Kotak Mahindra Bank Complaints & Reviews

16th April 2010


To,

Mr. Sumit Bali,
The Chief Executive Officer,
Kotak Mahindra Prime Ltd.,
Vinay Bhavya Complex, 1st floor,
159, CST road, Kalina,
Santacruz (East), Mumbai-400098.


SUBJECT : Complaint against your agent Mr. Yatin working under Mr. Gaurav Gangwal for deliberately misguiding and cheating of Rs. 17,275 /-


Dear Sir,

This is to bring to your kind notice that I have been cheated by Mr.Yatin , working under Mr. Gaurav Gangwal of Kotak Mahindra Prime Ltd. , Santacruz (E) branch, while trying to procure a vehicle loan. The matter is stated below in a precise manner for you to pursue the same and bring justice to my said cause.

Allow me to introduce myself as Mr. Phalvinder Singh Padam , resident of 101, Pushpmeet , Dutta Temple road , Dahanukar Wadi, Kandivali(W), Mumbai-400067, and working as Director with Sanskar Info.TV. Pvt. Ltd. (Sanskar Channel). My mobile number is [protected] and [protected].

On 17th March 2010, 7 p.m., I had applied for a car loan through Mr.Yatin, who met me in Escorts International, 112, 1st floor, Mahavir Industrial estate, Ram Chandra lane extension, Kachpada, Malad (W), Mumbai, seeking a loan of around 2.5 lakhs on my new Santro GLS, Regn. No.- MH 02 BM 2933, and I also handed him over my original R.C book (smart card).

On 18th March, Mr.Yatin called me on cell and informed that the loan of
Rs. 2, 65,000 /- (approx.) is considered and I need to pay cash Rs. 8000/- against an advance EMI and Rs. 9,275/- cash, which will go towards the officer at the rate of 3.5% to sanction it in short time. I withdrew the amount from Bank of Baroda and Central Bank of India ATMs, and he personally came to my residence to collect the cash which totaled Rs.17, 275/-. Although I had been under very tight condition economically, I somehow shelled out this money since I needed loan badly.

Suddenly, only after a day, on 19th March, my requirement was met through other sources ; so I immediately called him to stop my loan proceedings in Kotak Mahindra Prime Ltd. With immediate effect and requested him to refund my amount. On which he replied that it was very difficult since my file (application) has already been forwarded for disbursement and the money is deposited in the company’s account. When I tried to argue with him, he became very aggressive and started giving evasive replies. At last, he gave me the cell no. of Mr.Gaurav Gangwal and asked me to request him if anything could be done. But one thing he was assuring me very vehemently was that, even if the company agrees to foreclose my loan, my advance EMI of Rs.8000/- (cash) will be “forfeited” and I will be required to pay a penalty of Rs.16,000/- more. It really was very shocking to me.

The very next day on 20th March, morning, I spoke to Mr.Gaurav who said he would find out details with Mr.Yatin and promised to help me. 21st March was Sunday. On 22nd, Mr.Yatin replied that my R.C. is sent for hypothecation formalities and cannot be taken back at that point of time. I felt something fishy and on 23rd, sent an SMS to Mr. Gaurav Gangwal to stop the loan process on as is where is basis first, until I personally reach and find out the facts with him. I, moreover, asked Mr.Yatin to provide me day to day proceeding data of my loan processing formality from Kotak Mahindra Prime Ltd., for which he said was not possible.

Answering my SMS, Mr.Gaurav sent an SMS advising me to cancel it only through the sourcing agent Mr.Yatin. Then, on the very same day, on 23rd March, I gave a written letter to Mr.Yatin addressing Kotak Mahindra to cancel my loan application.

Since then, I have been only waiting for a proper and justifying response but nothing has happened so far. Meanwhile, I visited Mr.Gaurav twice in Kotak Mahindra office seeking his help. He said that the company never accepts cash EMIs and I must talk to Mr.Yatin.
So, as you see, I have been going from pillar to post to recover my hard earned money, which according to Mr.Gaurav is not with Kotak and has provided me with only one reference no.- CF-5867840, dated 23rd March 2010(handwritten).

