Kotak Mahindra Bank Complaints & Reviews

Went to Kotak ATM, sector 9, Faridabad on 23rd March to withdraw some cash. For the second transaction, the machine disbursed less amount. Filed complaint with my bank and received reply that the transaction is complete from Kotak's side!
What a cheat, fraudster bank!
Stay away!

I also took kotak Super Advantage plan ,as false commitment given by there representative, if i invest 30000 for 3 years my fund will comes to be 143000 (gauranteed) after 3 years and i can withdrew that amount and if i wish to continue, i don't have to pay any premium till 5th years.

Recently i called Kotak customer care and came to know that this total amount of 200% will recevie on 20 year only, and if i try to withdraw the amout after 3 year's, i will get only 2 year's amount and interest amount and they will deduct my 1st year premium intsallement plus there would be 4% surrender charges. This is a big cheating and scam by the Bank.
Please look into this matter as i have already paid my 3 years instalment and want to withdrew my amount as i have some urgent family need for the money.

My Premium Details:

Policy no: 01931790
Client Id: 53610298

There promises:--
Premium-30, 000 for 3 yrs.
Bonus-200% Gurenteed On your 1st year premium.
Insurance-5 lac.
Medical Claim- 1lac.
Returns-10-12%.

Dear Sir. I had taken a used car loan from Kotak Mahidra Prime Ltd in Jan 2012 for Rs. 900000/- for 36 months with EMI of Rs. 32850/- pm
The loan agreement No. is CF 7617020 (SR No. 1-[protected]). Initially they have taken one month EMI Rs. 32850/- and Rs. 5000/- (as documentation charges) cash from me. But the statement of Re- pay they have send to me shows total finance amount is – Rs.907738/- .
I made several complaint with the customer care & getting un satisfactory reply.
Initially they said Rs. 7738/- is as the insurance which they made without my concren. but the insurance policy clrealy mentioned the premium Rs. 2687/-. When I put the same in their knowledge, now they says this Rs. 5000/- as administration charges ( They have already taken Rs. 5000/- from me in cash as documentation charges).
I made several request to the company to return my money which they have taken extra from me
This pure signe of cheating.
Kindly help me to get it solved
Please find the communication which I have made with them sofar
Dear Mr.Benni,

This is with reference to the mail received from your end, as mentioned by you in your mail, nothing has been hidden in the transaction. As confirmed by you, the policy is covered for Rs.2687/-. Balance amount of Rs.5,051/- was accounted for towards Credit Administration Charges. The amount of Rs.5051/- was clearly mentioned in the Repayment Schedule, which was furnished to you along with the Welcome Kit. However, for your easy reference, we attach the same herewith.

Hope we have clarified your query suitably.

Incase of any further queries kindly mail us back on service.[protected]@kotak.com or call us on our toll free no #[protected] /[protected] and we would be happy to assist you. You can also visit us at our website i.e. carloan.kotak.com. Assuring you of our best services at all times.

Regards
Thasiveen P.A.,
Customer Service
Dear Mr.Benni,

This is with reference to the mail received from your end and further to the discussion which Mr.Jeyaprakash - Sales DRM had with you regarding the same. We hereby confirm that as informed in our previous mail thebreakup details is as follows :


Finance amount – Rs.9,00,000/-
Insurance provided – Rs.7738/-
So total finance amount is – Rs.907738/-
Monthly installments – Rs.32850/- and tenure is 36 months

Documentation charges for the contract – Rs.5000/-
First installment – Rs.32850/-

Amount disbursed to the dealer is Rs.862150/- ( 907738 – 7738 – 5000 – 32850 )

Incase of any further queries kindly mail us back on service.[protected]@kotak.com or call us on our toll free no #[protected] /[protected] and we would be happy to assist you. You can also visit us at our website i.e. carloan.kotak.com. Assuring you of our best services at all times.

Regards,
Thasiveen P A,
Customer Service
From: Thomas Benni [mailto:Benni.[protected]@charles-voegele.com]
Sent: Saturday, February 11, 2012 9:06 AM
To: Service Carfinance (Support Services Division, KMPL)
Subject: Re: Existing Car Loan Agreement No. CF- 7617020 SR NO - 1-[protected]

Dear Sir
I think you are wrong. The insurance amount is only Rs. 2738/-
The amount Rs. 5000/- cash taken by Mr. Ramesh is extra. I refused the same that day it self. Because I know the documentation charges will be coming in emi .
Kindly do the needful to return the money

Best Regards,

Benni Thomas
Manager - Quality Control / IT. INDIA
Charles Voegele Fashion (HK) Limited

Daily iam getting calls from kotak Mahindra for their marketing. Diffrerent type of persons ( Men & Women)are calling me twice / daily and wasting my time. The phone no is[protected].

