurance that you should pay the Annual Premium for the year. I immediately contacted the Customer Care (Tollfree Number) and they advice me to change the mode of payment from the city branch by submitting the cheque (Cancelled) and ECS forms. I did the same but that time branch is under shifting process and one of the executive received all documents (15 days before the policy maturity i.e August 2013) and assure me to take care the whole matter. But that day and now (Till November 14, 2013) we are continuously following the bank and the Life Insurance office but matter is still unsolved and because of the reason we have closed all the bank accounts. I also purchased a Child Plan (Policy No.[protected] & Recurring Deposit for my new born kid but now I want to withdraw this plan because of the poor services, fake promises and careless attitude towards customer. my conclusion about the organization which is not concern about the customer's present how will it care for 15 years. I fed up from Kotak completely and want my whole amount back as soon as possible. This money is not a big amount for the organization like Mahindra Group, but for us it is big amount. My submission is kindly appoint some good and genuine persons in your organization for its growth.

I hold Kotak PVR credit card on 21st Oct I received couple of SMS’es very early in the morning around 3:30 AM that card is used to make payment of Rs123.43, Rs.61.71, Rs.10699.96 and Rs184.52 at ECHST.NET, PAYPAL, LISA 33 etc. I was surprised as I haven’t shared my credit card credentials with anyone and I mostly only do internet transactions on IRCT only. I immediately called call centre and got credit card blocked. I also filed dispute form the very same day. Kotak call centre guys now don’t confirm the receipt of the dispute form yet, neither they comment on the progress of this investigation, they say they’ll take 45 days to investigate the matter. Obviously due I don’t trust Kotak bank, even if they find this was fraud they might collect money from me. I need advice is there a way which will save me from the loss of aprox 12k amount I dint spent without affecting cibil score?

Dear Sir My Self Pravin Parsottambhai Patel from Palanpur Gujarat India. I am having Kotak Bank Account my kotak bank account details is as below. Account Name : Pravinbhai P Patel Account No : [protected] Branch Address : Palanpur Branch, North gujarat India Pin : 385001 Mobile no : +91 [protected] I have Made NEFT on 01/01/2013 of Rs. 6100 to Gangadhar N Raut (Central bank of India nagpur Branch) but gangadhar has not received any credit. (please find an attachment) after that i visited central bank palanpur branch and discuss same problem, they told me that neft is credited to another person account amyan branch (MP) munnidevi account, central bank. 6100 rs is on hold in munnidevi account right now. i visited kotak bank palanpur branch gujarat so many times and central bank palanpur branch gujarat so many times but didn't got any solution Please do need full Please find an neft reference no attachment for reference Purpose

Kotak Bank deducted Rs.3370/80 from my zero balance salary account ( Account No. [protected] ) being the charges for Non Maintenance Charges . Bank never intimate, nor informed or not given any notification about these charges. When I objected illegal deduction of amount from my hard earned money, and raised the matter with bank officials and after lot of refusals bank returned 50 & of deducted amount i-e Rs.1685/40.

Hello, I took Kotak insurance in 2010(policy no[protected] and their client told i can surrender after 3 years.but now when i called kotak insurance customer care they told Kotak will charge 10%.This is to inform everyone not to believe on their representative as they don't communicate proper info even the important ones. they told i will be getting bonus etc but now i am not sure about this also. apart from this when i wanted to update Nominee (provided correct info but they wrote wrongly and still its wrong), and PAN it took my lot of time and energy and after 7-8 continuso mails and calls manage to update PAN card. Anyway i suffered a lot to update small information because their representative did't noted any information properly (except my name and DOB) and i won't suggest anyone to take Kotak insurance. Thanks Amit [protected]@gmail.com

this is my bad experience with them. I raised a complain with them on sep 28. No clue what happened till now. I ended up paying extra 19K INR. Here is the complete story. I am holding personel loan on my kotak credit card. When i apply for the loan, i was promised that i will not have any foreclose charges for my personel loan after first 3 months of my emi. I repeat I was repeatedly told by the telephonic executive lady that i will...

My Friend Dropped a Cheque at ATM drop box of Kotak Mahindra Bank in Goregaon on 30th September, I waited 1 week for the clearance of cheque and when It didn't got cleared, I sent mail to Kotak Mahindra Bank on their customer service center service.[protected]@kotak.com I received an acknowledgement from the bank that they have received the query request and forwarded it to concerned department and will revert back as soon as possible. Since then I have not got any response from the bank and the joke is that I raised the queries two times, for which I got auto response from the bank twice stating that my request has been closed. I am still awaiting the bank response about the resolving the issue. I have kept several mails to the same ID, but of no use as the bank does not feel the customer important enough to be replied. I request you to take some immediate actions against the bank as such an unprofessional behavior by a consumer oriented company, not to respond to the consumer is completely unacceptable. I have all the proof of my communication to the bank and their closure of query without any response.