I hereby request your good self to kindly investigate into this fraud and help me recover my losses. Apart from monetary trouble, it was their attitude and work ethics that shocked me and am seeking justice from you.

Incase, you choose not to pursue this matter any further, I will be forced to take legal action and will demand compensation too.

Kindly do the needful at the earliest as your esteemed firm may lose its valuable reputation.

Warm Regards,





Phalvinder Singh Padam.


CC to:-

The Director of Kotak Mahindra Prime Ltd.,
1st floor, Ceebros Centre,
45-Montieth Road, Egmore, Chennai-600 008.


The Chief Operating Officer,
Sudhakar Shanbhag,
Santacruz(W), Mumbai.


The Secretary,
Mr.Harish Shah,
Santacruz(W), Mumbai.

kotak life insurance policy time over.name uzma tasneem subhani. policyno.is
.[protected] sun assured 45000rs.
i have got the cheque in the name of sbi life insurance co ltd
ihave met everyone to solve my problem
but both insurance companies not liseting to me
thank you
uzma tasneem subhani
..

Hi...I had issued a Chq towards Kotak Preffered Term Plan (Proposal 01933846, Voucher 70411242 dated 19/3/2010) and also submitted all the docs excluding pay slip which was told to me by the Executive Mr Prashant that pay slip is not required as I held bank statements and other important docs. After a 10days I got a call to submit pay slip which I agreed to and was told that it would be picked up by the Kotak staff personally at my office. No one turned up after following them for a week and then I got a call saying that my policy application is cancelled and I will receive my cheque within 7days. Now when I am following up with them to return the debited cheque in DD, the concerened person viz. Ms Priya & Mr Prashant are simply deffering and postponing to return my Premium Payment on vague excuses like SYSTEM IS DOWN AND WILL BE UP ONLY AFTER 15 DAYS....OH MY GOD I NEVER KNEW THE BUSINESS HOUSE WILL BE CLOSED FOR 15 DAYS ???????..Just now before posting this complaint I spoke to Mr Prashant and He told me to submit my application no (isnt it suprising that Kotak doesnt have any track or application number in their records for re-funds??)....Sadly but surely I am going to tell everybody whom I know to AVOID KOTAK INSURANCE AT ALL COSTS! Big Ads doesnt work unless ground realities are true.

Sir,
My policy was revived on 20 oct. 2009,( No.[protected]. I contacted costomer care 3 times.
But the Money Receipt was not sent to me yet.
I am in severe need of it for TDS purpose.
I request you to send me the money receipet as soon as posseble. Thanking
you,
Yours Fathfully,
Subhash ch Barman.

sir/madam
i vir singh thakur having a policy under kotak flexi plan in your company. my policy number is 00308387. i want to know the ammount of my policy premium, so that, i can deposit my premium. my contact no. is [protected].
thanking you

Dear Sir
I had taken your KOTAK FLEXI PLAN ( Policy no.[protected] from Jan.2005.
We required my investment status.
So please confirm me what is the status of my policy &what will be amount.
Please send me all details on e-mail ID.
E-MAIL [protected]@yahoo.com

Thanks&Regards

Jaya Arvind Khandal

I have opened an Trinity account (saving + Trading +DMAT) in your branch in December 2007 through Mr. Sajal Arora – Customer Relationship manager in Kotak Mahendra in Gulmohar Park Branch. This account was zero balance saving account ,as informed by your personal relationship manager.
This account remained my active account for more than one year and many share market and mutual fund transactions were done through this account. Please note that from last one and half year I shifted to Chandigarh and I was not an active user of this account.

They are not ready to waive off my money at any cost and are saying that its not in their hand.
Now also they do not have any information available with their service mangers.
They all are always busy and not have time to attend anybody's call.
This bank is not at all a user friendly bank and are only their for minting money and customer is not important to them.