Though iam not willing to listen they are calling me daily and give me trouble in my office hrs. If this continues i'll make complaint on them

dear sir
my vehicle loan was finished on november 2011 but I have not received NOC
till today.local Agra branch is not responding for my NOC.kindly send my
NOC in the name of
Praveen Bedi
agg no PF 4918363
veh no ambulance omni UP80 BE 9218
Comlaint ref no 1-[protected]
Dr Dharmendra Sharma
[protected]

Hello Everyone,

Before taking the credit cards from Kotak Cards (Kotak Mahindra), be very cautious.

1. They do no send you the soft copy over email so that you fail to make a payment on time.
2. They wont update about your outstanding amount unless and until the due amount is a very healthy and lumpsum amount.
3. When you talk to the collection manager who actually should go through your request and concern they will shout on you and they will tell you all non sense things.
4. They will tell you a settlement amount to resolve the matter will be Rs X. But once you make a payment and confirm that the amount is paid by sending screen shot of payment, they too will confirm but the amount paid wont be updated in their system.

5. again after few months, once the amount is increased to again a huge amount, they will keep calling you make a payment.

This is the worst bank and the worst policies of credit card department. Executives are a big liar.

Do not go for this credit rather pay over cash. Make the life simple!!!

Regards
Sourav
sourav.[protected]@gmail.com

I have saving account in Kotak Mahindra bank Ltd. I have done tansaction from Axis Bank Atm at hisar on dated[protected] timing 13:33:15 with the amountof Rs/.8500 but during the transaction I received only Rs/.1500 and rest Rs/. 7000 i did not recieve.
A lot of complaints raised against that ATM in that period and also axis bank employees admitted that.
All such kind of complaints related to Axis Bank customers are solved.

I raised this Issue many times but do not get any positive resonse from Kotak Bank.
They are also not providing any video footage related to this.
Regards
Vikram Jeet
Mob-[protected]

On 11.08.2011 applied for Cash Credit facility, after processing our file sanction letter issued vide No. RCAD/RBG/1626/2011- 12 Dt.13th Sept 2011 ( and facility to be renewed on 05.09.2012 ), at 14% rate of interest ( against bank benchmark base rate (BR) being 9.75% ,issued for (a) Cash Credit facility of 75lacs (b) Bank Guarantee of 28lacs total exposure sanction 1.03 crore. against mortgage of my personal residential and commercial property valued as per banks approved valuer to Rs: 1.75crore. Kotak Mahindra Bank collected two un dated additional cheques of Rs: 1.03 corer as security, Processing fees charged Rs:1,13,537, was initially collected n paid by us vide chq.no. 3256 dt. 15.09.2011 of citi bank , after refuting , the same , since had charged higher fees then agreed upon. Then re -revised it to Rs: 79,526 which was paid off vide citi bank , aurangabad ,Chq.No. 3262 dt. 27.09.2011. For document execution amount of Rs: 56418=00 paid in cash for franking fees.
(B )
Since 13.09.2011 till 27.12.2011, i.e literally ,for a period of 104 days Kotak Mahindra bank refused to clear off our previous Citi Bank loan of 22lacs an restore our account by releasing the balance funds.
My business had come to a stand still, since Citi Bank loan was utilized to the full extend n Kotak Mahindra Bank refused to release sanctioned funds to continue and sustain my business. Principal had stopped supplies to us due to non payment as well as not lifting fresh stocks from the company. Resultantly customers so created by us in this last 19 years hard work were started shifting to other suppliers n my fund recovery too had got crippled due to non supplies to my customers, resulting into their production loss an ones of responsibility trashed on to us. This fact , in spite of being communicated / informed to Kotak Mahindra Bank, had refused to released balance sanctioned credit facility.
(c)
After intense persuasion an compliant to their Mumbai office about the level of harassment inflected n diligence in performing duties on 28.12.2011 vide pay order no. 825491 for a sum of Rs:21,99,170=00was paid off to citi bank by Kotak Mahindra Bank as loan repayment, but the balance amount of Rs: 53lacs or its part was not disbursed.
(d)
On 25th January 2012 we sent across to Kotak Mahindra Bank , Mumbai a Regd. Post letter highlighting the high handed attitude of the bank while dealing with us.( no reply to which is received till date )
(e )
Surprisingly on Feb 8th 2012 at 9.45am we happened to receive mail from the bank stating that from the Original Property bank valuation of Rs;1.75 corer, within 105days period our property valuation has come down to just 78 lacs???? and the same stands to be disbursed after deducting money paid to Citi Bank an post mortgage formalities being completed. We kept of perusing that ( a ) as per sanction letter only in next renewal you can upgrade or downgrade the property valuation an the sanction limits.
But the bank had turned a deaf ear,, resultantly by this time my business had crashed/ collapsed/ lost.
(f )
vide my Regd Post letter dt. 04,02,2012, we expressed our desire to close our loan account an paid off Rs:18,68,303=00 vide Citibank chq.No. 37284, after deducting money's spent / paid to Kotak Bk, which was returned back by Kotak Bk un en cashed, and requested to surrender / return my Original property document of M 6/2 along with blank un dated 1.03croer two cheques.
( g )
After re considering Bank request on account of deductions so made, issued fresh chq no. 37284 dated 14th March 2012 for a sum of Rs: 19,13,360=00 vide Regd Post letter dt. 14.03.2012.and requested to surrender / return my Original property document of M 6/2 along with blank un dated 1.03croer two cheques.
( h )
On 22.03.2012 Kotak Mahindra Bank did en cash chq.No. 37284 dt. 14.03.2012 issued for Rs:19,13,360=00, as such vide our letter dt. March 22.03.2012 we again pressed for release / surrender of our Original property document of M 6/2 along with blank un dated 1.03croer two cheques.
In these nine months I have suffered huge business losses for which i had applied for the loan.
I need the bank to be taken to task for their inefficiencies in non performance of the obligations.

