Kotak Mahindra Bank Complaints & Reviews

Dear Respected Consumer Court,
I want to highlight how kotak Credit Card company is looting innocent n sincere clients by misleading information and unlawful and cheating calculations.

I am having Kotak Mahindra Bank Fortune card No-[protected] from last almost an year. I am very particular & very much regular about my credit card bills payment, all these months i have always paid all the bills very well withing due date and I am having excellent payment history.

Last month in November I was having some financial crisis so i couldn't paid full amount (Rs. 4421/-) but still I paid Minimum Amount Due (MAD) indicated in statement (Rs.3484/-) right on the due date (on 23/11/2009). Statement date for my card is 5th of every month & payment due date is 23rd of same month, so on 5/11/2009 statement was generated & 23/11/2009 was due date on which i paid Rs.3484/-

As per the normal rule, all i knew was that they will charge me interest at the rate 3.1% per month so i innocently assumed that they may charge me 3.1% of the unpaid amount i.e. Rs.937/- and that comes to approx. Rs.30/- (3.1% of rs. 937/- as I had paid Minimum Amount Due which is approx. 78.80% of full amount) but i got almost heart attack when i received my statement next month (i.e. December 5)

In 5/12/2009 statement Kotak bank has charged me interest amount Rs.204.12 + Service Tax Rs.21.03 Total Rs.225/- (which i was expecting to be approx. Rs.30/-). The amount unpaid was just Rs.937/- against which they charged me Interest of Rs.225.15 and that comes to 24% for one month.

When I contacted Kotak's Customer care the officer on line told me that when we pay minimum amount due, they charges interest on whole amount from the date of the first transaction in previous month of the month when statement was generated and he accused me to not to read the booklet provided with the card.

Dear sir do you think that this is Fair by any point of view?? These credit card companies willingly provides us 42 days of credit period but does this gives them license to rob us by slapping 24% interest on unpaid amount for one month?? in this way the annual interest will be 288% can any government allow this kind of daylight robbery???

Most of the people don't get sufficient time to read fine prints in thick booklets given by the company (and their language is so complicated that one can't get it correctly even-though anybody may read it and they keeps so many loop holes and sub clauses that persons gets trapped in it) and they always mentions that interest will be charged at the rate of 3.1% Per Month so its very natural for anybody to assume that when the minimum amount due is paid as per Credit card statement they wont be charged for full amount, but in actual practice these cheaters do collects minimum amount and then they charge interest for the collected minimum amount due + difference amount too, this is highly unfair. I have paid 78.88% of the full amount and yet they are charging interest on the amount they already received and that to for approx. one and half month!!!!

First they are collecting minimum amount due and charging interest too on the same collected amount !!! This is ridiculous and highly unfair.

I feel credit card companies should only charge interest on amount they have not received on due date, when they are receiving minimum amount due right on the due date they don't have any right to charge interest on that much amount, but yes they can charge interest on unpaid balance amount which is their right fair and reasonable thing to do.

I request respected consumer court to intervene in this matter and please take this point as Public Interest Litigation (PIL) as thousands of people must be getting robbed by such cheatercredit card companies and they are making crores of rupees in this unfair way.

Please do the needful in the matter and stop such cheater credit card companies from looting innocent peoples.

ANISH DESAI
[protected]
[protected]

Hi,
I took a car loan from kotak mahindra at tht time the kotak mahindxra people took sum blank cheques from me on signing thier documents they sd thy r just as a security deposit.... i was repaying their instalments monthly on this basis they offered me a personal loan in addition to my car loan which i accepted but due to additional burden sumtimes i waz delayed to pay thm but i made sure to pay thm...one day their men came in my clinic asking for my vehicle saying tht thy need to take the vehicle i didnt agree so thy started abusing me, my wife who was present at the clinic tried to intervene she was pushed in result which she fell down n got hurt...thy evn physically absued me thn thy forcibly signed the papers...n took away my vehicle.in account we logded a police complaint n filed a case against thm thru my father who is also a lawyer.....since thn a case is pending in a court....but again thy hav not stopped thy filled the personal loan amount in my blank cheques n filed a cheque dishonoured case on me......every alternate day some of these goofy men & women call at my place and start absuing my parents....v have told thm v will not take any action till the court issues n order ....evn thy r not suppose to do so....but thy r goin against the law n playing with us ....plz i need ur help in this matter...plz help

Regards
Dr Neeraj Pimpalkar

For last 6 months me and wife is getting harrasment calls from Kotak car finance for no reason. They are troubling us by threatening us with harsh and bad words and asking us to pay the car loan emi which is registered in the name of Mr.David Emmanuel. We do not have any idea about this person. We have contacted Kotak customer service many a times but they have not updated their records (as our numbers are registered in David's account).

