Kotak Mahindra Bank Complaints & Reviews

My Relationship manager (RM) from Kotak bank came with its insurance advisor and suggested me to invest 2.00 lakhs one time payment in Kotak Second innings plan as part of my wealth building exercise towards a long term investment.
Firstly, i have paid the amount and when I received the premium paid receipt, found certain incorrect details like nominee name, premium paying term etc. and informed my RM to take care before policy issue. With full confidence on the Kotak bank & its group , I didnot send a letter in writing.
2ndly received the original policy very late after payment (approx.2-3 months time). Meanwhile, I logged into KLIFE website using my customer ID & policy no and raised a complaint on above incorrect details and also stated non-receipt of original bond. This complaint was within in 2 weeks of premium receipt and before even receiving the bond. KLIFE cud have corrected all these discrepancise before issuing the bond. but they didn't do it.
Their response is like IVRS message & stated this is as per application form etc.
Frankly, the form was filled by the agent from kotak and my RM. I have only believed them and signed it. I have been repeatedly chasing since 1 year and many officials from KLIFE visited me & assured that they will take care. But to my surprise, recived renewal notice immediately after one year. I raised this to KLIFE and again same pathetic response. I am totally un-happy customer with Kotak.
Please advise when will I receive my 2.00 lakhs premia paid and why KLIFE doesn't take responsibility of errors in their policy even after highlighting by customers? What action can we take on the agent who done a wrong selling of policy to me. pls help as klife is still chasing for
Regards, Surendra
[protected]@rediffmail.com

DEAR SIR,

I HAD APPLIED FOR LOAN AGAINST MY PETROLEUM TANKER REG NO CG 10 Z 1391 WITH KOTAK MAHINDRA BANK LTD. IN THE MONTH OF OCTOBER 2008 . FOR CERTAIN REASONS COULD NOT AVAIL THAT LOAN BUT HAD SIGNED APPLICATION FORMS FOR THE LOAN.
I DID NOT AVAIL ANY LOAN AGAINST THIS VEHICLE STILL HPA IS INCORPORATED BY THEM ON ITS PAPERS . SINCE LAST TWO MONTHS I HAVE APPLIED FOR ISSUING NOC AGAINST IT FOR WHICH THEY HAVE NOT TAKEN ANY APPROPRIATE ACTION . THEY HAVE BEEN CONTINUOUSLY DODGING ME & ARE NOT ISSUING NOC TO A CASE IN WHICH NO LOAN HAS BEEN TAKEN FROM THEM.
I REQUEST YOU TO INTERVENE INTO THE MATTER AND GET IT RESOLVED AT THE EARLIEST;.

Dear team i have taken a SIp from kotak on the name of mr rakshit goyal rep by deepak goyal folio no 1880833/88 and same i have given docoment for this date of birth cerficate name written rakshit goyal.
When i saw my statement is comming on the name of daksh goyal rep by deepak goyal i went for redimption after a long time discussion (aprox one month) you were agree to redim it than bank refuse to taken money on the name of daksh goyal because given ac no is also name of rakshi goyal.
It is done only from your mistake but when discussion with phone with your costmer care ex i was agreed to change name in your folio but mean while you send me Payorder on the name of mr Daksh goyal rep by deepak goyal which is worthless for me.
Now i am loosing my money and interest and i am now also not able to any kind of formility but i need my money as soon as possible.

Thanks and regards
Deepak goyal
[protected]

Dear all,

Account No:[protected]
Kotak Executive had opened the account around 3-4 yrs back stating its a zero balance account and there wont be any chages on the MIN. balance etc. I have done some transaction initially then i have stopped maintaing this account. After some time i am started getting messages from the Kotak bank regarding to the charges and all and every month they have levied some charges, i have ignored this messages and though the account will close automatically, few months back i have got the message that my account got zeroised and i thout i got closed.

I have given this account no long back to one of the MF-FMP scheme and that FMP got matured and that account has been credited of Rs. 17600/- while i went to the bank for the withdarwal of this amount i came to know that they have freezed my account stating they are going to revcove the un-ethical charges of the Non maintance of the account.

I would need your help in this matter as i am into the urgent need of money for the treatement of the my mother who is suffering from the cancer.

Regards,
Apurva

Dear Sir/Ma'm,

1. This is regarding non receipt of Form G.A.R.-7 Service Tax Payment. It is intimated that on 08 Oct 2011, form for Tax Payment Request Form (Service Tax and Excise duty) duly filled in alongwith a cheque bearing machine No 001408 for a sum of Rs 38,728/- was handed over to Palam Branch(same attached with this mail), which was slated to have processed on 10 Oct 2011. The amount in question has already been debited from my account, but despite complaining at call centre and with the Bank relationship officer Ms Akansha Ahuja several times, nothing fruitful could be done at ther end.

