Kotak Mahindra Bank Complaints & Reviews

I Vishal Mehta hold account with Kotak Mahindra Bank with Borivali Branch with CRN No. 17690562.

On[protected] I had issued 2 D.D.'s for amount 1000.00 & 12500.00 in favor of Sikkim Manipal University, D.E. payable at Udipi Branch, and D.D. was issued of Axis Bank.

On[protected] I walked up to the branch and requested D.D. for amount 12500.00 to be canceled as D.D. was issued with incorrect amount, and the funds were were credited to my account on[protected] with 12500.00/= and charge of 110.30/= was being withdrawn for cancellation of the same.

And a new D.D. was issued for amount 11,450/= on[protected], in favor of Sikkim Manipal University, D.E. payable at Udipi Branch, and D.D. was issued of Axis Bank.

Everything was fine till here, to my notice on[protected] a New Debit is being passed for 12,500/= with value date[protected] with narrative as "rvsl of correspondent dd cancellation", and on[protected], a 2-way sweep was also broken under account number xxxxxxxx 3609, and 10000.00/= was credited back to account.

The issue out here is if the account was already being debited on[protected] and credited back on[protected], being reversal then why a debit was required on[protected].

Regarding this issue I called up branch, and had a word with [censored]iz on call, and he said that the D.D. was being made from Axis Bank, and it is not possible with Kotak to reverse as it was issued from Axis Bank.

If this was the issue, were Kotak not aware of the same...??

This has lead to my 2 way sweep being broken, my account balance as of now is 15,789.78 INR instead of 18289.78 INR, and due to which again I had to make a NEFT Payment to one of my colleague which is not possible.

Over to this error from bank part, when contacted the Branch In-charge Mrudula Batwalkar, she admitted that it was error from there part, but the entries were being passed by Human at the Branch, and they are having systems in place, and due to this it cant be reversed.

Later, on disputes the bank arrange to reverse the entry of the debit of 12500.00/=, however the 2-way sweep which was broken, cant be reversed on any condition.

Over to this, I requested to either reverse the Broken 2-way sweep in your systems, or arrange to waive of all the charges for making & Cancellation of D.D.

And they reverted back stating both of them cant be done.
So I threatened to leave the Bank, and opt for some other Bank Provider, and to my notice I received below response :

Attached herewith is the a/c closure form. There is no specific procedure for the a/c closure. You will have to submit the form duly signed to the branch along with the Debit card and unused cheque leaves.

Regards, | Jayshree Kadam, | Deputy Manager | Client Relations - Privilege Banking.

This means that Bank has no respect for the customer / Consumer..??

Please revert back with any responses.

Thanks in advance.

-Vishal Mehta
e-mail : vishal.[protected]@yahoo.com
Mobile : +91-[protected] / [protected].

Sub :- NOC Regarding car loan Agreement no[protected]/01 dated 11 OCT 2005.

Dear Sir/Madam,

A Santro Car , PB03N4320 car was financed from your office vide agreement no 41336646/01 dated 11 OCT 2005.

All dues regarding my car had already been cleared as per schedule since 08/09/2010 as per bank statement & also confirmed by your office.

Despite my repeated reminders,issued vide my letters dated 04 sep 10 &30 sep 10, N O C has not so far been issued by your office.

It is herby again requested to issue the same at the earliest & awaiting reply.




Sincerely yours,

COL VS NEGI( Email ID -( [protected]@gmail.com )
09-[protected]

my name is Lajpat Rai Gupta and I am retired employee of Govt of Rajasthan (IGNP Department) My age is 64 Years. Some time back I purchased a ULIP plan from the Kotak Life insrance company. Detail of the same is mentioned below.

Name of the Plan :- Kotak Smart Advantage-Unit linked insurance endowment plan
Insurance co :- Kotak Life insurance
Client Id :[protected]
Policy no :[protected]
Date :- 29/1/2009
Name of Policy Holder :- Lajpat Rai Gupta
Life Insured :- Premlata Gupta
Premium Amount :- 20500/-
Paid :- Two Installments 20500*2 = 41000