Please help us in solving this problem as unnecessarily we are forced to hear the threating calls from Kotak car Finance people.

we have received calls from following numbers:
[protected]
28507386

Iam having a policy no:00741461 and id 50876870

No ajent is giving any response
i dont knoe how many units iam having since 3 years

please provide me present NAV

and benifit details

Ref Pf Claim No. MH/47242/13214.

Applicat Name : Sachin Sharma

Co. : Kotak Mahindra Bank Ltd.



The above claim sent to PF OFFICE, BANDRA BRANCH, MUMBAI on 7.8.2009

But till now my pf amount is not got credited to my a/c.

Kindly check and do the needful at the earliest.

Plan name: Kotak Retirement Income Plan

Proposal number: 00064719

[protected][protected][protected][protected][protected][protected]
I had deposited the premium of this year on[protected] with following details

Premium: Rs. 10650/-
Cheque number : 706794
Bank Name: ICICI Bank limited
Cheque clearing date: 26/06/2009
[protected][protected][protected][protected][protected][protected]
It is surprising that so far I have not received the premium deposit receipt for the above amount from Kotak, though the cheque had been cleared on[protected].

I have written to Kotak on[protected] and subsequently on 24 & 25th Novemebr, but to my surprise I am still waiting for the paper copy of the premium depost receipt on the Kotak letter head.

I hold a Savings account as well as Investment account with KMBL (Kotak Mahindra Bank Limited).
The service they provide is horrible.
When I Logged-in to the NetBanking site, it did not work. It says "You are logged in on a different computer" - And I'm not.
To find a resolution, I called up the Kotak Customer Care.
The Executive asked all the questions of authentication and he says he cannot help.
Often, they ask the customers to Visit the Branch personally.
For Mobile number updation, Email Updation, Credential Reset, etc.
In that case, I could not understand what the Customer Care is for.
I hold accounts with other Banks as well, who have facility o[censored]pdating these details over phone and online (Ofcourse they verify the authenication before that) - which helps the Customer a lot.

I Vikas Kumar (PAN - AMTPK7185P) having DSA of Kotak Mahindra Prime Ltd. have not received the TDS certificates of commission received from Bank for the financial year 2008-09
Total Commission Received of Rs. 246803/-
TDS Certificat Received of Rs. 97770/-
Balance Certificates are still Pending.

DEAR SIR/MAM

I AM AN AGENT OF KOTAK LIFE INSURANCE COMPANY. WHEN I BECAME THE AGENT I WAS NOT TOLD ABOUT ANY BUSINESS COMMITMENT. I JUST BECAME AN ADVISOR. AFTER SOME DAYS I GAVE A POLICY, AND THEN I THOUGHT THAT I WILL NOT GIVE ANY POLICY TILL MY FIRST COMMISSION CHEQUE COMES. I WAS TOLD THAT MY COMMISSION CHEQUE WAS NOT ISSUED BECAUSE MY BANK DETAILS ARE NOT UPDATED IN THEIR ACCOUNTS. BUT AT THE TIME OF SIGNING FOR ADVISOR,...

dear,

I applied for kotak tax saver fund by their broker bank of india greater noida branch.i applied on 31 july 2008 for tax saving.but till now i did not received a single communication by the kotak as well as their broker bank of india.i sent lot of mail through regrister letter to their chennai office but they did not reply a single complaint. i given 25000 rs tax saving but did not get any certificate.wat should i do?

