Kotak Mahindra Bank Complaints & Reviews

To,
Kotak Mahindra old Mutual Life Insurance Limited.
Mumbai.

Sub: Complaint and Clarification Regarding Policy No.01863300

Sir/Madam,
This for your kind information that last month I had received call from your Delhi Head office and one girl introduced herself self as branch manager of kotak life insurance company and explain me regarding a Plan Kotak Super Advantage whose contents are given below.

1. That I have to pay Premium only for 3 years and after that if will withdraw the same after completion of 5th year then 120% of 1st premium will be paid by the company along with the fund value which I would pay in 3 years to you.

2. That Sum Assured of RS 800000/- will be continued till the age of 75yr if at the time of withdrawal I left 10% of total fund value remain in the folio and mortality charges will be deducted every year from that amount for the continuation of said assurance value.

3. That my funds will be invested in market from the very 1st year (Maximum portion in Govt. securities and rest in Equity market)

4. That No allocation, withdrawal and any other type of charges will be deducted from your amount except mortality charges.

5. Death claim will be applicable in case of Natural, Accidental and public Transport for all three reasons.

But I was very much surprised to read the policy when I received the same dated on 5th fib 2010 that almost all the things those were told were not in line as told by the advisor like.

1. as per your Policy page 11th no.14. Charges in which it is clearly said that first year premium will not be allocated towards the investment fund.

2. Policy administration charges page 11th which is .25% every month.

3. It is not clearly mentioned anywhere in policy that if at the time of withdrawal I left 10% of total fund value remain in the folio then policy will be continued till the age of 75yrs and only mortality charges will be deducted every year from that amount for the continuation of said assurance value.

4. It is nowhere written clearly that after the payment of three premiums if will withdraw the amount on completion of 5th yr then 120% will be given as fixed advantage multiple.

5. I have not opted for ECS facility for premium payment but it is written on the scan image printed on the back pages that I have taken the same.

6. On 2nd last page of policy where terms and condition are printed I have not signed on the same i.e. both of the signatures showing on page are not mine which clarify that somebody done forge signature of mine on the same which is a major compliance issue.

7. According to IRDA ruling it is mandatory that before issuance of a policy insurance company has to confirm all the benefits and charges to beneficiary but I have not received the same as mobile no. mentioned on policy is not mine and also does not exist.

On the whole all the above said commitments told by the advisor but are not in actual as per policy I received need written confirmation from the company side else I will be forced to surrender your policy right now of move further by taking help of provision 13(3) public grievance redressal rule 1998/Consume redressal forum.

Dear Sir,
I'm a bonafied user of Kotak Credit Card using the same and used to pay their dues always within due dates.
As per stmnt dt: 20-NOV-09 I was supposed to pay Rs.431.00 within 7thDec2009. I paid the amount Rs.431.00 vide cheque no. 801387 dt 30-11-09 on Axis Bank, Kankurgachi Br. Kol-54. But unfortunately there was a clerical mistake as the amount was written as " Four hundred thirty only". I got an sms that " Your cheque has been dishonoured by your Bank". After geting the sms I paid Rs.431.00 in cash on 04-Dec-2009 (DUE DATE: 07-Dec-2009) in Kotak Mahindra Bank, Kolkata Main Branch, Park St. Kol.
After that in next bill Kotak has charged me Rs. 500.00 as 'chq bounce fees' & Rs. 51.50 as STax.
I oppose the Kotak Customer Care Exe Ms. Minakshi on this issue (Service Request No:[protected] dt:[protected], time: 5.30 pm) that the case was totally unethical as there was no such intention to make the payt dishonour as the payt made in cash immediately I had been reported and that is also within due date.
After that I have investigate the case through my bank Axis Bank and enquired about the aforesaid cheque and came to know that the cheque was not yet presented to them and they have neither debited any Cheque Bounce Charge to my account nor presented any Chq Return Memo to me.
Kotak has forwarded a memo which is seem to be a non-authentic one as the Bank Logo and the Axis Banks name is looking like Gumming and pasted on a readymade paper.

I can show my bank statement proving that there was no such cheque bounce event occured.

Now Kotak is continuously charging me the INTEREST and the figures became Rs643.71 even a successfull payt of their dues of Rs. 431.

Would like to request you to pls study my CIBIL Records and kindly provide right judgement.

Subhasish Pal
11, Girijendra Nath Chatterjee Lane, Panihati, Kolkata- 700114, W.B.

Hi Sir,

"I had taken 2 BT one is on Aug 25 and other is in OCT 21 and for the repay I was paying according to the balance transfer I had taken.I had completed the 1 BT in less than 3 months but they are saying that your 1st balance transfer has not yet closed,where they had adjusted the exceeded amount in the second BT. and they are charging the Interest fee on me.If I ask any queries to the customer care people they simple say the software developed is like that we are help less. What should I do Now".

