Kotak Mahindra Bank Complaints & Reviews

Hi

My Name is Arun Kumar Singh.I applied for a Kotak Mahindra Bank Credit card in the month of september'12 and while applying for it i specifically asked about the charges & the limit and i was told that there will be no annaul charge in the first year but there will be a charge in the 2nd year,but that would be waived off if i use the card for more than 30,000.After a week i got the credit card with limit of Rs.10,000/-and then after a week i received an statement as well with the outstanding amount of Rs.520(approx).I sent an email to Kotak mahindra Bank regarding the cancellation of my credit card and asking about the charges as i did not used the card and i was promised that there would be no charge in the first year.I got a reply that it will take 5-7 working days.

From september till december,i visited the bank several times & i have send several intimations & calls,but there was no response.

In the month of December'12,they had put a hold for Rs.1877/- on my kotak salary account(the amount was already in dispute).On 08th of December'12 they had deducted that money from my salary.I am really frustrated with the customer service of this bank and now in the on 31st of december they have again put a hold for the same amount (Rs.1877/-).

I am a middle class person & i live on this salary.I have a family which is totally dependent on me.I have been charged for that amount which i have not used.I have tears in my eyes because right now even one rupee matters to me a lot.I am going through a bad financial stage and there is a lot of harassment has been done by the bank.I have no words to express it more

I hope you guys will take it further and help me out

Thanks
Arun Kumar Singh

Kind Attention: regarding the foreclose charges charged by the Finance Companies.
Sir/Madam,
This is in reference to an Auto Loan with Kotak Mahindra Prime Limited at Jaipur, Rajasthan. I borrow an auto loan and I paid all dues before time as foreclose. The part of activity, where I want RBI’s focus is the amount of foreclose i.e. 5.21% of the balance amount was charged as a foreclose charge. I would like to ask, if RBI has given the liberty to banks to charge the foreclose interest on arbitrariness. If, it is not so, then there should be a check on such kind of activities and arbitrariness of Finance Company on their foreclosure interests. I would also like to ask you the reason for such kind of activity and arbitrariness done by Finance Company.
Thanks & Regards,
Shyam Sunder Agarwal

I know, No advantage for Complaint, I complain 3-4 time no result came.
Dear sir, I deposited policy in misguide (IRDA dept wrong person ), Same person ( Mr. Risabh tripathi [protected]) came call for IRDA dept, Say deposited policy for only 3month 10days, after automatics cancel & release Rs185000.
Sir, Deposit reliance policy
Reliance Life Insurance Co Ltd policy no 19245356 Rs 40000/-

After 15 days came phone Same person ( Mr. Risabh tripathi [protected]) IRDA dept, Say deposited policy for only 56 days, after automatics cancel & release Kodak share benefit Rs 225000/- per annual for 10 years
sir, I am unable to continue this policy ,because my income is very less, & I deposit this policy on loan . I have no more money for deposit next installment

Kotak Mahindra old Mutual Life insurance Limited
Policy no 02377267 Rs 35000/-
Kotak Mahindra old Mutual Life insurance Limited
Policy no 02392606 Rs 45000/-
After 8 month came phone again your same amt short , if you deposit Rs 7300/- then release benefit.
I sent courier Rs 7300-
First Flight Courier

Consignment Number MJ[protected] April 2012 Rs 7300/- Short fill Amt

First Flight Courier
Sanjeev Kothori
D – 1092, Sector 63
Nodia -201301
UP
Sir, After 20 days phone came again say, your benefit fund release then cash deposit Rs 22700/- Vat & TDS amt.
First Flight Courier
Sanjeev Kothori
SANJEEV KOTHARI
ADD-D/42/221
SEC-63 NOIDA
PIN 201301
Sir, Mr Rishabh & company cheat, Misguide & 420 for me.
Totally cheat Rs 150000/-
I complain many time insurance company Relaince & Kotak Mahindra old Mutual Life insurance Limited .
But company give one line answer “Your 15 days free looking period is off. No refund & cancel after 15 days reach policy

I request to u , please cancel both policy & reture my amt .

Details of person contact no.
Rishabh Tripahi [protected], Anil Bakshi [protected], Vikram Chauhan [protected], Mr Chakravart [protected] , Yogesh [protected], Unknow [protected], Atul Pathak [protected], Nitin Bhardwaj
I request to u,please help policy cancel & refund my amt.