DURING MY VISIT TO KOTAK BANK IN SECTOR 9 CHANDIGARH FOR GETTING THE ADDRESS CHANGED OF MY BANK ACCOUNT AND ALSO THE DEMAT/TRADING ACCOUNT WITH THEM LAST YEAR AFTER MY RETIREMENT THE STAFF M/S MISS SONAT AND SHARMA CONVINCED TO GET A KOTAK LIFE POLICY IN MY NAME WITH COVER AND ALL THE DATA WERE PROVIDED TO THEM BY GIVING A COPY OF TATA AIG POLICY IN DEC 08 WE HAD CATEGORICALY TOLD THEM THAT WE ARE LEAVING FOR MUMBAI AND WOULD BE RETURNING AFTER ABOUT SIX MONTHS AND THERE SHOULD NOT BE ANYTHING WRONG ON THIS ACCOUNT
BUT AFTER RETURN FROM MUMBAI IN JULY/AUG WE WERE TOLD THAT THE POLICY HAS BEEN ISSUED BY THE AGENT AS AGAINST BY THE STAFF AS TOLD TO US AND DOB AND OTHER INFORMATION IS WRONG
WE LODGED A COMPLAINT AND GOT A VERY CURT AND RUDE MAIL THAT NOITHING COULD BE DONE AT THIS STAGE AS PER POLICY
ITS A BREACH OF TRUST BY THE STAFF OF THE BANK AND ALSO MENTIONING WRONG FACTS IS A FRAUDULENT ACTIVITY AND ON TOP OF IT COMING SELF AND THEN ENGAGING AGENT FOR COMMISSION PURPOSE IS LAST STRAW IN THE BOAT.
THEREFORE, THE KOTAK LIFE INSURANCE BE MADE TO AMEND THE RECORDS AND TAKE APPROPRIATE ACTION AGAINST THE STAFF AS BEING SENIOR CITIIZEN COULD NOT RUN AFTER THEM THE SAME STAFF BE DEPLOYED TO DO THE MODIFICATIONS AND PUNISHED ALSO AS THEY HAD COME TO COLLECT THE PREMIUM
PARAMJIT KAUR
H NO 3428 SECTOR 46C CHANDIGARH 160047
[protected]

On being received several phone calls from employees of Kotak Mahindra Insurance Co.,I was convinced by them to take "Insurance Policy". Quoting two names one Miss Pooja from telephone no.[protected] and other Mr Anurag.Mr Anurag Collected documents and a Cheque no 657346
dated 11th July 2009,for Rs 36000/-(thirty six thousand only) as first yearly premium and it was told
that the receipt will be sent within a week.
After a period of about 15 days I also received a call regarding My medical examination. I requested the representative about the names of hospitals where the examination was to be conducted.But information could not be received.
After a gap of about one month I was told that since my medical examination could not be completed,hence the amount of Rs 36000/- is being refunded to me very shortly on my address.
It is surprised that a period of more than 4 months are elapsed but neither any refund nor any
communication was made by their side.It is also not understood as to how the cheque has been
taken into their account without fulfilling the formalities.The referred cheque was credited in their
account on July 21.09.It is clear cut a case of cheating.
I request through this massage to please either my medical examination be got done or refund
be made along with interest within a period of 15 days.or Otherwise i will be compelled to knock the doors of Court.A line of confirmation is requested on my e.mail.or by post.
My Address of correspondance is - 72/Type IV ,Northwest Moti Bagh New Delhi-21,(This
address is only upto to Jan 2010.)
My Cell no is - [protected]

Dear sir/madam
I have given request for free look cancellation for my policy no 01396455.I have already given request for feelook cancellation policy.I am not givening request for the policy terminated. but the letter was wrongly interputed by your staff and my policy got terminated in the system .please kindly accept my this request and cancel my policy please note this policy docs before send with letter dt. 17/09/2009. and some issues is.........................
dear this policy sale by sale executive missselling policy i am givening this policy is singal premium policy .but he is tick on perposal form is regular and term is 30 years only-2 our commissionand he recived my policy with duplicate signature and not send to me I am recive this policy dted by 12/09/2009. and send this policy freelook cancellation before 15days recived .and my last request 26/09/2009.And i am sending many time of complaint in kotak life insurance and he is not responsed to me . If he is terminate my policy than he want cancellation my policy.


please kindly accept my this request and cancel my policy and refund my money as soon as possible