Hi,

I have a account in Kotak bank, By mistake i have transferred some money in wrong account of PNB.
No i want to cancel this transaction and get my money back in my Kotak account.

For this i have raised a Request with Kotak bank, They gave me this "1-[protected]" but when i checked with NEFT dept of PNB they have asked me to raise a request via BANK.

No i am helpless and don't know whom to contact .
So requesting PNB and Kotak Bank to please help me on this.

Regards,
Pankaj

MYSELF IS AVINASH FROM PATIALA (PUNJAB) AND CONTACTED KOTAK MAHINDRA PRIME LTD. FOR MY 2ND. HAND CAR PURCHASE (CH-01AB-5805) INDICA VISTA QUADRAJET. PRIOR TO TAKING LOAN, COMPANY'S PEOPLE ASSURED ME THAT THERE WILL BE NO FORCLOSER CHARGES AND THEY WILL TAKE 22000/- INTEREST PER YEAR. AFTER ONE YEAR WHEN I CONTACTED THEIR CUSTOMER CARE FOR MY STATMENT AND I WAS SHOCKED TO HEAR THEIR REPLY THAT I HAVE BEEN CHARGED 33000/- INTEREST INSTEAD OF 22000/- AND FOR MY STATEMENT THERE WILL BE CHARGES OF 550/- FOR THE STATEMENT & 5.12% + SERVICE TAX IS FORECLOSER CHARGES.

MOREOVER YOU WILL BE SURPRISED TO KNOW THAT TILL DATE I HAVE NOT RECEIVED ANY PAPER REGARDING MY THIS LOAN FROM THE COMPANY I.E. NO AGREEMENT, NO PAYMENT SCHDULE.

NOW I AM VERY UPSET THAT WHY I TAKEN THE LOAN FROM KOTAK MAHINDRA PRIME LTD. - A TOTALLY FRAUD COMPANY.

NOW I CAN REQUEST ALL PEOPLE THAT DONT TAKE ANY LOAN FROM KOTAK MAHINDRA PRIME LTD.

Dear sir/madam,

My name is Prabir Banik (CLIENT ID HEXS3) client of Kotak Commodity Services Ltd. , Siliguri Branch. I want to inform you some illegal activities of this Branch & it’s Employees. Once I was a very active client of this Branch. I gave a good volume also. But I am sorry to say that your employees don’t have even a basic knowledge of this field and they are very irresponsible also. They can only know how to make loss in client account and make zero their margin value. They don’t even require informing clients about their order. Sometimes they convert their profit into loss. They always enter into office after half an hour later or more whether there any important event or not. They often keen to watch movie in Tv rather keep eyes on Odin Monitor. Sometimes they are roaming outside of office leaving it vacant or keeping only office boy. It seems that Kotak Commodity Services Ltd. keep these employees only to collect huge margin from market and cheat clients rather than Brokering. Otherwise this type o[censored]nskilled employees should not be employed. I have complained to eastern zone Manager about this also but no action has been taken.
I was averaging in silver from Rs.63000/Kg. I had nine lot micro and my average price was came to around Rs.48000. On 20th June I sold 3 lot micro of other contract to save my buy position as that day market was going down. The dealer insists me to cover my sold position at noon on calling again and again. After covering my position when market went more down he didn’t inform me nor did anything to save my buy position. There came short fall and my position reduced from risk. They didn’t inform even anything. I could give more margins to save my buy position as I knew market will go up within some months. It makes huge monitory loss and my confidence also. I know all clients of this branch have same type of bitter experience about this company.

So I hope proper action will be taken against these employees to save this branch along with clients.