Thank U

Achal Kumar Tewari
14/626 Murad ali Lane
Udaiganj
Lucknow
226001
[protected]

Hi,

We took the Car loan from Kotak Mahindra in 2007 for 4 years and paid the loan without any bouncing on the basis of which we took the car loan again for 48 month on Alto but appx after 35 months because of some personal financial issues our 3 installments got bounced, and suddenly their goons came earlier and started abusing us and after 2-3 days in the morning they came again and without prior court instruction they took away the car with interiors and other accessories, without even given a thought that some one paid the installments without a miss for last 7 years, they behaved like a professional criminals and goons and took away our vehicle.., and after that they asked us to come in Laxmi nagar branch and for entire 3 days they harassed us mentally , they gave us different time and asked us to set outside and told us to pay 15K + 20K penalty (total 35K), and next day we went there then they told us to pay entire pending installments of 12 months, and other penalties of 60K appx extra.. and treated us like a hell,, they tourchered us so much mentally that is very difficult to describe in words.

Now Vehicle is in their custody and they are refusing to take 3 installments and asking to foreclose the a/c.

Regards
Hitesh
[protected]
CF[protected]LOAN A/C NO)

Dear Sir/Madam

This is jagveer Singh from ahmedabad. I made a payment in 2011 to Dasinfratech pvt ltd thorought Kotak Mahindra Bank. branch address :32/33/34, Advance Plaza, 1ST Floor, Opp Swami Narayan Temple, Shahibaug, Ahmedabad. This payment was for das infratech limited and amount was 50,000. After a time i lost my payment reciept and Das infratech limited saying they hasnot received that payment.
So when I called to Kotak Mahindra Shahibagug branch they are saying they are helpless. Sir my wife is pregnant and she is working with Indian army as Caption. Posted in assam so I cant move anywhere I am in a very bad saturation if you can help me so its would be remembrance for me. Thanks


Jagveer Singh
[protected]

Respected sir,
Here iam M R N L Narayana rao and M ashok kumr to register a complaince against sub broker named as kotak commodities services ltd,Upstaires Kotak mahindra, M G Road Vijaywada, krishna dt ap. Sir they have done crores of turnover without our conformation we got huge amount of loss theire turnover. we have coplainted againet this issue to branch manager and hyderabad operations head Mr Hemanth kumar they have not taken any action. so i expect&immediate and positive action from u r side to protect the investors/consumer interst and my hard earn money so that innocent investers can be saved.


With regards
M R N L Narayana rao
M Ashok kumar
main road
agiripalli - 521 211
krishna dt
a p
email :- [protected]@yahoo.co.in
ph [protected]

Iam holding Kotak Super Advantage policy No. 02068232 , which I would like to know the present position and if not worth, I would like to close the same. Kindly inform

I had a auto payment facility for my bill payment every month.. the amount of RS 2748/ has been debited from my account but has not been credited to my mobile provider yet.. have sent email and called customer service bank... but all in vain... the amount of RS 2748/ has gone from my account and they have no answer where......

This bank cheats people

My name is d.Deshakumar one month ago i gave rs.12,000 cheque for open a demat account in madipakkam branch.My cash detected next day itself for the cheque i gave to them...

But till now i did not get any proof that my account is there or not.They just sent me a kit for name sake...But till now i did not receive my cheque book atm card etc...

I raised complaint two two three times but action taken to solve my problem.I think i made a big mistake believing this bank..

Note : till now i did not get anyyyyy demo,cheque,atm card etc. But i received a message in my mobile that rs.377 is charged from my account for trading...How funny how cheating people....
Even i don't know my account number...

Please do not believe this bank...

D.Deshakumar
Mobile : no.[protected]
No.[protected]

A person from kotak mahindra bank name Prabhakaran from T.nagar branch came and took my proofs and cheque to open a new account in their bank even i gave everything with sign but more than 20 days i didnt get any information from them..