2. Service tax return is due in few days and with out the above stated document, same could be lapsed. You are kindly requested to look into the matter to resolve the same at the soonest please.

with warm regards

Yours sincerely,



(Mahesh Yadav)
Authorised Signatory
Raman Travels

I (Prashanth Chindam) had an account in Kotak Mahindra Bank with an account no: [protected].
On 9 Oct 2011, Rs.827 have been wrongly deducted from my account showing the reason as AQB non maintainance, without any fault from my side.

Dear Sir

As per your comments on my complaint, no one contact me till now. i called the bank and they said service manager will know about it and disconnect my call. Please let me know whether you are going to sort it out or i will move to court. i am fed up from the bank as i take more than a month and no result is found till now. I request you to please train your staff before assign them any duty.


Thank you

prem chand




Dear Mr Prem Chand,

Our team has made a note of your concerns and will look into this and contact you soon. If you have any further queries regarding your account, we request you to write in to us at solutions.[protected]@kotak.com.

Regards, Kotak Support Team








Regarding brokerage
Respected Sir/Madam,

i am prem chand and i am writing this complaint on behalf of my wife Reena. we have opened a account in your rajpura branch which include saving account, a Demat and online trading account. At the time of opening the account, Bank made a commitment that bank will charge a brokerage of 0.02% (for intraday) and 0.2% on delivery in plan A. Bank official did not tell us that bank will charge a flat brokerage on the share having value less then Rs 100 and also about the Monthly NSDl charges. Now bank is charging at rate of flat 3 paise on intraday and 30 paise on delivery. I made complaint regarding this to bank, but they do not have a solution of this. Bank manager said, they can reduce my brokerage for future, they cannot reimburse the extra brokerage charged by bank. If bank can charge extra money from my account then bank must have to reimburse the money to my account. Please sort out my problem and reimburse my money to my account. This is fraud done by bank. Please contact me instead of my wife in this regards as i am looking all her banks accounts.

Thank you

With due regards
prem chand
[protected]

Name -- Hridaynath M Lad
Policy no[protected]
Plan -- Kotak ACE
Investment Date of issue -- 31/01/2011

Dear sir,

I am policy holder of your bank . Due to my personal issue I was out of station & not able to pay the installment in time.
when i went to my PUNE BRANCH to pay the installment.I heard that my policy is lapsed due to IRDA RULE but i don't know about this rule.
Pune branch person told me that your policy is lapsed and you will get this money after 5 years. but i am requesting you to the branch
officer of kotak bank that i am ready to pay extra charges to continue this policy. and I am keenly interest to continue. so, Please
consider my request & give me reply on same.

Thanks,
--Hridaynath Lad

Blue Dart Airway bill no. [protected] still awating my courier.
My problem is Moring 9.00AM TO 7.00PM. no one can available in my home.
Your call center person commited your shipment deliver after 6.00PM on 4/10/2011.
I reach home at 5.30. but courier boy not come,
Today i call bue dart call centera (attending Kunal) pls give taday after 8.00P.M. but don't agree
On Friday before 11.00AM than also he did not agree.

What to do?

Shall i give leave?

Bank has debited late fee, interest and service on my card account on account of delay in payment whereas I have deposited the cheque well before due date in branch situated at Firoze Gandhi Market, LUdhiana. This is happened second time with me, previously bank has reversed the charges on my repeated requests now bank rejected my request. calling again and again to the bank is just my wasting of time. so please take action.

I am Andre Francis Fernandes, I own a Kotak Bank League Credit Card. The League Card is a Platinum Card of Kotak Bank for which is a paid card with unique features, because of which I enrolled paying Rs. 8500. The card had unique proposition that every point earned is equal to Rs. 1 which is automatically redeemed against the statement every three months, Fuel charge waiver, conversion of one transaction to 3 monthly EMIs without any processing fee or interest.
However, the card has over the period of time slowly withdrawn firstly the fuel charge waiver in February 2011, secondly the conversion of no charge EMIs in September, 2011. These withdrawals had prior intimation on their statements. This is a well accepted fact by me as I have prior intimation.
However, Kotak bank also claims that they have also withdrawn the every point earned is equal to Rs. 1 which is automatically redeemed against the statement every three months facility; was also stopped on 1st February 2011, which they also claim has been communicated over the statements in January.
I have statements right from December to March statements and none of the statements has any mention of the withdrawal of the above said scheme.
I would like Kotak Bank to be pulled up for such fraud with their customers and would like my entire points which is 13709 to be redeemed as Rs.13709 as per the early norms of the card. This is robbing / cheating me of Rs.13709 against my statement
I can be contacted on +91 [protected]. I would want Kotak to be pulled up for cheating their customers who they claims to be prized assets, that too for customers of one of their most prestigious cards - The League.