In the continuation of the same, when I purchased the insurance, It was informed me that you have to pay the premium for the 3 years only and there will be no deduction of the charges and all you will receive your money after 3 years according to the fund value. on the basis of the same I purchased the insurance and paid the first installment of 20500/- after one year when I paid the second installment, I received the statement with the unit purchased with second premium only. I was shocked to see that and contact with the customer care no. When I had a words with the executive I have come to know that my first installment has been deducted towards the charges and all and It will be revert back only If I paid the installments for the regular 15 years. It was really very shocking for me, because I am retired govt employee and facing some financial crunch also. Due to selling of the insurance I am misguided and provided me the fake information and cheated. Request you to please take the action against the company and provide my money back to me.

as i prabhu sankar account opened from kotak mahindra bank ac no:[protected] branch:t.nagar(chennai) the atm card does not active for cash wthdraw while working balalnce enquiry.kindly solve the problem as soon as possible.


atm card no:[protected]

Fraud have been done by Mr kamaljeet singh sales manager from kotak mahindra old mutual life insurance co ltd . based in moga branch ,punjab . he missused cheque no 248064 from punjab & sindh bank ,moga . he produced my forge documents for preparing the policy from the co.,and used my cheque for the paymeny of rs 30000/- and made the policy no .02102713 . i didnt provide any documents and signatures for the policy . he him self visit my home 3 time for the policy but i refused him because i dont want to purchase the policy .he stole that cheque from my cheque book placed near by him during the time when i was in kitchen for the tea preparation .that was allready signed by me earlier .he used that blank cheque signed my me for the policy preparation that was stolen by him from my house . i have full faith on govt regulisation . so i am giving my written complaint against him . such type of persons will place the negivate impact in the market for the company and irda . such type of persons such be terminated with immigate effect and they should not allowed to work in any financial sector so a hard message will be sent to such type of persons and people will feel secure by such type of representatives .

note > please revert me on urgent basis . my contact no is [protected]

I m Gurpreet Singh from delhi, Policy No .02123968plan name --Kotak Capital Multipliers Plan. Branch of Janakpuri pNkha Road near Janankpuri Cinema.Branch Mnager ...Mr Ashis Jh who look my plan..Mr Kundan Sales Manager tell me about accroding 5 yrs plan but actuually accrding to plan is 15 yrs. So i requit u that refund my money Rs 400 and Closed my policy pls take seriouse this matter bks that is benifit for me and my faimily--

Thanks & Regards
Gurpreet Singh
[protected]

i satying in delhi.i feel up kotak mahindra policy.kotak mahindra sales person talk abount policy but sLWS Mnger cheating and frod me .He tell me Kotak Capital multiplier plan . According sales person that plan is only 5 yrs and after 6 rys u will get cash back 40000 per yrs .But Actualy plan is 15 yrs after u will get cash back4800.
He teeling me lier an cheat me,So some body look at this matter andclosed & lock my policy and refundable my cahs money Rs 4000 pls herable requisr take serious decision and give me some benift of me and my faimily
Policy name---Kotak Capital Multipler Plan
Policy No[protected]
Sales Person name --Kundan
Branch Manager -Mr Ashish Jha who look my policy
Address Bank Kotak Mhindra,Jankpuir Punkha Road Near Janak Cinema


Thanks & Regards
Gurpreet Singh
[protected]

Kotak Credit Card number 4166 XXXX XXXX 8863.
My huband, Mr. Joseph Valanatt is a PROUD owner of Kotak credit card bearing the above number. On their offer of a FREE BENETTON WALLET WORTH RS.2500/- on purchase of more than Rupees Ten thousand only, we used the card by purchasing goods more than 15000/-. Even after reminding and false promises of having sent the wallet, finally we received the wallet on the 19th, which is worth Rs.1200/- only.

We FEEL CHEATED COMPLETELY.


JOSEPH VALANATT
CELL: [protected]/[protected]

I am an account holder with Kotak Mahindra Bank (A/C No [protected]). At the time of taking the account the Banks sales person had promised a lifetime free savings account (zero balance account). Post checking with the bank it was verified the same was true as it was an offer for employees of specific corporates. However during the same year the account was modified to a normal account with charges being deducted on a regular basis which is not acceptable to me. Currently as per a latest statement my savings bank account shows a negative balance of -5582 (Rs), which I do not agree with at all.

I have raised the matter with the call center and also provided a written compliant to the same. However surprisingly post filing the handwritten letter and also the bank's form for closure of the account I have received the same back with instruction to close a DP account (which is a demat account). I do not hold a demat account with the bank. Currently as per a latest statement my savings bank account shows a negative balance of -5582 (Rs), which I do not agree with at all. I request immediate closure of the account as I think it is unfair, also it seems to be against any acceptable logic to pay to close a "savings bank account". In case the bank felt they could not hold a zero balance account they should have close the instead of charging a fee for a non utilised account. Also just to add my account was reduced to a negative balance by deducting a sum of money that was present at the time the policy changed.