Dear Sir,



Sub: Re-possession of my Car Zen Estilo MMH04DN7409 Loan Account No: CF[protected] Kotak Finance-Mumbai)

Dear Sir,


With reference to the Lone Account No: CF-4628381 financed with your bank against My Primary Asset : 645656-Automobiles-SEGMENT B Zen Estilo -LXI
for amount Rs 3,01,000.00/-

I would like to bring to your kind attention that I a regular EMI payer since 10Th May 2008 and due to family dispute and financial instability because of my work profile, I had an uncertain change of my residence and where by all my other contact ability IE: my email ID: [protected]@yahoo.com / Mobile No: [protected] were always available with the bank. And because of these financial instability couple of payment during the last year end ( OCT/NOV/DEC-09')were dishonored for amount Rs 13950/-. which was subsequently regularized with kotak finance.

I would like to bring to your notice that I was been asked by kotak recovery representative who escorted me to your bank office along with my car to pay the sum of Rs. 13950/- Cheque dishonored charges, Overdue interest receivable charges Rs.6046/-, Legal charges receivable Rs.4050/- and the Service tax+ 5% principal outstanding amount 1201.55/- on 26Th Mar 2010.
Total : 13950+6046+4050+1201.55=25247.55/-
At once we reached the bank the same day evening 6:00PM I was been forced to surrender my car which was not expected from the bank as I was ready to pay the above late payment charges that was due. And there was no intimation from the bank to possess or surrender my Vehicle and the same was done the same day without my wish.

Hence there is no point in foreclosure of the entire amount of Rs. 2'56'772.68/- to re possess my car which is completely illegitimate to put the customer in the circumstances to pay the sum which is not affordable for any person who takes banking car loan.

In the event of not giving back my car on continuing my lone with charges payable I would be forced to complain to consumer Cort.

Anticipating from revert.

Thank you
Good day
Jitesh Islania
M: [protected]
[protected]@yahoo.com

I started this policy sometime in 2006 and the ECS from my bank is going on for so many years as Rs.2010/- towards the premium of the policy named "Kotak Flexi Plan II" from Kotak Mahindra company.

I am listing few of the top most issues:
1) First of all they are not updating the customers regularly on the status.
2) This plan is absolutely going negative for sometime. Then I called them to update the investment options and they were not ready to make any changes and asked me to register on they website to do so.
3) I did register the policy with all details and there are more things to be done to enable it by sending a signed letter printed from their website.
4) I did that and there is no change on my online account.
5) When I sent a complaint and they were saying that the policy is not registered when I sent the form from their site.
6) Last but not least, I saw online that they are charging about 10% or more fee per month for the transactions itself.

I do not know how to launch a formal compliant against them since I am relocated to USA through my company. I would be here for few more years and GOD knows how much money I have to throw knowing that it is going to be a LOSS for sure.

I see that there are plenty of victims like me when I googled. Please advise the right thing to do to solve this problem.

Thanks & regards,
Ravi Korada

Have you taken a Home Loan from Kotak Mahindra Bank? Excellent. You have successfully opened the Pandora's box. By saying this I really mean what I said. Let me give you my case. Nothing else. I will leave the conclusion to you.

I've taken a Home loan from Kotak Mahindra Bank in Oct 2006. Before giving the processing fee check I inquired about the Insurance for the loan to the sales guy. He said the insurance amount is Rs 30000 and the insurance covers the total outstanding of the loan in the case of any eventuality. Also he said the Insurance is from Kotak so there will not be any surprises.

Before the loan disbursal when I saw the break up of the disbursal it said Rs 60000 for insurance. When I asked the Kotak people and the Sales guy they said "this is the premium for the loan of Rs. 32.5 lakhs" that they conveyed to me and I probably mistook it. As I was in the excitement of moving into my own home, I just consoled myself that at least the cover is for the full loan amount.

After registration the Insurance certificate and the cover schedule was posted to me. On seeing that I was shocked that the insurance does not cover the whole outstanding amount. It was for a certain percent of the outstanding. Now I thought "ok. at least I got my own house, so let me live with this".