Just pin number came last week and i called the person regarding my cheque book and atm card....he said my door closed and they went back i really came to know that they lie...even he said he will bring but till now 1 week is over none has came even my cheque book and nothinggggg...

i made mistake and i felt that i took wrong decision opening in this KOTAK UNSECURED BANK

D.Deshakumar
[protected]
[protected]

Bank sales persons opened my savings account (No. [protected]) committing that the bank is offering zero balance account to chartered accountants and I opened an account, In the first six months they did not charge anything but later they charged 1103/- On 21.11.11 (later reversed on 06.02.12) 1123.60/- On 16.04.12 (later reversed on 09.07.12), the charges were being reversed after visiting hundred times to the branch, now in spite of having more balance than required to be maintained in my account they charged rs. 842.70/- On 04.10.12 & rs. 280.9 on 07.11.12 and now they have denied for reversal on a zero balance account. Kindly resolve our issue.
Thanks
Devendra Kumar
Email - devgola.[protected]@gmail.com

I have bought Kotak Smart Advantage plan from Kotak Life insurance. At that time kotak executive told that u have to pay for just 3 yrs and after completion of 3 yrs u can withdraw or surrender your policy. You will all your money back with any interest during 3 yrs period. But when I going for surrender after 3 yrs, their executive told me that you will not get first premium as this will be get only if we complete 20yrs of policy term. I have paid Rs.45000 for 3yrs and I got only Rs. 28000 when I surrendered. This is really misleading for customer's money. IRDA should look into this matter and act on this type issues. Make some strict actions against this type of organisations who are misleading with people. I will never recommend anyone for any of the product of Kotak. IRDA should do something and give us our money back atleast our money from this organisation. We don't wan't any interest.

FRAUD[protected]--------KOTAK SMART ADVANTAGE PLAN[protected]------FRAUD

UIN Number: UIN-107L043V01
Policy Number: 01499898
Premium: 50,000 (Yearly)

Some agent duped me into buying this policy(KOTAK SMART ADVANTAGE PLAN) of KOTAK in 2009.

I was told locking period of 3 years after that if i wish i can continue else withdraw my money easily without any charges. Also was told many benefits also that will get loyalty bonus every five years and blah blah.

But when i payed my subsequent premiums. I saw my 1st premium is not in my fund value. This was never told to me that first premium is not invested.

When i called up the customer care and asked about quitting the policy they said , first premium wont be payed back also further forfeit charges will be deducted from current fund value. This is shocking even after 3 years which was supposed to be locking period nothing changed and i am duped.

They say you have to pay premium for 20 years without fail then only your first 50,000 will be payed along with else.

As per 25-Nov-2012 My policy status

Amount Payed By me: 2 Lakhs( 50K X 4)
Fund Value: 161919.59400

I guess i would never match to original amount. I cant forfeit that will take half of my money.

So this comes out to be total trick fraud to keep a person paying. He can never quit from this loop hole.
I have seen Many people being part of this fraud by KOTAK. Many have forfeit their policy and KOTAK snatched their almost 50% of the money.

MY HUMBLE REQUEST TO EVERYONE ...PLEASE DO NOT GO FOR ANY POLICY OF KOTAK.....THIS KOTAK IS MOST FRADULENT OF ALL..I haven't seen any such case with any other bank.

I have written my complaint to them 2-3 times on their website. Never ever got a single reply. Even after few days my request/complaint automatically gets deleted.

All i want is either Kotak should contribute my first installement in my fund value and add the interest equivalent to what i should get in 4 years at NAV price of the fund i will continue with my policy for sure on these terms........ Or ELSE allow me to forfeit the policy and give my 2 lakhs back . I don't want any interest just please return my original amount atleast .

Dear Team,

I have made the following 3 payments THROUGH KOTAK NET BANKING under the following details on 16th November 2012.
Have recieved the confirmation for balance deduction as well but have not yet recieved the amount balance and confirmation from all these service providers. They all say they have not recieved any such amount from kotak.

Pls look into this matter and provide the best support.