Again i request immediate closure of the account.

My name is Amarkumar Mehta, and my wife is Smt. Ruchi Amarkumar Mehta.

We took a policy of Kotak Life Ins. Co. on my wife’s name in Aug. 2008 (Policy No. 1224976) from R R Finance, Ahmedabad.

Till Aug. 2009 I was paying premium through ECS from my HDFC Bank A/c..

And on 6th July 2010 at 11:30am, we have given ECS STOP request to Kotak Life Ins. Co. at their Shivranjni Cross Road Office, A’Bad., and for your Ref. I have attached acknowledgement of that request with received stamp and sign and also statements of my HDFC A/c.. And in that acknowledgement they have written that “letter will be handed over to Jigar Suthar – SM” (who is handling R R Finance relationship).

When we have submitted this request I have asked that person who has accepted my request that before how many days we have to submit this kind of request to Stop ECS, then he replied that before 15-20 days you have to submit this request to stop your ECS.

After that date I got 3 to 4 times calls from Kotak Life Ins. Ahmedabad office that why you want to stop this ECS, pls continue this policy and we’ll give you good services etc. etc., but as we have decided to STOP that ECS, I asked him to process as early as possible and STOP my ECS paument.

Then I forgot everything, and have started my routine work as usual.

But on 14th Aug. 2010, my ECS has been debited by Rs. 3529/- for my wife’s same policy for which she had gives ECS-STOP request on 6th July 2010.


Then I have asked them so many times to give my Premium back with Interest and Compensation, but they had not given proper reply for that and on 13th Sep. 2010 (After one month) without asking me or confirmed with me they have credited my ONLY PREMIUM back to my same A/c. During this time I hade word with Mr. Sanjay Tindwani at their Ahmedabad office and he accepted that this mistake has been done by Kotak Life Ins. Co. and not from our side.


Due to this cheating with me I have to borrow money from somebody on 16th Aug. 2010 and have to pay my payments and installments. And also during this period they have given me lots of mental harassment, stress and tension, and because of this cheating I have to borrow money and that also spoiled my image in the society. I couldn’t sleep in night and that also affected on my performance in my job.


Now I request you, as per IRDA rule call them in court and ask them for compensation.


If needed I can provide all proof, and whatever Docs. you want for this case.


My only question to Kotak Life Ins. Co. is if by mistake I missed this premium and I expired then will this company pay my claim to my family? If their Ans. Is no then I want compensation at any cost. I want to teach them a lesson, so whenever they punish customer by charging more /extra/loading premium, they will defiantly think about my this case and will behave nicely to customer.


To teach them this lesson I need your help and support.


Thanking you,

Amar Mehta
Ahmedabad, Gujarat
M:[protected]

My selfDeepali Hemant Mane a credit card holder of your bank and my card no is [protected]
Fistly i am not receiving my bills from last three months due to whcih i am getting charged monthly 500 (its not my mistake still)
Second thing i was not informed about the late payment fees and interest while taking a card they said that you wont be charged anything one kind of cheating again.
I have compalined the same thrice but still the same repeats.If i wont be receving the bill here after i will not pay any of your bills.Please contact me on [protected] i want to talk on the same.
I want to convert my whole amount in to EMI i am fed up of you people now.
Please do the needful or will do the consumer complaint for the same.

As per the telephonic conversation it was said that the interest wontb e charged if i am paying my dues on time
Now i am paying it on time still i am charged the interest
i want the clarification for the same
- Show quoted text -



On Wed, Sep 1, 2010 at 11:41 AM, Kotakcards //Kotak /Bank <[protected]@kotak.com> wrote:

Dear Ms. Mane,

Greetings from Kotak Credit Cards

This is with reference to the receipt of your email dated 26th August, 2010

As per our telephone conversation dated 31st August,2010 ,we would like to inform you that, your request for mailing address updation is under process vide, service request number
[protected]. This will be resolved in next 10 working days.

