Kotak Mahindra Bank Complaints & Reviews

Dear Sir,

I am writing this with great hope that you will seriously take action for resolution of the below mentioned issue and and will bring back my trust on Kotak mahindra.



On 23rd of August 2008, an employee of Kotak Mahindra Bank Mr. Basavraj Ghodake working with East Street pune branch approached me and sold a Unit Linked Life insurance policy bearing policy no. 01184941 under plan Kotak...

I had taken one credit card from Kotak Mahindra bank. One time there was outstanding amount of
INR 13000/- approximately for balance transfer. I had paid that amount. Before paid once I had submitted INR 500/- cheque for minimum payment in a month. Any how that time the cheque was bounced and they send me the bill with something 375/- RS fine. I paid all outstanding amount with the fine amount and requested to customer care for reverse the amount. Then I had told them please cancel my card and I am disposing the card. After that I have disposed the card and dropped it at Kotak ATM.

Presently I am out of station.From bank they are calling my wife and family member and threatening with slang language.
My family member are feeling very unsecured and even myself also.
We are afraid about this matter due to threatening from unsocial criminal whose are involved from this bank.

Please advise/look into this matter.

Regards,
Anupam Mandal.

Hello Friends,

I had a Kotak Credit Card last year and due to its negligent credit card customer care service I choose to close it with a full and final payment through "Sree Consultancies" their authorized collection agents. I did make the payment in the month of Feb 2009 and untill now my card has not been closed and after all this I still end up getting calls for repayment, monthly statements and alerts. I have taken up with the Kotak Credit Cards department tons of time and everything just ends up becoming a big drama.

I would like if anyone could help me resolve this issue. I am at the heights of my emotional tension regarding this whole issue.

IN SPT/OCT.2006, I RECD. REPEATED PHONE CALLS FROM SOME MR. SHARMA OF KOTAK LIFE FROM DELHI, ASKING FOR LIFE INSURANCE.
AS I WAS A RETIRED PERSON, I DECLINED FOR ANY LIFE INSURANCE AND TOLD THAT I WOULD BE INTERESTED IN ONE TIME INVESTMENT O[censored]PTO ONE LAC OF RUPEES WHICH SHOULD GIVE ME REGULAR RETURNS.
THEN NEXT DAY HE PHONED ME THAT HE HAS COME OUT WITH A PROPER SCHEME FOR ME WHERE I HAVE TO INVEST Rs. 1, 00, 000/- ONE TIME ONLY AND HAVE TO STAY INVESTED FOR THREE YEARS AND I WOULD GET MINIMUM OF15% TAX-FREE RETURN, BUT THE ACCUMULATED WOULD BE RECD. ONLY AFTER THREE YEARS. FURTHER THERE WILL BE ADDED ADVANTAGE OF INSURANCE ALSO.
I AGRRED TO THIS SCHEME AND HE SENT HIS REPRESENTATIVE AND GOT MY DETAILS AND SIGNATURE ON THE FORM AND COLLECTED AN A/C PAYEE CHEQUE OF Rs.1, 00, 000/- IN FAVOUR OF KOTAK LIFE INSURANCE.
AFTER ABOUT 2 MONTHS I RECD. POLICY DOCUMENTS WITH A RECEIPT OF Rs34, 940/- WITHOUT ANY MENTION OF MY BALANCE Rs.65, 060/-. THEN I SENT EMAIL TO THEIR CUSTOMERCARE ASKING ABOUT THE DISCREPENCY. THE REPLY WAS THE BALANCE AMOUNT WAS CREDITED AS "TOP-UP" FUND.
I FURTHER ENQURED WHAT IS THE TOP-UP FUND AND WHAT RETURN YOU WOULD GIVE ON IT?
THE REPLY WAS ON THAT ALSO THE SAME RETURN WOULD BE GIVEN AS PROMISED.
SO I GOT SATISFIED AND LEFT THE MATTER THERE.
NOW AFTER TWO YEARS, THEY ARE REPEATEDLY PHONING ME FROM DELHI, NOIDA, MUMBAI ETC. THAT THERE IS DEFFICIENCY OF SOME 2500/- OF RUPEES AND AS I HAVE NOT PAID IT, THE POLICY HAS LAPSED!
I HAVE SENT OVER 10 EMAILS IN LAST 8 MONTHS ASKING THE EXPLANATION BUT ALL HAVE FALLEN ON DEAF EARS. NOBODY HAVE CARED TO REPLY A SINGLE EMAIL PROPERLY.
MY SIMPLE QUESTIONS ARE AS BELOW.
1. I HAD MADE IT VERY CLEAR THAT I WAS INTERESTED IN A ONE TIME INVESTMENT OF RUPEES ONE LAC ONLY AND I HAD ALREADY DONE WAY BACK IN 2006.
2. WHY THEY HAVE NOT CALCULATED ANY RETURN ON THE BALANCE AMOUNT CREDITED WITH THEM AS PROMISED BY THEM?
3 IN ONE OF THE EMAIL, I CALCULATED THE RETURN ON MY BALANCE CREDIT AMOUNT WITH THEM AND SHOWN THAT THERE SHOULD BE STILL CREDIT BALANCE WITH THEM EVEN AFTER ADJUSTING THE THIRD PREMIUM. HENCE THE QUESTION OF LAPSING THE POLICY SHOULD NOT ARISE.

