Kotak Mahindra Bank Complaints & Reviews

I complain contiue Kotak Mahendra & IRDA Till may 2012 , My Policy lapse in Oct 2012,
Kotak company say, Your policy is lopse mode, Then no result for complain but I start complain May 2012 then my policy continue.
Policy No: 02377267 and 2392606

Kotak Mahendra company help fraud person & Support & save.

I start policy cancellation dated 19 jan 2012 but company support fraud person & give chance then stop policy cancellation. This is my big mistake I stop policy & belived fraud person again to again.

I start process cancellation , This time delay & cancellation letter support fraud person .

I cheat both side, Fraud person & kotak company .

Both cheat , Kotak company not support .
Kotak support fraud person & agent 100%.

I request to u,please help & refund my policy amt.

Thank U

Achal Kumar Tewari

Never go with Kotak Mahindra for any policies. I was convinced by Kotak Mahindra agent that Kotak Super advantage plan is an excellent plan and the term is only for 3 yrs after which I can withdraw the amount and I will be getting 250 return on my first year premium. My total investment is approx 1 lakh per annum.To my horror I found that the policy term is for 20 yrs and I will be getting 200-250% return of first yr premium after the completion of my plan tenure at 20th yr. Unfortunately I was not available when the document paper came and when I came to know about this, I contacted the branch, and they confirmed that return will be 250% after 3 yrs and asked me pay for atleast 3 yrs. Now I completed 3 yrs the total fund value is less than 2 lakh.

Its a complete fraud scenario wherein the company has cheated 1 lakh of my principal amount.

On top of it I am not getting any proper response from Kotak Mahindra customer care and as well the officials are rude in answering & attending. Real pathetic service in terms of investment as well as customer relation. As per the agreement a fund manager is supposed to take care of funds and advise me regarding the growth and advise me on switching. Nothing of that sort was done in my case. I am getting all promotion calls from Kotak but never with regard to my fund. For name sake kotak customer care reply that your grievance will be addressed as soon as possible. I am sure I am not the only one affected by kotak there must several thousands affected by taking Kotak Super Advantage Plan. I will surrender the policy at loss and I shall go with LIC. I shall submit a consumer complaint against misselling of policy. Better to stick with LIC where the policies are transparent and there is no nagging calls for further investment.

I will never ever look back with kotak. Its a total fraud company from my point of view.

Please contact me if in case you have any unique idea to come out of this ULIP scam plan.
email id: [protected]@yahoo.co.in

I had submitted for cancellation of my Kotak NRE / NRO account for my CRN # 26827450 in dubai during last week of Feb 2013 and i had also submitted for cancellation of Kotak gold ETF and Franklin templeton investments .
According to protocol the investments should be cancelled first then the bank accounts but the the lady incharge did otherwise for which i have lost time and money. And till today the incharge in representative office is not in a position to give correct reply on the status of cancellation inspite of so many reminders on email and sms.
During the whole process Gold prices dropped drastically and i have lost all the profits generated since last 2-3 years.
The worst part is the non availability of responsible persons in their office to give correct feedback.
I strongly urge Kotak company to put trained / efficient and customer oriented people to run their representative office in Dubai.

In Jan 2012 kotak mahindra had asked me to open my salary account with them.But i stated that i already had a salary account with another banl and i was satisfied wit thei services.I categorically told them that salry would not be credited in their account even if i had opened the account.But Kotak mahindra bank insisted that i opened an account with them stating that this was a zero balance account. After that salary had not been credited for 15th months. Now all of a sudden they had deducted 950 rupees out of my balance of 998.00. When i contacted them they told me that this was the maintence charge for not miantaining minimum balance. how is it that thye deduct precisely almost all of my money without even intimating me?

I have Kotak Bank Credit Card and an Add On Card. The reason for taking this card was to get 2 Free PVR M Coupons if you spend INR 7500 or more in a billing cycle.

The following are the reasons for our complaints.

1. Every month there is some technical issue because of which there is a delay in getting the Free PVR M Coupons on time. The delay causes mental agony and by the time they are issued the desired movie is taken off from the theatres.

2. The customer care doesn't give any reason for delay and even if raises the complaint there is no resolution.

3. All the time fighting with Kotak for your rights causes a lot of mental agony and frustration.

4. They charge annual fees although the credit card is a free card. After a lot fighting they have taken the annual fee back.

