Kotak Mahindra Bank Complaints & Reviews

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

Hi Mr. Mehta,

I have done the due payment of my barclays credit card on[protected]. I am continue following Ms. Divya at [protected] for my No Due Letter, still getting no revert from her side. Kindly do the needful as the letter is very urgent for me. Kindly provide my no due letter on URGENT BASIS on below mention address. I have already request the same to senior office including u as well, still there is no revert from your side. I have a word with Ms. Divya from last 15 days, told me that my letter has been lost and there is no time line of issuing of No dues letter. is that service bank offering to their customers????? after deposit the whole amount, what service can i accept from bank.


Rajesh Kumar
[protected], [protected]

I have Royale credit card from Kotak Mahindra. I have other credit cards too but this is worse. It is highly unsecure card and they are least bothered. My card get hacked in the month of Dec and luckly I recieved a call from them and they stopped that payment. The Amount for which it was hacked was close to 1.25 lacs. After persuation they reversed the amount but still later on I got to know that one payment was released and the amout was 1200/- which i was not aware of. I didnt recieve the bill for 3 months and all of a sudden i recieved the bill after 3 months in which the amount was mentioned. I tried to call there call center and they asked me to send the details. When i send i didnt get any confirmation and i thought the it will be reversed. They had send me the mail but in that it was rejected. Later i paid the balance amount of 1200/- as i felt it was not a big amount. But later again I recieved another statement in whch they have charged me late payment and interest on the same.
This seems that they have made this a business and if seems that they have kept their credit card security soo low so that they can cheat their customer by charging these kind of amount as it will be hacked and there business will continue with the payment aand late payment and interest.

they are a cheat and they will suggest not to go with thus card if you want to be safe.

To,
Plan: Kotak Super Advantage
Policy No:[protected]Client ID[protected]
Plan Description – Unit-Linked Endowment Assurance Plan
Policy Start Date – 06/01/2010
Installment Paid -4
Dear Sir,

I have paid 4 installments of Rs.20,000/- Last installment paid on Policy Deposit Receipt no.71601190 dt.08/01/2013.
My total investment of Rs.20,000/- for 4 years is 80,000/-
Since I have surrender my policy, I have been credited Rs.53788.64.

I have lost Rs.20,000/- + 6211/-
Agents has not updated us on this condition.

I received communication from Kotak that :-
1) Fixed Advantage: The fixed advantage benefit is an assured value guaranteed at the end of your 15 years policy term. This benefit is calculated as a percentage of your 1st year premium depending on the policy term chosen, provided your policy is in force and all premiums are paid.

This particular clause is not shown in Surrender Heading column and also not briefed by Agent. It is printed elsewhere probably to misguide people.

I request for my hard earned money of Rs.20,000/- back.
Regards
Lourdes Rodrigues
Tel[protected]

I paid total dues (Little extra to round off)before due date to KOTAK BANK towards usage of credit card . I was shocked to receive demand for Rs. 10.61 towards WEB PAY charges. When contacted customer care , and after several e-mail I received reply that , As per internal policy guidelines KOTAK CREDIT CARDS will charge for web payments. Companies welcome request for e-statements, KOTAK wants me to use cheque (Which does not come for free to me.) , In todays world this is ridiculous . Now if I pay Rs. 10.61 my bank will charge Rs. 15 for cheque leaf , else KOTAK will ask for interest at 36% plus late payment charges.

I am experiencing your horrible customer service for last few days.
Your personal loan executive collected all the documents from me from ghatkopar west branch before 13 days and since then not picking up my calls. I am unable to know the status of my loan request.
kotak will be responsible if my documents are misused.
as a genuine customer I am going to post this everywhere I can till I get response.

one month ago I opt for Kotak Mahindra saving account, I opted two account, one for my wife and another for my self.
Inititally they didn't provide any ATM card to me, I escalted issue, they didn't listen, I called the sales guy, then I got ATM Card, however didn't receive any PIN number, again I called customer call and sales guy, received ATM PIN number after long time.

Now, I have ATM card and PIN, I tried to withdraw amount from other bank ATM machine, I couldn't, when I called sales guy, he said first you need to withdraw money from Kotak ATM, then only you can withdraw from other banks ATM...I never heard this kind of excuse in my life....but next day I tried to withdraw again from other ATM, and I could (so sales guy wrong in this case)

But in my surprise...after withdrawing x amount, my balance was showing zero, while I still should have good amount in my account.
When I checked at home, I got to know whatever amount I withdraw from my ATM card and my ATM PIN, it was debited from my wife account.