UNFORTUNATELY EXCEPT FOR THE SELF-GENERATED ACNOWLEDGEMENT FROM THEIR CUSTOMERCARE THAT THE REPLY WOULD BE MADE WITHIN 24 HOURS, NO REPLY HAS BEEN RECEIVED FOR MY 10 REMINDERS !!

I MAY ADD HERE THAT I HAVE BEEN RECEIVING REMINDERS ON PHONES FROM LOWER RANK PEOPLE WHO SEEM TO BE AFRAID OF GIVING THE PHONE NUMBER OR EMAIL ADDRESSES OF THE HEADS OF THE BRANCES. ONCE SOME SR. PERSON TALKED TO ME ABOUT PAYMENT BUT WHEN I EXPLAINED MY CASE HE PUT DOWN THE PHONE AND NEVER AGAIN TALKED TO ME.
ONE OF THE JUNIOR MEMBER WHILE REMINDING ME AGAIN FOR PAYMENT, HE TOLD THAT SOME SORT OF CHEATING HAS BEEN DONE WITH YOU WHILE BOOKING THE POLICY AND THE SR. PERSON HAVING REALISED THAT, DOES NOT TALK TO ME DIRECTLY.

I have taken a loan from Kotak and they are still charging me interest @12.5% in the current market scenario when other banks have infact reduced their Interest rates. The customer care guys and the home loan dept. personnel are highly unprofessional, rude and waiting ot cheat the customer.

Infact for those who do not know, in case one does want to foreclose the loan, they charge 2% on the total amount outstanding + prepayments made within one year from the year of foreclosure. These guys even ended up deposting two EMI cheques prior to the due date at the same time even though one EMI was not due and resulting in one cheque bouncing, when asked they replied that because of the cheque dates being current they deposited the cheques.

The customer care guys were verbally informed about the EMI cheques being for respective months, even then these guys depsoited my cheques. The best thing was yet to come, the next day i got a call tellin me that my EMI Cheques have not been received for the current month (Already Cleared). Inspite of constant follow up and mails they do not even bother to respond or call back... They are the worst bank to deal with... in fact a government bank is far far far better, please do not go to kotak bank for loans...

Their slogan "Let's make money simple" shown on TV is wrong, they should change it to "Let's make simple money"

Hi,

I have a saving account in Kotak Mahindra bank (A/cs no. `[protected]). In last three quarters the bank has deducted more than 2500 Rs from my account as Non-Maintenance Charge. I was not checking the my account statement regularly. When I complaint abt. that the bank person informed me that "your account (A/c no. `[protected]) was opened under a Promotional offer. We have changed the status of your account. Now you have to maintain average Rs 20000 i your account.