Thanks & regard
YOGESH SHAHI
Policy No. 01396455
mob.[protected]

I had finance santo Xing from kotak mahindra prime on 23 april 2005. i paid all my EMI on time,but there is problem in system in kotak mahindra cheque clearance,In jan 2007 they told me that my EMI cheque was bounce, iask for bounce cheque details becauce i pass book not shown any cheque bounce entry or any penalty agaist cheque bounce,they told me that all details about(xerox of bounce cheque) will be send shortly by post you pay EMI + penalty(7500+350)and i paid all dues(7850).but no detail of cheque bounce send to me .Next month again they told me that my another EMI cheque was bounced and requesting me to pay EMI + penalty ,but this time i refuse to pay any type of penalty because my pass book not shown any this type of entry.i request them giving me cheque bounce detail.....but they don`t any detail of that, after few days my EMI was normally cleared from my bank A/c,and all EMI cleared normally from my A/c. My last EMI cheque cleared on 7/7/08. but they not send me NOC yet,giving me notice for penal charges.
my SBI saving A/c no [protected].
and my contract no is 81302294.
pls help me to come out from this problem
Mukesh chand singhal
B-5 ekta nagar
Aligarh (U.P)

Hi I work with a big organization at a Managerial position. I have been receiving SALES calls from Kotak Mahindra from number [protected]. The guy calls up and asks for my name and other details and tries to sell insurance policies and Personal loans, when asked not to call up my number, they start using abusive language. It is really frustrating they call from the same number and it is really frustrating can some one help?

When I open my saving account with kotak Bank, offer me to enjoy my account without maintaining minimum balance in my account and bank never charge for the facility. But regrate, after 1 1/2 years
pass, Bank simply diduct a sum of Rs: 827.25. (Charges for six month-not maintaining minimum balance in my account) Bank not informe me for any changes of ruls not to care when I approch regarding this matter. Simply told me our H.O. Mumbai office make all postage and informe all the customer. My account in Ahmedabad, and thay dont wants to do any think in the matter.
Secoundly: Bank Crdit Card Division tie up with Tata-AIG Health Insurance and send me one Helth
Insurance Policy on my name and diduct the policy primium of Rs:5435-00 from my Cr. Card Account.(Without my authantic permision.) After my 45 days continuos fall-up the matter with Kotak Bank and Tata-AiG customer care division. Thay cancelled my policy and refund in my account a sum of Rs 4009. only. Thay dont give me clarification for my balance amount. Crdit Card Divition put sum let fee charges on my account and also give instruction to Bank saving department to hold sum of Rs 652.47. from my bank account.
All this kind of activities are not expected like this kind of reputed bank.
How thay do like commen customer? who is responsible for the same?

sir,

THIS BANK HAD DELIBRATELY REJECTED MY ECS EVEN I HAD REPEATEDLY GET IN TOUCH TO CLEAR IN ADVANCE. MY TRACK RECORD OF LOAN IS SPOILED BY THIS BANK

I am holding Kotak Credit card bearing card No. [protected] and also savings account with them. In Aug month i had taken a balance transfer of Rs.30, 100/- with all procesing fees and intrest amounted to Rs.2000/- with other amount out standing Rs.34000/-. I was paying regularly minimum payment to them, but suddenly they cancel my BT and telling me to pay total outstanding of Rs, 61000/- immediately, by blocking my FUNDS IN SAVINGS BANK ACCOUNT WHICH RESULTED MY ECS RETURNED BACK THIS MONTH.

I Had been contact with their Nodal officers by mail, to pass my ECS DEBIT for which i had deposited sufficient funds lying in my SB ACCOUNT, but this bank doesnt take care of the customer and just they blackmailing me from last two months by holding funds from my saving account with out even showing credits in my credit account account. They make me defaulted by telling me they will automatically credits my card account funds which they holded. Now from oct, 03 they again funds holded from my SB ACCOUNT illegally and telling me they had rights to hold by showing cards agreement. This bank is just blackmailing the sb account holder telling me to pay whole amount immediately to PASS A ECS IN SAVING ACCOUNT..