Your outstanding balance for the statement dated 20th June, 2010 was Rs. 14,725.03 payable by 07th July, 2010.However we received the payment of Rs. 826.00 on 14th July, 2010

Since payment is received after due date, late payment fees of Rs.500 and interest charges of Rs. 475.95 with corresponding service tax of Rs.51.50 and Rs.49.02 respectively are levied on your Kotak Credit Card.

In lieu of the above mentioned reason we are unable to reverse the charges levied on your Kotak Credit Card.

We request you to initiate the payment of Rs. 14,698.14 towards your Kotak Credit Card to avoid further accrual of charges

You can also now view your statement online by visiting the link below. You don’t need to log in and can view your statement without a password.

https://www.kotak.com/ccstmt/nonlogincc/faces/jsp/nonLogin.jsp.

Just visit the link, fill in your details and view your statement instantaneously.

Alternatively, you may also login to your net banking id and view your Kotak credit card statements by clicking on the `past billed statements? option.

For any further queries on your Kotak Credit card we request you to send an email through your internet banking account on our website www.kotak.com by using your Kotak internet banking user id and password.

Alternatively you may contact our 24 hours Toll free number[protected]BSNL and MTNL line) or[protected]other lines) and our customer care officers will be glad to assist you with detailed information regarding your query.

Looking forward to your cooperation in helping us serve you better.

Warm Regards,
Granthali Gupte
Kotak Cards Team.





From: deepali mane [mailto:deepali.[protected]@gmail.com]
Sent: Thursday, August 26, 2010 2:44 PM
To: Kotakcards //Kotak /Bank
Subject: Complaint regarding your service and giving a wrong information while taking a card (Cheating)

My seld Deepali Hemant Mane a credit card holder of your bank and my card no is [protected]
Fistly i am not receiving my bills from last three months due to whcih i am getting charged monthly 500 (its not my mistake still)
Second thing i was not informed about the late payment fees and interest while taking a card they said that you wont be charged anything one kind of cheating again.
I have compalined the same thrice but still the same repeats.If i wont be receving the bill here after i will not pay any of your bills.Please contact me on [protected] i want to talk on the same.
I want to convert my whole amount in to EMI i am fed up of you people now.
Please do the needful or will do the consumer complaint for the same.
DISCLAIMER:
This communication is confidential and privileged and is directed to and for the use of the addressee only. The recipient if not the addressee should not use this message if erroneously received, and access and use of this e-mail in any manner by anyone other than the addressee is unauthorized. The recipient acknowledges that Kotak Mahindra Bank may be unable to exercise control or ensure or guarantee the integrity of the text of the email message and the text is not warranted as to completeness and accuracy. Before opening and accessing the attachment, if any, please check and scan for virus.

I am having Kotak Credit Card, In 2009 december my payment date is 23.12.2009, I will pay my cheque on 22.12.2009 at the kotak bank drop box.(Near Avinashi Road Branch). In my January statement sent by the bank they will charged for Interest charges and late Payment fee.
I ask and mail to nodal officers they will reply and accepts reverse the late payment but not reverse the interest charges. Once they accepts my payment then how charge interest.
And i will stop the all activites to the credit card and surrenderd and pay my all dues without interst.
But now the problem is they will generated monthly bills to accumalated the interst charges.

TO,

THE MANAGER

HDFC BANK LTD,
KATHRIGUPPE,
BANGALORE 560085


SUB: (Continue Salary A/c in HDFC Bank)



Sir,

I hereby Certify that the below mentioned person is an employee with us having the Employee Code No –TK5996 and the Address, Signature & Photograph in this form is in accordance with our records, We confirm his employment with us since 1st Sep ,2010
As per our records, he does not fall in the tax slab and hence not required to submit PAN no, In event of the above employee leaving the company, bank shall be entitled to close the salary A/c basis an intimation of same from the corporate

This Certificate is issue to open Salary A/c in HDFC BANK

Please find the below Employee Details:

Corp Name: T & M Services Consulting Pvt Ltd,
Corp Code: TAN002
Employee Name: SUDHAKAR PALAI
Employee Code: TK5996
E-mail: sudhakar.[protected]@kotak.com / [protected]@yahoo.com
Mobile No +91 [protected] / [protected]

Dear Sir,

We were using Kotak Banks Credit Card ([protected]) on 2008... but that time someone misused it through online transactions... we had blocked the same. and someone around 7000 rupees were misused by some else.