All this is done without informing me. I never received any letter or call from the bank that your account status has been changed or from now you have to maintain a balance of Rs 20000. When I have complaint abt. illegal deduction of money from my account, after two days I got a call from there call center that you are not the minimum balance in your account.

Kotak Mahindra is adopting wrong practice by doing unlawful activity. Through this forum I want my money back from the bank.

Regards,
Ravi Sinha
[protected]@gmail.com

I took Home Loan from Kotak Bank, 2 years ago and they have since charged me hefty Interest Rates.
Initially ther offered me 0.25% lower that the Axis Bank and other Indian Banks and immediatey started to raise the same when I took the Loan.

ow when I am fed up of their poor service, I cannot leave them as they charge me a hefty 2.25% Interest Rate. In short Never ever Take Loan from Kotak Home Finance or Kotak Bank.

Now never in my life ahead, I will deal with Kotak Bank.

SUB:Complaint against Mr.Samuel J Biju of Chennai Branch against Misbehaviour with Customer.

This is to bring to your kind notice that I had send the following mail to Mr.Samuel on the
clarification of my Personnel Loan & instead of clarifying on my query he's started shouting
on me for overdue of the installment & threatened me with serious allegation & wants me to come
to chennai from Bangalore where I presently posted for the clarification.I want to know the different
escalation levels to take it up to the Highest Level.

Such behaviour of a senior person is totally un called for & wants some one to do a thorough investigation
instead of trying to covering up the mistake.

With Warm Regards
Raghunath.V
Vice President
STG Int Ltd
No 2934/35 E Club Road
Vijayanagar
Bangalore-560040
Ph:[protected]




Dear Mr.Samuel
I would like to bring to your kind notice the following few facts after
going through my previous papers.

1.I had taken the loan Ref CSG 478793 on 2411/04 for an amount of Rs 2, 50, 000/- with the monthly installment of Rs 8455/-.for 36 months.

2.After 22 months I had offered a top up loan & I was told that there will not be any processing fees or pre payment interest & was offered the loan.

3.After 22 months of repayment my principal outstanding was Rs 1, 09, 190/- & I was again offered loan of Rs 3, 02, 581/- Deducting an amount of Rs 1, 09, 190/- of the First loan I should have recieved an amount of Rs 1, 93, 391/-

4.On 26/10/06 I have been credited with Rs 1, 60, 000/- & during these process I have been relocated to Bangalore & Now I am realising that I have been cheated by Rs 33, 391/- which you can please clarify on these.


Regards
Raghunath.V

Dear Sir,

I took one policy no. 01113519 on 27/06/2008. When agent came to sell the policy he promised me as under :-
1) I have to pay the premium for 3 years.
2) I will get rs. 1 lac & 20 thousand after 3 yrs.
3) I will a death cover of 10, 00, 000

but now when the renewal of policy has come I came to know that after paying for three yrs i.e Rs. 60, 000/- I will get only Rs. 40.000/- which seems to be strange.

I also did not read anything filled in the form as it was written in English, when I visited kotak office I came to know that there is a person mentioned who supposedly made me understand the contents of the form whom I HAVE NEVER MET AND DON"T KNOW HIM they cheated me.

I am a poor female aged 48 yrs and have studied upto 8th standard and lives in small sectorin faridabad. My daughter has to be married shortly for which I am collecting and in this hope I invested in kotak life Insurance plan after breaking my fixed deposit in bank which i collected after cutting my stomach from last 10 yrs.

I don't have any source of income but than even i manage that 20, 000 but now I got fake from their side.

After one year of pains which i suffered, I would like to request you to kindly make my money refund my hard saved & earned money which i can use for my daughter's marriage.

I visited their kotak office for 20 times for any solution but no one show me right way & now they don't even reply my phone calls.
I losing my hope from their I come to u in this hope, that you will help me in refunding my money from them.