Regarding
Prabir Banik
Mob: [protected]

Hello I'd like to register a complaint against Kotak Mahindra Bank with respect to credit card recovery. I had a credit card of Barclays Bank no. [protected], which i have stopped using it after paying the outstanding by June or July,2008 (don't remember the exact date). After that there was no email, nor any communication from the bank stating any charges due to me or payment due to me. There was even no communication from their end regarding outstanding charges that was mounting till date. Suddenly today, i.e., August 27, 2013, I received a call from Mr. Sunil Delhi Police, Adoni, Andhra Pradesh ([protected]) who stated that an Arrest Warrant has been issued against me, if I don't make an outstanding payment of 10,000 immediately, by 2PM. When asked about the transaction details, from Mr. Sunil, I got a reply like, "you need to talk with Mr. Sumit (alias Vikas ICICI Om Prakash, courtesy: True Caller) [protected]. Mr. Summit called himself as an Advocate and was entitled to share my details who couldn't furnish anything when i asked for the same. He doesn't even have my Case No., against which the Warrant was issued when I asked for the same. I have narrated the entire story to the Kotak Bank Customer care department, after which a call from Kalpana Devi.K. ([protected]), Portfolio Resolution Manager-RARD, Kotak Mahindra Bank Ltd, Shop no: 58 & 59, Sree Complex,2nd floor, B.H.S.C, ‘T’ Block, Banashankari 3rd Stage, Bangalore – 560085, stated that a full closure of the amount has to be made. The statement shared is furnished as under: Account No.: [protected] Card No: [protected] Balances Outstanding As on: 31 March 2010 Particulars Receivable Payable Balance Sales Draft 1,205.57 0.00 1,205.57 Balance Transfer 0.00 0.00 0.00 Cash Advance 0.00 0.00 0.00 Payments 0.00 0.00 0.00 Fee / Interest 6,136.78 0.00 6,136.78 Adjustments 6.47 0.00 6.47 Other Debits 403.55 0.00 403.55 CreditVoucher 0.00 0.00 0.00 INDInstalment 0.00 0.00 0.00 Total Receivable 7,752.37 0.00 7,752.37 As already stated that there was no communication from the Barclay’s end regarding payment due/outstanding despite some emails from my end to close the card. The Card was issued with Zero Processing fee, Zero Joining fees, Zero annual fees, Zero membership fees, due to which I showed interested to go for the card. When I checked my last CIBIL score in 7 Dec 2012, I found out that that there was a due amount showing from Barclays Card. I immediately contacted the Bank and found out that they don’t deal with the same any more. I wanted to pay the amount for which I have really liable to, but not for which I am not entitled to. The Bank could decently call me and figure out the same without any threat call or mental harassment, probably it is the practice of the Bank. I’d therefore look forward towards the initiative from the Bank’s end to issue me a no due certificate after it is clear that the payment against the Sales Draft 1,205.00 has been made/to be made from my end. Look forward to your cooperation as I am mentally getting tensed and feel threatened due to calls from the Bank’s end. Regards Mrityunjoy [protected]

Respected Sir/Madam, An agent of the company had sold me a Policy claiming that i would be receiving 12 - 15 Lakhs in total after maturity. But later on when i come to know the fact about the policy( total maturity amount is less than 4Lakhs), i made many complains to customer care, nothing had been resolved and at last they are saying that since you did the policy with us, you will have to continue minimum 3 years with us or your money shall be disolve. I had told them please refund my money and i don't wish to continue with the policy anymore. cause their agent did fraud to sale the policy to me. Thanks Ashish Shaw Policy No: 02095419 Product: (Kotak Money Back UIN-107N003V01)

Hi, Brief Background: I work with Accenture at Bang 6 (Whitefield, Bangalore) Office location. I bought Kotak Mahindra league credit card on 17/8/2013. I bought it on only one condition that I would be able to convert my transaction amount into 3/6/9 month EMIs with 0% ROI and processing fees. The same was the USP of the card and was put forwarded by the manger while selling it. I had a discussion with the Manager on August 1st 2013 only. He had assured that this is a feature of the card and not an offer so it will be there for lifetime. Problem/Issue: I did a transaction of Rs 34000 on 18th Aug 2013. When I called customer care for converting this into EMI for 9 months, they are charging a steep ROI (which in actual should be zero) along with a processing fee. This is totally unacceptable and unethical. Sales people from Kotak Mahindra are still selling the credit cards at our office (Accenture,Whitefield, Bangalore) with the USP being 0% ROI for 3/6/9 months (they have the placards displaying the feature which means they are giving it on writing). This shows a total miscommunication between Kotak Mahindra’s policies and its employees, due to which the customers are at the receiving end. Manager name who sold me the card: Saraswati Chandra I have also logged a complaint with customer care: SR1-[protected] My Ask: Pretty simple and obvious. 1) Convert my transaction of 34000 to interest free and processing free EMIs of 9 months 2) Remove the placards displaying 0% ROI on EMIs of 3/6/9 months from our office premises

Sir, I have been living out of India for the past 10 years. I suddenly got a call in my office number stating that i had a credit card with ABN Amro and i have not paid it and i have to pay some amount. When i informed that i never had any credit card with Abn Amro, he started giving me my old work place name and my personal details...After one point, his language became very rude and i hung up. The harassment continues still and now they have started calling my parents in India and my wife's work place. Please advise me on how to make this obnoxious behavior stop.