5. Sometimes the credit card cannot be swiped and the reason given is a security issue with no further details.

AGGREEMENT NO. CF8184320


TO WHOMSOVER IT MAY CONCERN

MY NAME IS ANU JAIN AND I HAVE BEEN ASSOCIATED WITH KOTAK MAHINDRA BANK FOR ALMOST 8 YEARS DUE TO CAR LOAN. I HAD A SMOOTH RUNNING TILL LAST YEAR BUT I WAS REPEATEDLY GETTING OFFERS OF ANOTHER LOAN AGAINST MY CAR LOAN. WHEN I ENQUIRED ABOUT THIS SECOND LOAN I HAD ALMOST 5-6 CALLS A DAY TO TAKE THIS LOAN. I WAS PROMISED MANY THINGS BY THE ASSOCIATE LIKE PAPER FREE FAST LOAN, SAME RATE OF INTEREST, ETC. SAME PROCESSING FEE WAS ALSO PROMISED.

I WAS OFFERED THIS LOAN OF AMOUNT Rs.3,000,00/- BUT LOAN SANCTIONED WAS Rs.2,02,479/- AND ULTIMATELY RECEIVED IN MY ACCOUNT OF Rs.1,934,00/-. DIFFRENCE OF ALMOST Rs. 9000/-. WE DONT EVEN KNOW THAT OF WHAT THIS CHARGES HAVE BEEN DEDUCTED.

I WOULD LIKE TO BRING IN YOUR KIND NOTICE THAT I HAVE BEEN FACING REAL TIME ISSUES SINCE THE DAY I HAVE TAKEN THIS LOAN. MY HUSBAND AND I HAVE BEEN GETTING CALLS ABOUT THE LOAN AND WE HAVE MADE SEVERAL ATTEMPTS TO VISIT KOTAK MAHINDRA OFFICE BUT ALL INVAIN. NO MANAGER HAD A COURTESY TO MEET US.

ULTIMATELY DUE TO DIFFERENCE IN THE RATE OF INTEREST AND FAKE PROMISES WE INFORMED THEM THAT WE ARE NOT KEEN ON TAKING THIS LOAN BUT WE WERE FORCED TO TAKE THE LOAN. WE TRIED TO STOP PAYMENT THINKING SOMEONE WILL MAKE EFFORTS TO TALK TO US AND MAKE EFFORTS BUT AGAIN ALL INVAIN.

OUR CAR LOAN IS RUNNING ABSOLUTELY FINE BUT DUE TO THIS LOAN SOME EXECUTIVE CAME TO MY HUSBANDS WORK PLACE AND HARRASED HIM. THEY SAID THAT DUE TO NON PAYMENT YOUR CAR WILL BE TAKE BACK IN CONTROL OF THE BANK. PLEASE NOTE THE LOAN IS IN MY NAME AND I WAS NOT INFORMED ABOUT THIS INFACT NO NOTICE FROM THE BANK WAS RECEIVED BY ME.

AFTER MY CAR WAS TAKEN BY THE BANK WE HAD TO GO TO THE COURT TO APPROACH FOR JUSTICE. AFTER A WEEK OF HARD WORK WE GOT JUSTICE AND COURT ASKED US TO MAKE PAYMENTS OF A PARTICULAR AMOUNT WHICH WAS PAID BY MY HUSBAND THE SAME DAY. AFTER THAT WE WERE ALLOWED TO TAKE OVER OUR CAR BACK.

EVEN AFTER THAT WE ARE GETTING CALLS ABOUT THE BOUNCED BACK CHARGES FROM THE BANK.

I HAVE BEEN HARRASED EVERY DAY FROM SOME EXECUTIVE OR ANOTHER.

I WANT JUSTICE AND CLOSURE OF THIS LOAN ASAP.

MY ,MOBILE NO. IS[protected]. IN CASE I AM SUPPOSED TO MEET SOMEONE AND CLOSE THIS PLEASE CONTACT ME.