I am enclosing my complaints in hope please sort out my problem as soon as possible
I will be very thankful to u . I will give you my blessings my child please elp me.

Dear Sir

This is with reference to an employee names Ms Yogita who supposedly is working with Kotak Mahindra – Personal Loan dept since last 5 years. Ms Yogita got me a Personal Loan approved of Rs 4 lakhs ( including the foreclosure of the earlier loan which I held with Kotak) in the Month of June. I have few complaints to lodge against her as an individual as she is one of the most irresponsible customer care personnel...

Respected Sir/Madam,

I Aditya Rana would like to file a complaint agains Balram residing in New Delhi. My father is retired from army .We have to buy a Swift car from canteen . So we meet a ajent who deal in types works . we gave hime files and paper for car loan approval. He said that you just give booking amount to book car. so we gave hime 30000 Rs and on next day he said your car is booked just waitnig for loan approval. but now when we call him his phone switched off. one day his phone is on .I said return my money he said he is in gujraat and when he back he will give us money. He has given another no also. But now his no is out of service and second no is with his friend. His friend said we have taken money and we are not return ur money. what ever you want to do do it. this is happening from last 3 months His working No is [protected]( Gujrat state ).His name Vikas.

Please suggest me what we can do and how police can help us.
thanking You
Aditya
Mb [protected]

Well my name is Sandeep Yadav and i am holding Kotak Credit card for last 1 year.
My customer relationship no. is 17409039. In starting when i got my credit card, they told me that you can convert any purchase of above 5000 rs in three months EMI. so keeping that in mind i bought some electronic goods worth 30 thousand and call customer care for converting it into three month EMI.
But i when i recieved my statement there was no conversion reflecting about EMI. so after that i called customer care and they told there was no such request from my side. so i got angry and told them i am not able to pay whole amount of 30000 and i will be able to pay 10000 for that purpose i had converted it in EMI but they denied and forced me to pay whole amount. Finding no solution from there side i didnt make payment to them and conveyed that first solve my problem. This keep going on for couple of month but nothing happens and my outstanding balance goes upto 53000 approx. So in month of july of out frustration i have deposited 71000 in my saving account and they blocked 53000 without my information and any prior notice. Now now after 3 days this hold balance goes to 110000 and dont know whom to approach as branch saying call customer care and when i am trying to call customer care none of them is responding and saying u have to deposit 110000 to credit card...i am mentally tortured and no solution is provide to me from there side. please suggest.

To,
M.D. Kotak Mahindra Old Mutual Life Insurance Ltd.
Mumbai (M.H.)

Dear Sir,
With refrence to above i have purchased a policy from Kotak bank Raipur. In that time i had told ur office members Mr.Vishwajeet bm, Mr.Sagar Shrivastav that i have only 1 lakh Rs. n manage urself within this amount since, i was having trust n good relations with your bank n i was also having an investment in your bank with good faith. After that i reacieved messages n calls from urside that i have to pay Rs. 1 lakh more. But i had cleared this thing at the begining itself that i m having only Rs.1lakh n that time Mr.Sagar Shrivastav and Mr. Vishwajeet again convinced me that u just pay Rs. 20, 000 for the 2nd installment and in good faith i had paid Rs.20, 000 in April 2009.
After paying Rs.20, 000 again was getting calls n messages from urside then i contact to ur branch at Raipur there they tossed me to your Mr.Choudhary of kotak life, inspite of my repeated request to all those 3 that continue my above policy but till writting of this letter i dnt have any confirmation from your end. Have i done any sort of mistake trusting on ur bank n u?
Waiting for your early action in this matter.
Thanking you
Ajit Kotak.
Date: 31-07-09

Kotak people has confirmed me on Email stating that no Zero balance can be maintened in my account, But sadly a charge of Rs.825.00 has been debited for "Non Maintenence Charges". And I have been chasing for a week through mails & telephone calls "[protected]" with poor and bad response from the bank people. And till now this has not been reversed.