My loan is a hybrid loan, meaning it is fixed for first three years and after that will be revised and that rate will be for the next three years and so on. Also I offered them to pay through ECS but they said they will only accept post dated check payments. So had given 36 checks for the first three years EMI.

On the 34th month (Please note that not on the 35th month), they called up and said they are going to review the interest rate from the next month onwards (that is from the 35th month on wards). I told that the next month is not the 37th month and asked why they are reviewing the rate now. They said they actually review the rate in each quarter, so as my next EMI falls on the review cycle they will be revising the interest rate. I was protesting this heavily and nothing turned around.

They called up the next day and said the new interest rate is 13.5%. During that time the interest rate from other banks was ranging from 8% to 10.5%. Even their new customers were offered 10.5%. I was totally shocked and asked why there is a discrepancy. They said in a cool tone "Sir, you were enjoying the low interest rate all through the first three year. So why are you asking this?". So the customer must keep his mouth shut to whatever these people do. After some bargaining they came down to 12.5%. I was desperately looking out for other banks to take over my loan. But there was a 2.21% of fore-closure charges. So I was reluctantly looking for take over of this loan.

In the mean-time I've given them another 36 months of checks towards EMI at 12.5% interest rate. A few months later I had one my checks bounced because of insufficient funds (That's actually another story when I withdrawn money from other bank's ATM it refused the transaction for the first time and given money in the second attempt also by cool-ly deducting money for both times from my account).

After noticing the check bounce I called up Kotak and said that the check is bounced and asked them to collect a replacement check. I also asked them if there are any charges[1] they said "There is no charges, Sir". I know that every check bounce has its penalty and that was the reason I was asking them explicitly for this. All these conversations happened over phone they assured me that there was no charge. Also they said they will be sending a collection agent to collect the check. So i've given the check to the agent that came to my office.

Now, my instinct to get out of Kotak got intensified so I contacted Canara Bank for the loan take over from Kotak. They agreed and wanted the fore-closure statement and the loan account statement.

So I went to the Kotak Bank and asked for these document for which they said they will only give after 15 days from the date on which I communicated to them in writing that I intend to close the loan. So I sent out a mail to them. After waiting for 15 days and constant bugging from my end they sent these statements. On seeing the account statement I was shocked to see around Rs 1612 towards "Over due interest receivables". I looked into the account statement and found Rs 750 for check bounce and Rs 250 for check collection. How sweet!

Also as I was paying all the EMIs through post-dated checks it took two to three days for the check realization. My EMI due date is 10th of every month. So the check will pass on 12 or 13, even on 15th (depending on whether the 10th, 12th, 13th fall on a holiday). Eventually there will be a delay always for the check realization. For these days there were charges for Rs 20 towards "Over due charges". Very smart, isn't it?

Intolerable to these daylight robbery I went directly to the Kotak Mahindra Bank and asked for details, especially for the "check bounce charges and collection charges".
The customer service personnel told me that this check bounce charges are clearly mentioned in the loan agreement. I told her that was the exact reason for me asking explicitly was there any charges (see [1]), and they said that there was no charges. Also I told her that they did not tell me that there would be a collection charge if their agent comes to collect the check. She said "Sir, you are in 2010 and how come you didn't know that there will be check bounce charges and collection charges?". She is right. In fact I was the stupid. I really liked this "Blame the Customer" attitude. What else can I do? I said to myself let me live with this for a few days until I close this loan off.

In the meantime my take over application at Canara Bank was approved. So I asked them (Kotak) when I have to give them the check from Canara Bank. She said the check should be given 7 days in advance to my EMI date (which is 10th in my case). Actually my take-over proposal was fully processed by Canara Bank and they were ready to give the check when I ask for it.