My family and neighbours are getting calls from these number asking for either my mom's number for loan or for uncle's number for insurance & been harassing all by calling hundreds of times through out the day.[protected] & [protected]. They have all details about neighbours, our addresses, phone numbers etc. Its become more than a nuisance now. The lady on the other side of the phone speaks extremely rudely to all & has no manners whatsoever. She changes her name from Seema to Neha to what not. Can you please look into who are these people and why do they keep calling?

Hi Team,

This message is just to let you guys know about my frustration for the Credit Card Facility which Kotak Mahindra Bank is providing.
I have a Salary Account (Kotak Mahindra Bank CRN:[protected] with Kotak Mahindra as my employer 'eInfochips' has affiliated with the bank for their employees.

I have got their Urbane Credit Card facility because one of their sales team guy named Mahesh (his number is +91-[protected] & has left the bank after selling that card to me) promised me to provide a card on which I will be able to convert the transaction amount of more than 3000/- into flexible EMI plans with no Interest for 3,6,9 months.

Recently, I did an transaction of 8000/- for a gym & when I called their customer care executive they said they will be charging me Interest + Processing Fee on this amount(from where did this Processing Fee came ?). Their sales person never informed me on Processing Fee any day.
Bank's care executive now tells that they will be charging both Interest & Processing Fee because of the recent change notified by RBI guidelines.

This thing has disturbed me as I am feeling cheated & I have started facing some serious financial difficulties. Although, increment in the installments amounts will not too much, but I can’t bear the pain of being cheated by this bank.

My plans for buying few other things in the coming days through that credit card are getting affected & I am surely closing with this Credit Card thing of Kotak Bank. Can this forum help me ?

Hitesh Chaurasia
+91-[protected]
chaurasia.[protected]@gmail.com

Hi Sir,

I had applied for a AmEx credit card in July and last saturday (July 27th), i got a call from an AmEx representative and she said that i have an outstanding credit card under my name with Kotak Bank (she said, its reflected in my CIBIL) and gave me all the details (CC no., amount outstanding, date of issue etc. and also a number of Kotak's legal department). To my surprised, i never had such card and as a genuine customer i called Kotak's legal department person named Amit (phone [protected]) so as to discuss the matter. He confirmed me all the details given by the AMEX rep. I told him that its not my card and someone may have misused my papers. Mr. Amit said, that is not possible and immediately gave me a settlement offer of 35K against an outstanding of 45K. I understood, there is no point explaining him my situation and so i told him that i'll let him know and disconnected

Now, from last 3 days some gentlemen is calling me but as i said, this is not something I owe and so i dint talk to him. And today, he started calling me @12:35 when I was in an important meeting with my boss in office (my appraisal discussion) and till 1:30, he called my 16 times (I have records) - my manager did not liked this and so did i and so as an outcome of frustration, i abused him and disconnected. Now this representative went a step ahead and called my Fiancee (violation of RBI's master circular on credit card operations of Banks - section 6.3C AND Kotak Mahindra's Bank code of conduct) and threatened her. Kotak's collection rep told my fiancee about this false debt, he threatened her saying he will call her and my family members and tell them everything and he also insulted my fiance saying - "app ka pati chor hai!!"

These things are highly intolerable. Because of these guys, my married life, which is in a very delicate stage is in danger and I might go ahead and file for a 'Maan Hani' if i dont get a satisfactory reply.

Continuing with the story, at lunch and after my meeting, i called Kotak's rep and he said - "app ne gaali kaise di" - very offensive. I asked the rep to transfer me to the manager. I spoke to the manager, although she was better then the earlier rep, still she was convincing me for settlement. she also threatened me saying she will call my family members and my manager So in order to buy me some time to write this, i asked her to go and work out some settlement plan for me.

I would request you to check into this matter ASAP and ask Kotak's rep to stop calling till the matter is not resolved and also I am looking for an answer Why their rep called my Fiancee - i demand a formal apology and written assurance that this wont happen again.

Also, just for some more weight, Last month, i got a similar news that there is some demat account with my PAN in ShareKhan in Delhi. I have mailed those people also that there is some paper misuse - this incident happened before i got a call from Kotak and AmEx - so its not a cooked up story.