That's it,,, look forward to your line of support

Dear Kotak Customer Service - Vice President

We would like to inform you that some of your business associates are giving very very high wrong commitments in market & this effects on your brand value or company market .i shall be register an case into legal as forgery & fraudulent commitment given by kotak life insurance company.

17 September 2009 , Mr Gurbinder Singh , Employee Code - CHD 028 , Territory Manager approached to my Father Sh Ramesh Chander Adlakha & brief the plan , you have to invest Rs 90,000 in three years ( Rs 30,000 years per Annum He informed to my father that after maturity a sum of Rs 2,200 /- per month as pension will be paid after fourth year.

But after several correspondence with your company , No one has responded or replied on this matter .

Now we have confirmed the policy plan with some senior person of your company This Policy High lights is in trail mail which is totally wrong commitments given by your Executive .

Maximum Term 10 years - Minimum commitment 3 years but in Policy bond Minimum term i s 10 years
Pension Plan conveyed by him - wrong commitment but this is a ULIP Plan
Premium Amount Rs 30000 Per annum committed now you are demanding for Rs 4000o per annum .

we have paid Two Premiums till the time , Kindly refund the Our payments which is paid by us to you in past either escalation to Higher management of your company as well as legal and IRDA also.


Even we had sent an letter to your company Mumbai also , but No Response .

This shows your worst customer after sale service

Kotak Sales Person
Mr Gurbinder Singh

Kindly take necessary action against him
Client Service Desk
Kotak Mahindra Old Mutual Life Insurance Co. Ltd.
Kotak Towers, 5th Floor, Zone II,
Building No. 21, Infinity Park,
Off Western Express Highway,
Goregaon Mulund Link Road,
Malad East, Mumbai - 400 097


Kindly intervene in this case , its my humble request to you
Mr. T Venkateswara Rao, Deputy Director
Insurance Regulatory and Development Authority
Consumer Affairs Department



Issue submitted behalf of Mr Ramesh Adlakha

Regards

Sourabh Adlakha
A4-146 , Paschim Vihar New Delhi 11063

Telephone Number -[protected]
[protected]

Dear Sir,
Many o[censored]s are employees of an organisation and we all opened an account with Kotak Mahendra Bank . We have not received ATM PIN number and Cheque book. I opened the account in the month of December and have not yet received ATM PIN . The bank does not understand a customer's plight at all. The customer care is very unfriendly . They always blame on the Courier service as an excuse for not delivering the 'Kit' at the respective residential addresses. They make us run to different branches and create nuisance. We suffer at the hands of the 'lazy' and 'least bothered attitude' of Kotak.

Its time they woke up and treat the customers with respect.

Thanks & Regards,
Raji.

Hi,
My Name is Amit Maharwar one of the account holder of your bank.
I have got the salary account with KOTAK MAHINDRA BANK.But,With
so much disappoinment i have to inform you that false expectations
were made to me because of which now am in a helpless situation.
On 8th-March-2012 on of your agent asked to me open a bank account,
I informed him that i have already got the salary account with kotakbr...

Hi,

This is in regards to my Car loan with KMPL. I do not have the Loan Account Number right now with me but I am sure you can easily avail that from your records using my name.