How far is it correct to charge a pre-payment penalty to any customer???
Most of the banks are charging anything from 2 to 6% and I would like to know, how far is it leagal to charge such a penalty!!!
If at all banks should felicitate the customers opting to pre-close their account, for closing the loan well in time and not being a defaulter.

Dear All,

I have Submitted all required document for withdrawal of PF to Kotak Mahindra Bank, MUmbai Office on 1st of september 2011 by Courier to Mr.Mil ind Dhanmeher, HR Operations,Kotak Mahindra Bank Ltd.,2nd Floor, Kotak Towers, Building No. 21, Infinity Park,Off Western Express Highway, Goregaon Mulund Link Road, Malad (E), Mumbai – 400 097 . Bit same has not been submitted to PF office in Mumbai TIll date as per www.epfindia.com. I would request you to intervin in this matter at earliest. My PF no. is MH/35415/9704. Please also note my contact no is [protected] and E-mail Id: [protected]@gmail.com.

Regards

Satyaki Bose.

Hi,

I m neeraj singh and I took a policy of Kotak Life Insuranse (Kotak Sum Assured paln ). I got a call from Kotak call Center that if I deposit 25000 anually in Kotak for 15 yrs . From 11th Year I will get a amount of Rs 35000 every year from kotak for next 20 yrs . The have also commited me to give a amount of aproox 3.4 lac after the completion of policy. They also committed ti give a credit card of Rs 80000 thousand as credit limit.
Name Of Agent and Team Laed (Rajeev - [protected])But now i came to know that to know that i will only get Rs 21000 every year and with no credit card .

I took 2 policy and from kotak and suggest every one not to buy any insurance from them . From last 2 days I m getting call from them but they are not ready to take any action nor they are telling me to get my moneay back .

Regards
Neeraj
[protected]

Hai

I worked with kotak life insurance as a sales manager in chennai egmore branch in the period of May-2008 to November-2010 & I have submitted my proofs by Jan 2011.But till I have not received my Provident Fund & I have sent reminder mails also but their is no responce.Kindly help me out....

Employee Name : B.Reenu
Employee No :13745
Department : Sales-Tied Agency

PF.NO - MH/45187/13733
Mobile No : [protected]
Mail ID : [protected]@yahoo.com

Regards
Reenu

Below mentioned is the complete chain email...
________________________________________
From: Sagar Jethwani (CCB)
Sent: Tuesday, September 20, 2011 8:06 AM
To: salaryhelpdesk.[protected]@kotak.com
Cc: nirali.m.[protected]@kotak.com
Subject: RE: GDC Charges-VISPL

Dear Bindia,

My problem has not been resolved yet.

This is now high time.

I've already...

I had submitted this complaint on Policycomplaints.com who redirected me to IRDA. The IRDA for no reasons rejected my complaint and asked me to go to a consumer court. IRDA was horrible with their service. here are the details of my complaint:
I had taken a Kotak Mahindra Life Insurance Policy No. 00509503 from Pune, Branch, on 1.11.2006. Yearly Premium was Rs 50000/- to be paid quarterly Rs 12,400/-, for a term of 3 years(Total 12 premiums). I had paid 6 Premiums regularly totalling Rs 74,400/- , after which due to financial problems I could not pay the remaining premiums. On visiting Kotak Mahindra Life insurance branch, Pune, on 30th October, 2010, I was told that the policy has been foreclosed on 30th April 2010, so nothing is payable to me. This was a rude shock to me. During the last 2 years, neither I received any letter to my postal address nor any email from them regarding the foreclosure of the policy. Frustrated I contacted their Grievance Officer, and the Officer too confirmed that nothing is payable to me. The authorities have been very rude to my complaint and I have not even received a reply to my complaint.
For your information, I quote below a clause from their own policy booklet.
” If the policy is not revived within the aforesaid perod of 2 years the policy shall cease and surrender value if any, shall be paid after end of said period or on the expiry of third policy anniversary, whichever is later”.
As per the terms and conditions of the policy contract and as stipulated by the insurance regulatory and development Authority vide circular No.032/IRDA/Act/Dec-2005 21st December 2005, if the policy is not revived within the minimum revival period as mentioned in the policy contract, the policy will be terminated at the end of the revival period and surrender value if any will be payable at the end of the revival period or on completion of 3 policy years which ever is later.
Going by the above clause, they are bound to pay my money after deducting their administrative and other charges.
I would be grateful if you kindly look into it and help me get my money back at the earliest.
Thanks
Prabhat