Kotak Credit card details:
Card No. [protected]
Date when I got it (According to AmEX rep): 6th June 2008.
Deliver Address: 4/44 A, Vijay Nagar, Delhi (I vacated this house around 1st or 2nd week of May)

Phone Numbers from where I got calls:
Amit and one Lady Manager: [protected] (They say, they are Kotak's legal dept which i doubt)
Collection Rep: [protected]

Dear Kotak Mahindra Team,

We would like to bring to your notice regarding the charges ( Rent 5898.90 on 26th April 2013) implied by your bank our locker facility allocated to the SB AC No. [protected] ( Account Holder : NITIN B JAIN ). When we had telecomm with Ms. Pinky Nathaney on 24.07.2013 @ 7.30 PM ( RS Puram Branch, Coimbatore), we came to know that these charges have been collected for not opening the Fixed Deposit and Current Account with Kotak Mahindra Bank. Kindly clarify us the below query.

1) The charges for locker in other banks is 600-800, whereas your bank has charged 5898.90 ?
2) Will your bank will charge as per RBI norms or based on having Fixed Deposit & Current Accounts ?
3) As per Pinky Nathaney, locker facility should be allocated only to the customer who are holding current accounts & fixed deposit. In-spite of not having both service with kotak why she allocated locker to us ?

We have enquirer with other private and government banks, which doesn't have above criteria for the locker facility. Before allocating locker we were informed about only the locker charges and no such condition above mentioned by Ms Pinky Nathaney.

Hereby request the Kotak Team to take immediate action and reverse the amount with interest.

To, Dated 22.07.2013
Kotak Mahindra Bank,
Head Office,
36-38A, Nariman Bhavan,
227 Nariman Point, Mumbai - 400021

Sir/Madam,
Subject: Compliant regarding unfair baking practice and poor services.

I, Sukhwinder Singh, current account holder in your one of the bank branch, which is situated at East Patel Nagar, New Delhi – 110008. My Current A/c No. is [protected]. I want to draw your kind attention on this matter. I am practicing company secretary and advocate by professional and I am running my current account in East Patel Nagar Branch since November, 2012. On 6th July 2013 East Patel Nagar Branch Deducted Rs 1685.40 as an AQB Non Maintenance and on 21st July NEFT April – June 13 AQB Below 75 PC Rs 8.43. When I saw my Current Account Bank Statement I really shocked. When I open my account that time Bank Account sales executive of East Patel Nagar Branch said that “Sir Kotak Bank Provided Special ZERO Balance Account to Professional’s and all services are free for you as well as you are not required to maintain AQB. As per my knowledge Mr. Veneet opened by current account and Mr. Manikant Roy and Mr. Rohit Khanna Bank Manager also deal with same. Last week I meet Jitender Arya (Manager) and He said that sir at the time of opening you current account, bank officers forget to mention NMC waiver code that’s why Branch deduct such amount. It is not my mistake, so why should I bear these charges. It is Civil wrong and Malafide practice by East Patel Nagar Brach Employees. Please take strict action against Mr. Vennet and Mr. Manikant Roy and refund by deducted amount as soon as possible. If possible for you please mention NMC waiver code in my account because I want to maintain good relations with Kotak Mahindra Bank. I expect you to look after the matter and do as needful to resolve the matter within a week of receiving my compliant if you are unable to resolve my matter within a week then I had to go for civil relief in court and also file consumer grievance complaint against Kotak Mahindra Bank in Consumer Court.

Thank You
Sincerely,
CS Sukhwinder Singh
A/c No. [protected]
210, IInd Floor, Vardhman Diamond Plaza,
D.B. Gupta Road, Paharganj, New Delhi –55
Mobile No. [protected], [protected]

CC: East Patel Nagar Branch (KMB)
CC: RBI, 6, Sansad Marg, New Delhi

Unfortunately I am customer of kotak mahindra bank and having pvr kotat credit card in which they promise to give 2 pvr movie tickets for expenses of 7.5 k initially few months they gave the tickets but since last 4 months they are not issuing tickets also when I am trying to reach customer care they are making fool that it will be done soon bla bla bla...they never addressed any of my mail or complaint and closed the tickets without resolving my issues...I feel not only credit card but others services are also not good.They have worst customer care and they dont even bother for customer's concerns .Please stay away from any kind of services ok Kotak bank or you will also regret as I am regretting ...I am also going to consumer court and put case against them