In the foreclosure date they always give the outstanding amount and the charges for the next EMI date. So if I am closing on the 11th I will have to give the check for the out-standing amount during next EMI plus the next EMI and the fore-closure charges. So I have to pay the interest for the next month also. As a layman anybody would expect the loan be closed on the day we give them the other bank's check of on the day when the check is realized. But these people work on their own schedule. The check is collected from the customer and they say it will be put for collection. After the check clears it will take 5 days for them to close the loan. After that they would give the original documents after 15 working days. This after 15 working days is an open statement. So you may get in 15 says or 20 days if you are lucky enough.

I have given the fore-closure check on 12th Mar 2010. The amount is the principal outstanding as on 10th April 2010 + Apr 2010 EMI + Foreclosure charges on the principal outstanding. Now I'm waiting for the loan closed at their end. It is not even closed still. But the amount has been sucked up by them. I'm sure they will wait until April 10, 2010 so that they need not given any refund to me. By the way I didn't tell you a fact. As I'm paying the EMI for Apr 2010 also, if the loan is closed early say on Mar 17th in my case (as I have given the check on 12th and let's say they realize it on 16th and they close the loan on 17th Mar), they will be refunding Rs 591.43 per day until Apr 2010. This is no way near the interest that I paid in a month advance.

I am not sure if I will be getting my documents within time so that I can give them to Canara Bank. As of today I heard them saying the loan is still not closed at their end. But they will be considering that the loan is closed on 26th of Mar. I don't think they will be closing the loan before Apr 10th.

With this story, I leave the decision to the people who are looking out for a Home Loan (that too) from the Kotak Mahindra Bank. My sincere advice is, for heaven's sake don't go to them.

I have deposited cheque amounting to Rs.15000/- bearing no.0531823 of Central Bank Of India, Muzzafarnagar on[protected].
Since then I have not received the receipt or policy which I did in the name of KOTAK MAHINDRA LIFE INSURANCE.
Kindly look into the matter at the earliest to enable me to avail the benefit of tax before[protected].
With Thanks
PAWAN KUMAR
34/5, SOUTH CIVIL LINE
MUZAFFARNAGAR
[protected]

Sir,

i have taken a car loan from Kotak mahindra prime ltd in april 2004, loan no was cf 1278210, loan was upto dec 2006, i have paid all the installments to them, but when i go to there office at laxminagar for getting NOC, they refuse to give it to me they say that one installment of Jan 2007 is pending , when my car loan was upto dec 2006 , how i can give them extra one installment ,


Thanks & Regards

S S Rana

Respected Sir,

I am having Saving Account with Kotak Mahindra Bank since 2000, I have availed a Jaldi Loan/Personal loan with banker in year 2003 and completed in 2009, when i approached the bank of another personel loan they ask me to call 24Hrs help line, I have called them and registered, my reqeust, they said some executie will aprporch me for the same, Yes executive approched me over telephone, and asked several questions, and finally they said the company in which I am working for last 18 years is not listed in their list of company loan approval, this seems to be very arognant as they say in thier WEB Site www.kotak.com ( Avail personel loan / with in 72 hrs ) and nowhere it is mentioned subject to company your are working / listed with us. the same I asked the executive he cannont answer me he is the MGT dicission. helpless. I have wasted my enrgy / time calling them up and reg my reqeust / awa ting for executie to call and answered all his questions like where are staying/ how long your are working
pls do something to stop advertisement such gives FALES Hope to Customer who are genuine.

Hi

I have applied for Kotak credit card & submitted all my documents on 29th jan 2010.

There were verification calls & all necessary details were taken from me.

Till now there was no confirmation on the status, while today when I called up, I got to know that “card is declined”. The excecutive Mr. Morphin could not help me with any other details & have refused to send back all my confidential documents.

Can you revert with reason for declining the card & giving no information to me?

Also arrange to send back all my documents & forms given to Kotak bank person, since I have started getting multiple calls from Kotak & others & there can be possible misuse of my information.

Initial appln ref no:[protected]

New appln ref no:[protected]

Pls revert by today, so that I can also escalate to Vodafone management, if required.