So this is such a big mess...how can it be possible when I withdraw from my ATM and my PIN, amount get debited from my wife account ( I double checked it was mine ATM card only with my name written over it).

When I called sales guy, he said I need to send a mail to 'service.[protected]@kotak.com', I haven't received any reply since last 24 hours.

I want to escalate this issue to very high management, because now my amount is in big risk, if I tried to withdraw money from my ATM card and PIN, and if it gets debited from my wife account, then there is a possibility that someone else withdraw amount from his ATM and PIN and amount gets debited from my account

Dear sir
I vasantha.s having a kotak urbaane credit card no-[protected].I had applied for kotaak urbane gold
credit card Application no[protected].I have received a letter saying that the application for kotak urbane gold credit card has been rejected.As i am your customer from past 2 years and i do not have any outstanding.I want to know the reason for cancelling my application.
Regards
Vasantha.s

i am using kotak credit card before four month and i deactivated with customer care center at that time on 30th of march 2013 and i paid 250RS of my total bill amount in cash at vv nagar branch as customer representative said to me and also at branch office also i conform regarding my card deactivation and they said ok if you pay 250 rs theen your card will deacivate.

But before two day i get a call from bank and they said you have to pay 2025/- RS for your credit card

i am not agree to pay extra charges because i make payment 250RS before the date said by customer representative then why theis extra charge if i already deactivated the card.

And if card is not deactivated then why bank not inform me regarding extra charges and they have not send ed any monthly statement on mail or on home address.

i have not received any monthely statement or bill from bank from last four monthe.

so please help me and consider my complain

Hi.I had an account with Kotak Mahindra Bank for some time.I submitted a request for the account to be closed on 27th April at one of its branches.Address-Ground Floor, Plot No. 964, Vasanthnagar Colony, Hydernagar Cross, Kukatpally,, Dist. Ranga Reddy, Hyderabad 500072, Hyderabad, Andhra Pradesh 500072 The person incharge tore my checkbook and debit card infront of men and assured that the account will be closed and i also received the F&F amount as Rs. 102.My account status still shows :Active.I wrote a complaint to the bank on 29/5/2013.These people denied any knowledge of it.Then when I gave them the details they never got back to me.Plesae find the conversation below.

" Me to Customer Care Officer 30 May 2013 22:04

Hi,
I submitted the request at Kotak Mahindra Bank ? Branch/ATM
Ground Floor, Plot No. 964, Vasanthnagar Colony, Hydernagar Cross, Kukatpally,, Dist. Ranga Reddy, Hyderabad 500072, Hyderabad, Andhra Pradesh 500072 ?
[protected].
The person incharge tore my checkbook and debit card infront of men and assured that the account will be closed and i also received the F&F amount as rs. 102.
Customer Care Officer to Me 30 May 2013 10:12



Dear Mr. Kumar,
This has reference to your email dated May 29, 2013.
With respect to your query regarding Account closure, we request you to write back to us with exact location of branch so that we will be able to assist you.
The reference number for this query is 1-[protected].
Assuring you of our best services at all times.
Regards,
Aarti Ghag
Customer Correspondence Team
Automated Reply 29 May 2013 03:22


Thank you for writing to us.
We are in receipt of your Query regarding Others, Others. Your Service Request Number is 1-[protected].
To enable us serve you better, please quote the above mentioned Service Request Number while communicating with us.
Me to Customer Care Officer 29 May 2013 03:20


I had already submitted a request for closure of this account.I personally visited one of your branches in Kukatpally,Hyderabad and handed over my check book and Debit card on 4/27/13.May i know why this account status shows "Active"."



My friend accidently transferred an amount of Rs 500 to this account.Ideally such transactions should reverse.But,it still went through and these people charged me Rs 393.26 as Lien.Is this a smart way to make money.I take it as a harrrasment.

I wanted a personal loan and so first I approached HDFC bank. They were ready to give me personal loan at interest rate 15.5%.
Till the time I was thinking to apply, I got a call from Kotak Mahindra Bank regarding personal loan. After few rounds of discussion they agreed to give me a personal loan at interest rate @ 14.75%.
But this was communicated verbally over phone.
I have account in Kotak Mahindra bank since 4 yrs and the experience was good so it dint came to my mind to get this interest rate over mail.
The executives who were in discussion with me were very confidently saying that interest rate charged will be not a penny more than 14.75%.
Even while signing the sanction letter, interest rate was not mentioned on it. I, therefore explicitly called bank and asked where will my interest reflect.
I got an answer that a document will be posted to my home address where is the interest rate and calculation will be mentioned.
But there was no such document delivered to my address having interest rate.
When asked they gave me some calculation about how emi was calculated and gave some fraud formula.
After lots of trouble the amount was credited to my account.
After couple of months, I saw a section in netbanking account regarding personal. (As i have account in same bank they linked this personal loan account with my savings account).
Now when I see this details of personal loan in my net banking account, there is a disaster.
The Interest rate applied to me shows 17.454%.
I really did a big mistake to believing them personally.
I have dropped a mail and communicated to them over phone regarding this fraud, but Bank is not at all responding.