Then we got the refund after 3 months from the bank itself but by blocking the card we were not using that and already told the bank about the same they were the one who told us to wait until the misuse case resolved... then they send every months bill when we are not using that... and they are saying that they are filing our name in CIBIL records....Today they are asking for 5436.84 Rupees,,, as you can see the Mail Attachment in word file.....


Please do the needful.

Regards
Mohd. Faizan.

Hi Team,

I am using Kotak credit card from last 4 months, but recently I have made transaction of Rs 3500/- and paid it fully. But the kotak mahindra bank has converted it to EMI and charged me the fee of it without my consent even though I paid it fully.
I inquired with customer care and they are of no use in giving me information and even not transforming my call to there managers, simply want to disconnect the call.

I want to know why it is charged, tough I have not agreed, and paid complete amount.

Thanks & Regards
Swamy

Dear Team

I m an Advisor in Kotak Mahindra Life Insurance organisation, My code is 60117413 I have logged in the Good amount of Business as i qualified the power club membership within 3 months

My reporting Manager is Mrs. Navneet Kaur in Chandigarh Branch sector-9.

The purpose of writing this mail to u is that I have completed 1 yr in the system and now i talked to my manager for the collection of my renewal premiums she is not responding to me in a favorable manner, due to this my relations are spoiling with the customers and most of mine customers are my known persons. When i was working and i asked, if any Advisor left the job then what about the renewals and at that time i was told that there are collection boys and will collect the premiums. I was also told that reminder calls and letter has been forwarded to the customers but no one has received anything like that as 4 policies are of date 27-30 september. And when i asked this to my SM, she said it is now your duty and we do not have any relation with your customers they are your relatives and they matter to us only till the policy was not logged in, after that its all your responsibility. They are your relatives you deal with them. Now i m working in another company in showroom sales, and i am also studying side-by-side so i dont have time to collect the premium from the customers.
And i am also putting few contents on social sites that never become a life advisor, because insurance companies are going to cheat on you and when advisors relatives get over they will not even bother about you.

So I request u to help in this matter as it is related to entire organisations reputation.

Looking forward for ur co-operation....

Thanks & Regards
Manoj Jangra

3 years back, one of the executive from Kotak Mahindra Bank insisted me to open the zero balance savings account which was told as lifetime free facility. This was also mentioned in the offer document which was signed and stamped by bank authority. But suddenly in June 10 bank charged me the non-maintainance charges. When contacted with bank, I was told that the rule was changed and informed through Aug 10 statement. But during that period I was not getting the bank statements regularly and accordingly I had submitted the complaint as well with bank. I also had the July-aug 09 statement copy which I took manually from branch.
But inspite of all this, bank manager is adament and not ready to accept for reversing the charges. So I gave the request for closure of the account which they denied to accept. From that time onwards, every week they are increasing the charges. Since there was no balance left in accout, my account is showing negative balance and its negative value is increasing every week.
I want to understand that how bank can change such important rules without any specific reasons and without properly taking the confirmation from customer. More to that, when I had given the request for closure of account they simply deny it to accept. Isn't there a RBI control over such un-ethical and un-trustworthy behavior of the banks?
I request you sincerely to help me and get rid of this bank ad teach them proper lesson.
thanks
Paras Baldota

I am holding Kotak Trump credit card for last One year & have been using it for shopping etc.availing its benefits.

I'm writing this complaint to convey that Kotak credit card is one by one withdrawing the benefits or attaching some condition to it.

Intilaly, Fuel surcharge waiver was available across any pertol pump, whihc has been withdrawn.

The card provides benefits of 10% cashback on Restaurants & movies. IN the statement of Sep 2010 I'm surprised to see that this 10% cashback would only be available if total outstanding/purchases in the current billing cycle is Rs.5000.00 or more.

So if you are planning th get yourself a Kotak trump credit card, just by looking at its superficial features, give a second though to it.

awb [protected] pakege not deliverd by u till the date

My name is Shashanka Chaudhury. This is in regards to the parcel no: AWB [protected]. The reason I am complaining because I was supposed to receive a Kotak Credit Card delivered to me on 20th Sep'2010. Even I received one call from Express IT courier on 18th Sep informing the same. But have not received my card yet & I have been trying to call on all the contact numbers of Express IT courier in Pune where I found 3 numbers are not reachable & one number continuously rings but no one receives the call. Even I have sent mail to the customer services but no response yet. Tried to call Customer Care in Mumbai but all lines are coming busy.