hi sir iam venkatesh iam using kotak credit card no:[protected]
iam giving complaint four times but no responce
actually iam droped the cheque in september 2008 but not coming for clearing that time but
that cheque comming in febreuary -2009 that time iam not know that cheque was returnet
they are chrged Rs.600/- that amount iam paid but in april month iam dropped the cheque in time but they are charged Rs.550/-that time iam complaiting with complaint no:SR[protected] bank people was sending messing will revert with in five days but thay are charged late fee 500/- again that will com total Rs.2750/- now

please help me

thankyou sir

This is with reference to my mail to concern department regarding my grievances with my accounts with Kotak Mahindra Bank

I gave a request for account transfer to Kotatak Mahindra Bank Panchsheel Enclave, New Delhi from Kotak Mahindra Bank, Noida.Which is more 2 months and nothing has happened till date.

Till date my account has not been transferred and my problems regarding unwanted charges levied by Kotak Mahindra Bank.Through this mail I would like to draw you attention on the same.

When my account was opened the executive Mr.Prem Kumar and Mr.Pridarshi Mishra gave me lot of assurances.He told me it will be a zero balance account if I pay Rs.One Lakh for opening the account. I told him to wait for 3 days so I can a cheque for Rs. One Lakh still Mr.Prem Kumar insisted and talk to Mr Priyadarshi Mishra and told me that they can accept the 3rd party cheque. I gave him the 3party cheque for opening the account which took almost one month time in opening the account and my funds were stuck and 3rd party cheque was with the executive of Kotak Mahindra Bank.

He also assured me that after 6 months they can give me Overdraft facility after seeing the transactions. But nothing has done. I keep on getting calls and offers for Overdraft facilities but without any results. Now bank has started leveeing the unwanted charges like Non maintenance charges cash deposit charges. I request you to look into the matter and resolve my problem.

Failure of which I may not be interested in having any sort of future dealing and close all my accounts like current/savings/mutual funds. Bank can disturb on late night and keeping the SMS alerts and offers in late night but dont have guts or courtesy to inform the customers regarding the charges wherein banking may effect. Why an Executive gives false commitment when he wants to open a account wherein he is not able to fulfill the commitments. Same thing has happened when Kotak Bank launched Global Infra Mutual fund and my Rs.1 Lakh put on stake by Ms.Anubha Kumari.

Also I may refer the same to RBI Banking Ombudsman for necessary action in the matter.

Enclosing herewith the correspondence done for your ready reference.

Look forward to hear from you soon with solution and positive and necessary action taken in the matter.

Best regards.

Lokesh Mehrishi


Dear Mr. Mehrishi,

Thank you for writing to us.

This is in reference to your mail regarding the reversal of the charges levied to your account with us.

We have arranged for an officer from your Home Branch to contact and assist you further with your request.

The reference number for this query is[protected].

Assuring you of our best services at all times

Regards,

Shahzia Mudbhatkal
Customer Correspondence Team
[protected] Original Message[protected]

DURING THE RECENT PERIOD I HAVE NOTICED THAT THERE ARE SOME CHARGES ARE LEVIED ON MY ACCOUNT.THE SAME WAS ENQUIRED FROM MY HOME BANK BRANCH AND HAVE BEEN INFORMED THAT THE CHARGES LEVIED ARE FOR CASH DEPOSITED TO NON-HOME BANK BRANCH.HOW YOU CAN LEVIED THE CHARGES WITHOUT INTIMATING SAME TO THE CUSTOMERS.THEREFORE YOU ARE REQUESTED TO GIVE THE REVERSAL OF CHARGES LEVIED ON CASH DEPOSITED ON NON-HOME BANKING BRANCH AND NON MAINTAINANCE CHARGES LEVIED OF RS.1654.50 OR I WOULD PREFER TO CLOSE ALL MY ACCOUNTS/SAVING/DEPOSIT/MUTUAL FUNDS INVESTMENT AND WOULD NOT LIKE TO HAVE ANY KIND OF FUTURE DEALING WITH KOTAK MAHINDRA BANK.I LOOK FORWARD FOR YOUR IMMEDIATE AND POSTIVE REPLY AND IMMEDIATE ACTION ON THE SAME.BEST REGARDS

I WROTE THIS LETTER TO KOTAK BANK.----

PLS. READ THIS LETTER AND DO THE NEEDFUL IN THIS MATTER.