Sir,
I was working in Kotak Mahindra Bank from 16 July 2007 till 15 June 2010 as Deputy Manager, and my employee code is 13579, before this I was working in HDFC Bank, I have submitted all form required for the Full and Final payment of my PPF but the same has not been credited to my Kotak Bank account no. [protected] till date.

You are kindly requested to look into the matter and get the Full and Final payment of my PPF. My E-mail address in [protected]@yahoo.com, and will be thankful if the update is mailed to me.

Regards
Neeraj Sharma

Complaint against Kotak Bank Personal Loan department, where in they approved my loan on 29th April 2013, however they did not disburse the loan till the 15th May 2013. now they sent me a letter saying that my emi is due on 1st June 2013. I have no problems paying the emi, however they have charged me the interest for the entire month from 29th April till 31st may 2013.

They disbursed the amount after the 15th so then the interest should be charged from the disbursement day right?

They are now saying this is our policy and we will charge emi from the approval date, does that mean they will approve the loan and not disburse it for any number of days they want and still charge interest for the same period?

I want to raise a complaint against this. Prasad Mahadeshwar relationship manager and his manager Pinkesh Panchal have been playing games with me since 15days and have harrassed me to the core

Prasad did not disburse the loan kept cheques wtih him for 15days and now asking me to pay the interest is not fair.

i demand the reversal of 15days interest which equals to Rs3500/- (calculation below)

Calculation : 14% interest on the loan
Amount - 600000/-
600000 * 14% * 1/12
=7000/- for a month

so 15 days interes is 7000/2 = 3500

Which i am claiming from kotak and complaint against such employees who are delaying the process saying they have too much work and making customers pay the interest for which they are not liable to pay

kotak mahindra Bank has issue credit card with out any permission I did not apply for credit card, however kotak bank issue credit card and i did not use card and i have discuss with consumer help line then after bank is sending me a fee charge , late fee and payment letter,
My self Piyush kashiwala
Mail Id [protected]@yahoo.com

I had invested Rs20 lakhs into an FMP (Fixed Maturity Plan) Kotak Series 86, Growth, INF174K01II9 on 24/04/2012 through my HSBC NRE account[protected] for a period of 370 days.

I have received a maturity amount of Rs21,53,462.81 on the 29/04/2013. Kotak has deducted a TDS of Rs39,820 (22% tax) which has been done erroneously. Clearly capital gains tax laws in India state that tax applied should be lower of 11% or 22% adjusted for indexation. Kotak admits that they did not get the inflation figures from CII which are to be used for indexation. I find this surprising considering that the other FMP maturities that I have received have this adjustment made. Why should a figure avalable from a government body not be available to Kotak.

My correspondence with Kotak has been futile in securing a refund from the company for this erroneous tax deduction with Kotak advising me to claim tax refund as a part of the filing. I am not sure why I should get into the hassle of getting a refund for an error being committed by Kotak.

The company's vindictiveness and non chalance in dealing with the situation has been very surprising, as has been their dismissiveness towards refunding the Rs39,820. I would request the help of this forum in highlighting such practices of AMCs like Kotak to other investors.

Thanks.

Best regards.
Vaibhav

[protected][protected]
Vaibhav Dhasmana
+[protected]
vaibhav.[protected]@gmail.com

Hi, I have a Salary account with Kotak Mahindra Bank in Jan-2010 which had a tie up with my previous organisation, i left it in June-2011 and in Sep-2011 i joined a new organisation. Firstly i was told that if in your account you salary is not credited for more than 3 months your account will be converted to normal saving account. So for this reason i have kept a good amount in my account in kotak bank which is more than their monthly average balance, I have also criteria all the required documents, Now they say for converting your account to saving you should give a application and as you have not done so your account is debit freezed, now the time elapsed between this is more than a year, and now they have issue, i am screwed now as i cannot use my money, I am getting really harassed and frustrated by all these things, they come up with new issues in every alternate month with my account. I thought that they are very good in services but now i know the truth. Can i know please what is the legal procedure to be taken. As there is no synchronization between customer care executive and bank head. they do not know what is the correct procedure, they never intimate customers before taking action against their accounts. Please suggest me what should i do now.