This issue is that I have stopped the direct debit from my account and for that KMPL is charging me every time the EMI is returned.
Has KMPL even bothered to call back customer once in last 6 months since I have stopped the EMI and thought why has the customer stopped the EMI?
The charges have shot up more than 2000 which I am not going to pay. If you people do not still call back and solve my issue I will stop paying the EMI itself. There is a limit to everything.
I have not yet stopped paying the bank EMI do not push customer to indulge in such activities.
The issue started around 6 months back when one of my EMI was bounced and KMPL charged me penalty.
I requested them to revert as this was the first time and all banks initially reverse the first instance. I have two more loans running and all banks give this much benefit to their customers.
Your customer support executive was rude and did not oblige. Then I requested to change my EMI date as its always going be an issue as when ever my salary will be delayed the EMI will bounce for which she refused and told such changes will also be charged.
Since then I have stopped my direct debit. Ts been 6 months I am paying through cheque and none of the senior managers have even bothered to call customer why he has stopped DD.
Is this what you call customer service?

I request KMPL to ask any senior Manager to call me and clear my unnecessarily charged penalty else I will have to escalate the issue in consumer court.

Tofiq Golkhaw

Dear Sir,
I, Mr. Bharat Chandra Das had been misguided and misleaded by one of your authorised agent named Mr. Dip Bhowal (Agent Code[protected]. Last year on 29rd March 2011, Mr. Dip Bhowal had came to me to make one insurance policy, but at the time of doing the policy he told me that there was excellent scheme of fixed return of 12% p.a from Kotak Mahindra Life Insurance Company with 80C and 10(10D) benefit of Income Tax Act 1961....

I enter the policy agreement with Life Insurance | Term Life Insurance | ULIP | Insurance ... - Kotak.com
insurance.kotak.com/
They approached me through telephonic for offering the insurance policy .They offered that lot of feature in the proposed policy.they dispatched bond after two month of commencement of policy agreement . While I received my bond which is related to the policy .I got shocked for following reason:
The policy benefit and other point is entirely different from the offer which was proposed in the telephonic conversion. The profession, date and place of signature are forgery as to create multiple polcy.I loss nearly 35000 .They are making false hope to cover the policy and never mind about our loosing money

Kotak is eating up my hardly earned Money…..

Kotak has cheated me by putting me different plan (Kotak Securities - Prepaid Plan) from the plan which has been explained to me on phone by Mr. Ajay Thakur (From Marketing Team).

Every six month nearly 4000 to 6000 is being getting deducted. And for this I am taking a regular follow up with the team from last two years and escalated the issue 2-3 times. But I am not getting any proper response from the kotak. I have tried visit branch personally, but it was also of no use. There was no one dedicated to handle a customer (There is no option at kotak for the customer to have a face – to – face interaction).

On top of that Kotak Mahindra Bank is not allowing me to close my account which is linked to the security account. And Kotak Mahindra Bank is also deducting certain amount (Rs.800 to 900 quarterly) for QAB.

I am fed up with kotak as I have wasted abundant time and money. I have tried many times to discontinue the relationship. But they are not allowing me to do so.

Please do the needful…..

I was cheated by the Kotak Mahindra Bank by saying that I will get interest on the money on the amount above 25K in my current account. But the Bank has cheated me by denial of it by saying that one box was not ticked by me at the time of application. The fashion in bank can be noticed that customer is asked to put signature on cross only and filling form is work of bank executives. But they are cheat and can do anything.

Hi,


I am leonard vincy I'm contacting you with regards to my credit card application status,Below are the details.

Application Reference No:[protected]

Application status: Not Approved

Our evaluation of your credit history in the CIBIL Report is not satisfactory.
We were unable to verify the address as provided by you in the application as we were informed...

Dear Sir

I, Mr Ashok Kumar Debata, a policy holder of Kotak Smart Advantage plan from last 4 years. Recently I have changed my password for customer logging site, later it was successful. Later when i wants to logging in it was unsuccessful. I request for password assistance and request to send my password to my e mail address. Till today I didn't got any mail from your side. I also request you to send my policy status and NAV value to my email address "[protected]@yahoo.com". I request you to look in to the matter and give a favourable solution.

Thanks you

Dear ALL
I,Deepak Thapliyal I have worked with kotak mahindra bank . i have applied for pf withdrawal month of june 2011 but till time i have not recived pf amount. i have checking pf status online that is showing under process. under process have show last six month. my pf no. is MH/35415/21331. i have called up kotak mahindra bank head office mumbai they told me we have sended all formalties to RO BANDRA PF office in month of...

i have submitted my pf documents on ist juily 2011. and i got acknowledge on 10/11/2011. already register a compliant and got a mail id from kotak support team stating that pl write to kotak support. i already done that but yet not iam received my pf amount in my account.