Regards,
Santosh Bhave
[protected]

TO KOTAK MEHINDRA (MUTUAL FUND/ FINANCIAL SCHEMES)
Dear Sir
This is a quarry. I am writing it here because I didnt find any terminal to solve my quarry with you, any where !!

I am Dr. Atul Tiwari form Jhalawar (Rajasthan- Near Kota)
I just received a call from Kotak Mahindra regarding a scheme.He said that I have qualified for this scheme through some internal selection process of company.

Since scheme did sound too good to be true, I had a suspicion.
Details are as followed
Caller said
I have to deposit Rs 30000/ each year fr 3 years.
This investment is tax free (80C & 10-10-D)
If I take it today, they will add 110% (Rs 33000/ to it)

Then, after 38 months I will get
135000+ SOME 40000/ (For added bonus of Rs 33000/)
(That is Just 5000/ less in double of basic investment of 90000/ in 3 years IE 175000 !!)
Plus
They will give me
Insurance for 200000/ Death benefit
Insurance of 200000/ Accidental death benefit
Medical hospitalization cash benefit 200000/ (Any of above, comes first)
All earning will be tax free.
Scheme is without allocation charges.
This all is too good to be true.
Please send me email immediately to confirm it, if it is there, because I have to take this scheme today only to get 110% bonus addition.
Dr. Atul Tiwari
[protected]
[protected]

With respect to my policy no.[protected] KOTAK MAHINDERA OLD LIFE MUTUAL INUSRANCE LTD) . I have been misguided by company representative on three fronts .I would like to bring to your notice that I have approach to company many times but no action have been taken now . the following are the three fronts which I have been cheated by the company. 1. I wanted to get policy on my name but instead policy got in the name of my son to whom I wanted to make nominee. 2. There is mis-commitment of 225% guranted bonus after three years , where as in policy it is mentioned ,when the compelte payment of 25 years than the gurantted bonus will be paid and the same was never told me. 3. My son’s signature and my signature both are fake signed by company agent . on illustration and main proposal from and never seen illustration to me . we several times inform to the agent .please contact with me regarding the policy but he never give any response . we also complaint on company office in ludhiana on[protected] . please look the matter uriengtly . I humbly request to refund the entire amount spent for this policy. Awating your reply , rgds , VINAY KUMAREMAIL ID – [protected]@yahoo.com

dear sir having a account in preet vihar kotak mahindra bank ac no [protected] i have given a request for rtgs registration in my account on 04/03/2010 to home branch ,as per branch it takes 3 to 4 days maximum. but by 09/03/2010 my request has not proceed.and also branch manager is not responding for the same .and i am loosing my time and business.so pls help me.
thk
anil kumar
[protected]

I have taken a Kotak Car loan vide Ageement # CF4370308. This loan was for 60 Months and I have paid the 27th EMI in Feb 2010.

I would like to pre close this loan. The Principal Amount out standing is INR 244427/- and the loan is with effectively 6% interest.I was informed by your Car Loan department that I need to pay 5.52% pre payment penalty over the outstanding principle amount to settle this loan account.
br...

Dear sir,

I have already paid 3 months premium by ECS for my Kotak smart investment plan policy. But still now I have not received any receipt for that.So kindly tell me how to get the receipths.

Thanks

I had bought a policy Kotak Smart Advantage Plan from kotak life insurance on 25/12/2009. The policy number is 1810574 and whose premium is 25000 yearly. According to company representative guidelines the policy term is for 3 years and on maturity i will get my fund value as per NAV. Secondly there is no allocation charges in the plan as per agent said. I have not received my policy bond till date. Regarding this i had a word with customer care excutive and he told me all about the product features. He told me that the plan is for 20 years and my first premium will be zero if i will not complete the policy term. He also told me that if i surrender the policy then surrender charges would be deducted from my fund value.Then i visited the company office in Sector-9 C Chandigarh and requested to cancel the policy. Company executives refused my cancellation request. Now i don't have any need of this product.Plz do the needfull things.


Regards
Satbir Singh
[protected]