Now my ECS had been returned by this bank knowingly and delibrately by which my crediblity has been spoiled by this bank brutual service to the customer and inspite of free funds avalible in my sb account to clear ecs, they had billed ecs returned debit charges to me without honouring ecs of other bank.

suggest me what should i do know, collection people troubling me day night and threatning to take action,

regards

Hakeem
[protected]

50 minutes ago by M A Hakeem [send email]
sir,

I am holding Kotak Credit card bearing card No. [protected] and also savings account with them I was requesting them from last two weeks to honour my ECS which was going to hit my sb account and they keep totall funds blocked from my sb account and showing door towards their collection manager to contact him to relaease my funds or to clear my ECS. This bank had nothing to do with customers dignity or vlaue, just they want money by force and blackmailing the customer by holding funds delibrately. This goonda service is contuing and no respite to me and now i had to pay ECS RETURN CHARGES TO BEAR THEM ALSO WHICH THEY DIDNT HONOUR MY ECS EVEN THOUGH FUNDS ARE AVAILABE..

This bank is very poor in service on phone, by mails and nodal officer doesnt reply to the customer mails. They want money immediately of total outstanding after they cancelled my Balance transfer for which i had paid 2000/- processing fees. This bank is telling me to contact and settled the issue with their Collection manager when i had been requesting them to Honour my ECS this month, which they had returned back delibrately even funds are there to honour.

why the saving account had been delibrately blocking by the banks by which ECS transction is effected even after customer requested to honour .. Please tell what should i do know, their goons are after me day night to settle full amount immediately by blocking funs in sb account..

regards
Hakeem
[protected]

Hello,


I would like to state that I have the Kotak policy no. 01479255 which is a ULIP policy from Kotak Life Insurance in Feb-2008 wtih Kotak Smart Advantage plan. Every month money gets dedcuted from my account through ECF, and every month some of the representative call me to inform that from Kotak they going to deduct the money as installment. I agree and I keep on informing those representatives that i havent recieve the policy documents please send it to me; however each and everytime the representatives would just confirm the address and would promise that they would send the policy documents at my place but no results. Further, the customer service nos are all not working.

Mitti Limbachiya
Mob: [protected]
Email Address: [protected]@yahoo.com

My name is Nityananda Prabhu Have Kotak card. I have Request for Reebok Strolly order no 69103 product cade 1684. order dated 29/08/2009. till date I have not received item . And called many time for order cancellation but no response from them( Gift360). Requesting to cancel the product and In the credit card the finance charges debited for the same. many times requested thru. mail provide banking ombudspersons no or his mail id for regarding this. But no update till date . Even No body called me till date. No reflextion on the mails sent on. Please Dont book PRODUCTS IN GIFT360. Simple to says very unexpected service and contactablety issue. My mobile no [protected].

Sir,
Ref:Agreement No:4023877
I am writing to let you know that I have grievance relating to your Collection Manager Mr. Sathyapalan, Kotak Mahindra Calicut Branch and I would like this matter to be fully investigated.

The main issues to be investigated are as follows:

1. EMI collected by collection manager and not remitted to the credit of my personal Loan.

Proof of remittance attached.

During Jun 08, (1st Cheque bounce case) as instructed by Mr. Sathyapalan I was asked to remit into the personal account of Mr. Sathyapalan the dishonored amount along with the penal charges, failing which he threatened to confiscate my vehicle. He convinced me that the amount will be remitted towards by loan outstanding and I was unaware about this non remittance till I got the complete statement of accounts. I recevied my complete statement of accounts on 28th October 2009 following which I have completedly my loan from your bank.

2. Misbehaved with my Parents (Used abusive language without reason).
3. Very Bad attitude towards customers including abusive remarks over phone conversations, thereby creating a very bad reputation of the company, including threatening to impose maximum penalty for all cheque defaults.

It is my understanding that the company has the right to recover the principle amount along with necessary charge, but it is a total disgrace for a reputed company like Kotak Mahindra’s to have such UNCIVILIZED AND UNCULTURED ROGUES WORKING IN YOUR ORGANIZATION.


I trust you will let me know by 7th Nov 09 how the investigation is proceeding and that you will arrange to hold a grievance hearing as soon as possible.

Thanks and regards
SAJI THOMAS
[protected]