Name: Ahmar Farooqui
CRN: 35155320



Biller Name Tata Docomo CDMA Delhi NCR Photon
Bill Amt (Rs) 955.00
Txn Date 16-Nov-2012
Txn Ref No [protected]
Tata Docomo CDMA [protected]
Delhi NCR Photon [protected]

Biller Name MOBILTOPUP RELG
Bill Amt (Rs) 150.00
Txn Date 16-Nov-2012
Txn Ref No [protected]
RELIANCE GSM [protected]

Biller Name MOBILTOPUP AIRTFTT
Bill Amt (Rs) 100.00
Txn Date 16-Nov-2012
Txn Ref No [protected]
AIRTEL GSM [protected]

This is to warn you about the kind of people working for Kotak Mahindra Life Insurance, Secunderabad Branch. I know a guy named Satish Bejenki alias Satish Bonagiri etc, who is not even a graduate but works as a Manager Sales at Kotak Life Insurance. This is the sorry state of affairs of Kotak’s hiring policy. They don't even bother to check the background of the candidates who apply for jobs with them. Now, guys like these who don't even understand the nuances of insurance policies are going to advice people on their life's savings. It is time that IRDA should take steps to tighten to regulate institutions such as Kotak, so people are saved from such ill trained and unqualified guys advising them on their life savings.
To give you more info on this guy; you would be astonished to know that he is an impersonator; his real name is Satish Bonagiri not Satish Bejenki. He also happens to be a defaulter of ICICI Bank Personal Loan, which he managed to get using falsified pay-slips in the past. He is not even a graduate in the first place and lands up as Manager Sales at Kotak Mahindra Life Insurance, Secunderabad Branch.
So, people of Hyderabad and Secunderabad be careful while thinking of Kotak Mahindra Life Insurance Policies, because these kind of people may land up at your place giving you wrong advice. It's better not to look at Kotak Mahindra because they seem to be not so worried about what kind of people work for them. This speaks volumes about the kind of company Kotak Mahindra’s is and their work culture and ethics.
Just wanted to share what I know so that you people could be cautious while buying life insurance policies from Kotak Mahindra. It's better to be cautious than to be sorry later. AVOID KOTAK MAHINDRA LIFE INSURANCE.

Hi Kotak Bank Customer Service

I am holding a corporate salary account with kotak bank . Initially the bank promised a whole lot of endorsements like better interests, free transactions , etc. I believe the motto has now changed and I believe now kotak bank doesn't understand the service that should be given to a corporate account holder , that they promise while opening the account.

I noticed that there was a charge deducted from account for an neft , I called the customer care and to my disappointment the customer service officer told that there are charges applicable for neft ,cash withdrawal, annual card charges etc that has been incorporated since october 1 ,2012 , without notifying the corporate customers in any mode(neither call nor email).

I called the customer service which went in vain .I have been facing issues since opening the account .

I need more clarifications on the same and need proper assistance from kotak side ,else I have to close this account with immediate effect .

Thank you
sanjib dey

I went through the url i.e. www.Kotak.Com , and found the following :

free electronic fund transfer

transfer funds to third party accounts in other banks, without drawing a demand draft or a cheque, by using our electronic fund transfer facility. With this facility you can save on demand draft making/Couriering charges and also transfer funds faster!

Hi,

In March an executive of Kotak Mahindra Life Insurance met me regarding a policy, The Policy name was Kotak Capital Multiplier plan.
The policy presented to me is attached with this complaint. After receiving the policy paper, I found it totally different to the policy shown by the executive. I have complained many times in Kotak and also visited their branches, but every time I visited they told me that they have...

Dear Sir/Madam


My name is Kapildev.k and I WAS USING KOTAK CREDIT CARDS, I lost my job in dec 2011 and am in deep financial crisis . In this regards i approached your settlement department and explained my situation and asked them to settle my account for 40000 but they refused and said to pay around 50,000 then i said i need some time and my due date approached . They asked me to pay 6500 which will be deducted...

Respected sir
I M ex-employee o[censored]r associate,my Employee code is: IVN00628
kindly provide me my PF no. its very urgent for me
I m gladfull to u


NAME: VIKRANT
DESIGNATION: ASSOCIATE
EMP.CODE:IVN00628

MOB.[protected]
mail. vikrant.[protected]@yahoo.co.in

policy no. 02366830 of KOTAK ( Term Plan ) . Purchased the term plan last year . Due date of premium 20.09.2012 . I have received call regarding the renewal but i was not knowing that they are going to deduct the renewal premium directly from my bank . The bank detail was known because the last year premium was paid by cheque . The ECS was not signed by me . When last year i received the booklet for the policy confirmation the ECS signed was not attache din that . The insurance person are telling that you have signed the ESC .
I want my premium back for the year 2012- 12 which has just started . Please help me to get back .
thanks
gk singh
[protected]