Also, please have a look at the link: http://policycomplaints.com/life-insurance-complaints/kotak-mahindra-insurance/f...⇄ Where I talk about everything that has happened on this complaint. I would like to know the procedure that I should adopt now.

this has with reference t kotak life insurance yamuna nagar.
it has come to notice that branch manager is playing with the company in scheme of bring a friend & recruiting the sm of his own choice & then getting that lodged in bring the friend & get theundue beefits. ( in his thrust of getting the refereal scheme benefits he is notallowing any sm to retain in the industry for more than 3 months.

also at the time of recruiting of sm taking from him the policies in advance & book thos in other sms of his choice & then later on claiming the commission benefits.

also the fact to be noted is that why itis only his team members Re the only ones to leave the kotak life insurance due to branch managers irresponsible behaviour of taking undue benefits.

may be this is not god for the Kotak group in yamuna nagar branch.

Service request Number: 1-[protected], Deposit Number: [protected]
It would be surprising for all o[censored]s to know that you cannot withdraw the money from the bank whenever you need it!
I opened a term deposit about 390 days ago, which got matured on 13/09/2011. The maturity instruction on this deposit was to transfer both principal and interest to my saving account. But the bank has not followed my instruction and auto renewed it for another 390 days. I say OK and request them to premature close it using phone banking, I got a response that you should visit branch for premature closure. I say OK.
On 14/09/2011, I have given a written request to premature close the deposit and transfer the amount to my saving account as I have already issued a high value cheque on 13/09/2011 keeping in mind that the maturity value will automatically come to saving account.
Today, three days have been elapsed but still the term deposit is not closed by the bank. I have never seen such a slow operational model.
Do you know why the bank has auto-renewed my deposit on maturity i.e. 13/09, it is because the bank has placed a lien on my account. May I know why the bank has placed a lien on my term deposit since last 390 days even though I have not taken any loan or credit card? The bank is saying that you had aqua card against a deposit. It is just to clarify that the card had been surrendered well before 390 days from now. Important thing is that the card had been surrendered and the associated deposit is also closed 390 days before. So there is no relation between the deposit that has been auto-renewed and the card that has been surrendered well before this deposit is open. So how the bank can put a lien on this deposit and renew for unlimited times. Don’t you call this violation of banking rule?
Now I am looking for forums to complain about it so that Kotak bank will learn how to do banking.


Meenakshi

SIR

I HAVE ALREADY LODGED COMPLAINT FOR MY BROTHER IN LAW TWO POLICIES NO 01288267 AND01288731 FVG RAJ KUMAR AND SAPNA.THE COMPLAINT IS DUE TO NON REFUND OF PROMISED AMOUNT

BUT TILL THEN I HAVE NOT RECD SATISFACTORY REPLY AS YOUR STAFF IS MANUPLATING THE THINGS AND TRY TO CONVICE IN WRONG WAY.

PLEASE DO THE NEEDFUL AS MY BROTHER IN LAW IS NOT GOING TO ACCEPT NEARLY 96000 WHEN HE HAS PAID 1.50 LAC IN THREE YEARS.
I AM HIS CA ALSO AND HE IS MY REAL BROTHER IN LAW.ONE MAIL I HAVE RECD THAT YOU WILL CORROSPOND WITH HIM BUT HE HAS GIVEN ME RIGHTS TO TALK TO YOU AS HIS CHARTERED ACCOUNTANT.

YOU DO NOT COMPEL US TO APPROCH TO SEBI OR IRDA FOR LOOSING SO MUCH AMOUNT IN THREE YEARS AND CUSTOMER IS MISGUIDED BY YOUR COMPANY.WE MINIMUM REQUIRE THAT OUR BASIC AND ACTUAL AMOUNT MUST BE PAID BY YOUR COMPANY IF NO PROFIT IS GIVEN.AS PER CLAUSE OF THE POLICY YOU HAVE WRITTEN TO PAY 110 PERCENT OF 100 PERCENT PREMIUM.WHERE IT IS.IS IT JUSTIFIED TO KEEP THAT AMOUNT IN 10TH YEAR AND CUSTOMER IS LOOSING IN ALL NINE YEARS.IT IS VERY INJUSTIFIED THAT YOUR COMPANY IS KEEPING FIRST YEAR PREMIUM IN ALL IN ADM. CHARGES.HOW IRDA CAN APPROVE THESE TYPE OF SCHEMES.

PLEASE REPLY A SAP

REGARDS
CA SURINDER GUPTA
FCA
[protected]