-Sridhar

Dear Sir,

I have not received my Physical Credit Card Statements from November 2009 to till date. When we called your customer care officer he said that they have already delivered at my address but till now I have not received any statements of credit card. My Address is H.No. 1-5-891/1, Plot No 17, Om Sri Sai nagar Colony,
Road No 3, Meenakshi Nivas, Ist Floor, Old Alwal, Secunderabad - 500010.
and my Office Address is M/s.Amr Constructions Limited, 3rd Floor, Srieni Chambers, Rd No 5, Banjara Hills, Hyderabad 500034.

Thanks & Regards

D.Srikanth
[protected]

Dear Sir,

I have not recieved my Kotak Mahindra Credit Card statements Consignment No's AWB[protected] & AWB[protected] Dated 28.01.2010 from Mumbai, till now when we called the bank they said that they have already despatched your courier the first one on December 2009 & second one on January 2010. When we called your phones Nos their is no response. Please do the the needful immediately.

Thanks & Regards

D.Srikanth
[protected]

M/S Kotak Mahindra Old Mutual Life Ins. Ltd.

(i[protected] a/c Vineet Kumar ID 51654715 Premium 1,30,000/=

(ii[protected] a/c Vineet Kumar Premium 1,50,000/=

(iii[protected] a/c Manisha ID 51654181 Premium 20,000/=

(iv[protected] a/c Manisha Premium 20,000/=

(v[protected] a/c Manisha Premium 60,000/=


I am forwarding you my complaint having frustrated dealing with your Client service Desk and their single line response. I have been badly cheated by youR staff and your Company. thru' Client Service Desk has just made attempts to pacify the matter. I even had to deposit 2nd premiums too to save my already invested money. The total deposit are not to the tune of 7.60 lacs. If you look at the total fund value you shall find that my money is at almost 50% of what invested by me. Such policies should not exist at all in the market, where the marketing personal may cheat the client.

However, I had been althrough out requesting to refund by deposit with interest and cancel the policies which have been issued to me with melicious intentions by your field staff to their own gain and put me at loss.

I very muCh regret that although I am complaining of it for last one year but no sincere action have been taken by the company. I am constrained to write that if no proper action is taken within 48 hrs as sufficient time already elapsed, I shall take unpleasent steps against the company and report it to Media, Human Right Activits, Consumer Commissions and Ministry of Finance Govt. of India. Awaiting prompt responce. Thanks

VINEET KUMAR
114, NEW MOHANPURI COLONY
MEERUT-250 001
Ph. +[protected]
Mo. [protected]

personal loan

Dear Concern,

please note my father is having a personal loan with Kotak mohindra prime ltd. we are living in jalandhar punjab. our loan amount included interest may be near about 3lac which we have to pay in 36 instalments - out of which we had already paid 28 instalments. now we have 3 instalments bounce but we want to settle our account in three Shots settlements. but banks recovery agents said there is no provision of settlement. they pressurize us to pay bounce instalments. if we said to them that ok we will pay one bounce instalment then they said it is not possible. you have to pay full 3 bounce instalments along with bouncing charges. but we want settlement instead of paying each month bouncing instalment.

please take the matter seriously and e-mail us. please go for the settlement with us and be noted that our business is not in a position to pay your bouncing charges or interest.

our instalment amount is Rs. 5510.00 per month.

loan is on the name of Mr. Vijay Mahajan

thanks and regards,

vivek

dear
this complaint against kotak mahindra bank.
i have opened a account in kotak bank in c.p. branch that time 2 bank officials promised me about good services such as there is no penalty of check bounce,no charge for outstation cheques,and we will pay FDR interest in ur kotak PRO ACCOUNT but still now i have not received any interest also i m facing too much bouncing charges in my account when i told about manager he refuses to revert it he says there is nothing in my hand and i ask him about sunit and anuj mehrotra he told they r not in bank they resigned from bank.
So please let me know about THEM.HOW I REVERT MY HUGE AMMOUNT AROUND[60000/-]INR FROM FRAUD KOTAK MAHINDRA BANK
MANAGERS HAVE NOTHING IN HAND BY THEY REVERT .
PLEASE HELP ME.

Dear Sir,

I had invested 5000/- in Kotak Global emerging market fund on the name of my doughter Janhvi, that time my daughter was 2 years old. On 31st Dec-09 we had applied for redemption. After sixteen days we have received a message from Kotak Mutual fund that your redemption in Follio 947542 has been received and cheque will be dispatched to your address.
When we have called to Kotak AMC office they told me that your cheque has been dispatched to your address & it’s on the name of Janhvi.
It’s fault of Kotak mutual fund because my daughter is minor (4 years old) and she has no account, how they made the cheque in favour of doughter’s name where as at the time of purchased we had mentioned my account details .

Regard's
Manoj Gupta
[protected] & [protected]

Hello
I am owning a Kotak Demat account sincxe last six month and I was promised a Brokerage of rate of .6 Rs Deliverable and 3 paisa intraday.
I was also promised that my 750 Rs account opening charges will also be reverted.
But as usual all this turned out as fake, I constantly followed them but all in vaid.
Now its more that 4 months and they hav'nt reveretd back. My current brokerage is 1 Rs for Deliverable and .5 For intra day.
Now my brokers don't even attend my calls.
I faced a disgusting service from Kotak Securities.