REGARDS
ANU JAIN

Hi All,

Am holding SB account(Debit Card) in kotak mahindra bank and this is Professional A/C so they said no minimum balance for this. Few days back INR 150 debited from my A/C. When I spoke with customer care officer, they said, it is for non-maintaining charge(Month of Feb 2013), I have to maintain minimum balance or need to withdraw more than 10000 from ATM.

After few days again they debited INR 246, when I check with customer care officer, they didn't give any proper answer, seems this also debited for same reason(for Month of Feb only). This time they said I have to do transaction INR 5000 in a month. When I requesting to forward next higher official to clarify this issue, they are not ready to do that. After keep on request, they have disconnected the call.

Am facing problem for Debit card itself, then think about credit card, Kotak Mahindra bank cheating people. Am planning to go for close my SB A/C.

Best Regards,
R.Mohan
[protected]

In NetBanking Term Calculator When I use Term Calculator for a scheme less then 181 days.
I had selected 1 month and 0 days.
It gives me a illogical error, some silly mistake in a BANKING SOFTWARE WEBSITE saying "Entered Number of months is more than Max months for the scheme[83312]"

If the scheme says 181 days why should I get error for exceeding maximum months if I have entered 1 month and 0 days.

I open Saving Account & De-mat account Before 6 month And there is no Interaction regarding demat account while they provide me all kit & code but they didn't suggest how to operate it after telling 5-6 times.I am very upset behalf of bank. either they closed my both account or refund my amount with interest which is in demat account which have no interest,they misguide me behalf of bank .please give me a favor and solve my problem.I didnot want to continue through kotak bank.this service is worst in jaipur.

Dear sir,
Your recovery agents nos are 43503609,45453023 not following rbi guidelines teach them rbi guidelines word by word.
regards
happy holi

Dear sir,
Please give them RBI guidelines follow law of land.your recovery agent nos are i think these are land line nos[protected],45453023.
regards
happy holi...

Hi,

My name is Dipti Mehan & I took a PL of Rs. 2,50,000 from Barclay Bank in 2007 Dec. I

paid my EMI's regularly for 1 year, after which circumstances were such that I could not

pay. This portfolio has been bought over by Kotak Mahindra bank now & they have been in

contact with me since 2012. I kept on telling them that I'm willing to pay but in small

amounts as I do not have a job & I'm looking for one. Time & again either my husband & I

have been out of job because of which I was not able to pay them, though my intention is

to settle the account. But the bank officials . Vinod from Pitampura,New Delhi, have been troubling me by sending police at

my house, obnoxious phone calls etc etc. I really don't know what to do....no way to go, i

honestly thought of committing suicide also as im super depressed & worked up because of the

harassment, when my friend suggested that i should write to you directly...Please let me know if you

can help me. I'm writing to you with a lot of hope. Thank you!

Shall await your response.

Regards,
Dipti Mehan

Dear sir

I have deposited in Kotak gold fund ETF in may'2011 while i was residing in chennai,But due to job relocation i came to hosur.I have to close my account with the Indian Bank(Ambattur branch).When i approached the Kotak office for refund of my mutual fund amount,i was told that i have to send the statement of my closed SB account since i have issued cheque to Kotak mutual fund from that account.So i have send them the copy of my SB Passbook.Then they told that i have to fill in the KYC modification form to update the details as per the central govt notification.So i have taken the KYC form and filled in all details and got attestation for the new ICICI bank account from the Manager,ICICI bank(Hosur branch) tamilnadu,as requested in the form,along with it i have also attached my latest LPG domestic gas bill for address proof duly attested by a public notary for authentication t still i am not able to get refund from them since nov' 2012 This process is going on. Kindly advise me to proceed further

Regards
Arun kumar.R
[protected]

i applied for kotak bank saving account on 4 feb 2013 . and gave a check of rupees twenty five thousand rupees to bank representative. i tracked my account for 10 days and found nil balance ,after complaining to bank i found out that my check has been lost somewhere by bank !!! but it was just beginning!!!
after apology by bank i gave them second check of rupees 25000 (SBI)and it was cleared in 2 days (to my great relief )but than twist in story!
it is not reflecting in my kotak account after 7 days have been passed at time of writing this review .
great service !!!!!
CRN number is 61117716

Agent has informed that policy holder can withdraw the amount after payment of three premium,but on inquiry I came to know that Insurance company not paid full amount with bonus.I am required to pay one more years premium.Now,I want to know how much amount with bonus receivable by me on closure of policy.

I got a threatening call from your company ([protected]) at approx. 12:25 afternoon regarding my outstanding of Rs.4000 which I don’t know also where & when it was due. I am so disappointed from Kotaka Mahindra Prime Ltd which is a responsible firm is involve in such illegal activity for which I will be forced to pull you in front of media & police.

Regards,
Viral Gandhi

Hello,

I want to file a complaint against kotak car loan.
I have had enough from Kotak. Enough of harassment and unfair charges.

I have already sent them my concern 3 times now, because of their lack of attention they closed my account - they helped with a car loan and opened a bank account with them, which wasn't ever opened. They did not have my correct address on file, even though we provided them with rent agreement which had our correct address. Their Representative did the address verification at wrong address and they approved the incorrect verification, delivered all correspondence which the family staying there did not accept. They took everything back, I got a call from somebody from kotak, saying that they need to deliver me stuff and needed my address.

I gave them the address not once but twice, twice they took down my address but nobody ever showed up and my account was closed, was there any fault of mine?? Then we went to sector 14 gurgaon branch which is 10kms away from my place, I raised the issue to them to which they tell me that we don't need to come to their branch next time and kotak bank loan branch will call us themselves and collect the installment.

Next month again, I got a message that my installment was due, we called up gurgaon sector-14 branch where we had gone to deposit the previous month installment, but there was no response and we again drove 10kms to check with them what was going on, we again raised the issue with them, They again told us the same thing, I called the kotak number their rep told me that I will receive a callback from kotak and they will help me. No call was received, then I wrote them an e-mail, this time somebody called me and said he would come down to my place and I should be ready with few cheques, they took down few cheques along with a cheque of 564rs from my husband which was the charges to shift my account to another bank for ECS so we don't have to go to your branch every month, I should not be paying them even a single rupee extra infact I should charge them for the harassment I went through with them. Now the representative who came down and collected a cheque of 564 and 7 more cheques of my installment amount said that my EMI has bounced and I will be charged 600rs more.

I have had enough of harrassment by them and now they are charging me thousand of rupees of no fault of mine?

My husband made a mistake and gave you a cheque of 564rs which I am already pissed at. But I wont take it anymore.

They have already debited my account of 564rs which I was not supposed to pay and now they are demanding 600rs extra charges because of bounced installment which was again not my fault, because I had been following their instructions only.
When we called back the rep who told us that somebody would come down to my place to collect the cheques, he said we did not have to go to the branch and he would collect the cheque from me and there would be no problem. and now when I have done everything they suggested they are going to charge me for what? For doing as told by kotak employees.

I want to file a harrassment case against them if they do not resolve all my issues.

Rajni

I have recharged to My Mobile on the morning of 15th mar 2013 through kotak Mahindra netbanking Interface. The amount of 100 Rs. has been deducted from my balance but the Recharge is not credited to my mobile No.

Details
Mobile E Top Up of Rs.100
Mobile Operator - Vergin Mobile
Mobile - [protected]
Txn Ref No. [protected]
CRN 57699948

Kotak Mahindra Life Insurance says that they cater only to HNI Clients and charge premium for the same so that only HNI Client can be their major customer.While taking the policy their marketing team run pillar to post at the client end to convince him to take the policy but their return under the ULIP Plan is currently not up to the mark as they promise to the client and when the client desires for the surrender of the policy they ask each and every member of that HNI Client who has taken the policy from Kotak Life Insurance to personally present themselves at the Branch for surrender of Policy. Note that even the acceptance of authorization letter given by the Client in favour of his employee or in favour of the advisor in Kotak Life Insurance is not acceptable by every branch of Kotak, more so in Kolkata.IRDA HAS TO SAFEGUARD THE INTEREST OF THE POLICYHOLDER SO THAT THEY CAN'T FACE THIS TYPE OF HARRASEMENT IN THE FUTURE.
- Victim of Kotak Life Insurance

i receive bill of rs 1746 in the name of c.p.p. whenever i have not used the credit card since more than one year . I also not given consent for continuation for membership to any company . I have also asked by the authorties of kotak mahindra bank that if I had not used the card for six months the card will automatically deactivated.