I did a kotak smart advantage policy[protected] of 15000/ per year. On Dated:30-12-09,at chandigarh, I signed on application no. 887033 through Mr Akshay/Mr. Janki. I had acknowledgement also. I policy payment terms was 3 year. but when i got document frm kotak, it was having application no. 332491 & strange thing is it was mentioned that payment terms are 20 years and it was also having my signature. whereas I did not sign on this application no. 332491.

This is a fraud & deficiency in kotak life insurance services. Why officials did not confirm to me that they have signed on form no. 887033 as an verification before submitting to record.

Who is at fault. ?? Who will pay my deductions now when I will cancel this policy

Dear Friends



I have a kotak credit card. I had a due payment of Rs. 280( two hundered eighty onlly).I have droped cheque for its payment @ its drop box five days before the due date.but they didnot colleced the cheque or misplaced it,so after ten days and informed the bank about the matter. And they said that they wil check the matter.



After few days i got the message from bank for payment of my bill. Then i issued the new cheque and made payment to bank.


Then also in my next statement late payment charges of Rs.500 has been charged to me.


now they are not ready to listen.

I have requested Kotak Mahindra Bank for regeneration of Debit PIN on 31st Dec 2009, through an application, as I have lost my earlier PIN. This is my new salary account in this bank. The new PIN was supposed to reach me in seven days through post. But even after 12 days of raising request, I have not got my issue resolved. In the meanwhile, I even visited bank twice and got the response that as soon as they will get some response, they will intimate me

I had applied for kotak credit card. The reference number sent to SMS is[protected]. When i applied they collected my confidential documents like pay slips, pan card details etc.

The whole process was painful as they called me many times for verification. The address verification took lot of time.

After all these suddenly they say that they cant give me card. When i ask to return my documents back. They say it cant be returned.

I request them to give me my documents and if possible reason to reject my application

I had opened saving bank no. [protected] two years back with Kotak Bank under their VCS scheme where they had given me in writing that I will not be required to maintain any minimum balance in this account for LIFE TIME. The exact language of the offer is given below:

"We are offering the opportunity to open a saving account with no stipulation of average quarterly balance for life time".

Now after two years they have suddenly charged Rs. 827/- on account of non-maintenance charges. I made a complaint through email and now they are saying that it was a limited time promotional offer which has now been withdrawn.

This is absolutely rubbish and a fradulent act to cheat customers of their hard earned money.

Through this forum I want to escalate this matter to higher officials of Kotak Bank because their call centre is extremly pathethic and not capable to provide me any remedy. Hope somebody from their side will intervene and do the right thing.

I have been receiving unnecessary calls from Kotak Mahindra Life Insurance, Delhi Branch regarding Life Insurance. I have received 20-40 calls in last month. I have told them not to call me again but these people keep disturbing and they have no respect for other person.It would be great help if you could take action against them. Here is their phone number:
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
[protected]
Many Many thanks for all the help and support..

Dear Sir/Mam,

I am chetan sain and i was investment in your company (Kotak Mutual Fund) in sep, 2008 and given request to close my account (mutual fund) on or before july, 2009 but my account is still running in progress. Please tell me why? and now i want to completely close my account, then give me suggestion what i am doing for the same and whenever close my account. Reply must immediately. I am still waiting for your positive response.

hi ,

Kotak bank has made my DEMAT account chargeable without informing me. While opening of that account their executive said its a free account for the salary account people.Although they didnt sent id password for the same. After an year they charged me 400 Rs. for the same demat account which i didnt used (without asking me weather i need the same). Iasked their executive so many times for the id password but it got unheard. I feel like cheated for the same. i talked to the executive and he said that free account was for 1 year and this year it will be charged to you. Please Let me know what action can i take against such activities of bank.
Reference no. for my query with kotak bank is :[protected]

Thanks
Lokesh Rathi

Mr. Amitabh Sinha, Manager – sales (Licence No.[protected] collected renewal premium of Rs. 50000/- on 05/05/2009 with respect to policy No. 00936895 of my ward Master Piyush Chaturvedi residing at 414, Gali Peera Panch, Mathura, (Date of Birth : 22/06/1989 & Client ID No.[protected]. As yet money has not been accounted for in/by the company.

HI, I m from bathinda, since last one month i m receiving calls from kotak mahindra life insurance company's guys. After so many denials lastly after so much frustration i attended their insurance familirisation plan with pre condition that i will not take any policy. AT that time the staff was very sweet that Sir, pls attend the plan after that its your wish whether to join or no. we will not pressurise u. I attended the plan and as pre decided i clearly deny. The guy which was showing plan and his so called manager (Rahul kapoor) changed instantly. By god they became dogs & started barking at me. I felt so humilated at that time i can't explain. SO its my sincere advise to you all pls pls don't go to these guys. The company has taught them to listen yes only. I[censored] will say NO, they will tarnish u & [censored] u.