THANKS & REGARDS,
P.I.PAREKH
[protected][protected]
TO,
Kotak Mahindra Bank Ltd.

By Regd. A.D.

Dear Sir,
Re. : Savings Account No.: 081XXX00X006X, CRN NO. X9X50XX4

I am holding savings cum term deposit of Rs. 1, 00, 000/- (Rupees One Lakh only) under the above mentioned CRN

I opted for Kotak Bank thinking that it is a private bank and run by a very efficient Gujarati family but to my surprise it is most inefficient bank worst than even public sector bank.

The term of deposit is as follow. According to the term at the placement of deposit I was assured that your bank opened zero balance account and no AQB charges on it.

After the three month of accounts your bank debited the AQB charges for first quarter and then second. In this regard I personally went to bank and tell to bankers for reversal for the same but they are unable to do the same and give promises only but there is no result at all. After lots of exercise and follow up with bank it has been done.

Now again the same problem for other quarter is raised and debited AQB and other charges in my savings account even there is linked my term deposit with savings account. In this concern more than 12 months have passed nothing is done in this matter. Now if I don’t get any solution in this matter I will take necessary action by the way of law and also will give press note with all the evidence lying with me.

First of all your bank opened this account with single form for term deposit and savings and committed for zero balance facilities and after that bank debited the charges in savings account. I had complaint for that and your bank manager told me and suggested that you just close this savings account, and I have received letter from your bank that you have to maintain this account with minimum balance of Rs.10, 000/-

As a rule if you committed the customer and taking business from them and then you are not firm on your commitments means your bank is cheating the customer. This kind of act is literally harassed to customer. I need permanent solution in this matter immediately.

I am sorry to make this statement but as I don't receive any satisfactory reply from our Law garden, Ahmedabad branch. I would say that I will never advice any one to deal with your Ahmedabad Kotak Bank. Please treat this letter as notice to the bank.

Thanking you,

Yours truly,
P.I.PAREKH

Dear Sir,

I am holding a savings account with Kotak Mahindra bank, which was opened on the pretext of providing a free trinity account. I already have 2 savings accounts with other reputed banks and I did not need another savings account. The bank informed me about the free savings account ( no joining fees/annual fees/ no minimum balance to be maintained), demat account and trading account. I have emails from the banks in...

I have a kotak synergy account no.[protected].When I opened my account with Kotak securities it iwas told to me that I will get trinity account with kotak and will get ZERO BALANCE account with kotak mahindra bank.but still AQBL charges are levied to me for last quarter APR-JUN 09. NO email or SMS alert was sent. This is cheating and fraud with customer .I condemn this move and request bank to refund the charges.

Respected sir, myself piyush from jodhpur and i have done a job in kotak mahindra life insurance from 27may 2009 to 25 june, and as before joining the job i wall told that ill get the 1500 monthly basic and it is fix and and later i was known that this wall all wrong and no salary is 1500 as when i will open the acount on first of the month then only ill get 1500 basic salry as i was played with my sciencierty. by tthe venue manager and one day while attending the meeting the manager whose name is Ankhur called me in bitween the meeting and told to sign a paper as the paper was only 20 percent open he putt some other papers on it and said to sign as it is my joining letter and later on i came to know that that paper was the terms and conditions. so i was totally in the dark and although i worked there and opened 2 acount but the venue manager told that it is not ur deal as it is other advisors deal as he has explained the plans of the policy. so this is not your deal same thing wioth my another deal . kniow they are saying that you will not get any kind of salary. as you have not opened any kind of acount so then i have left the job with proper information to the manager that sir i cannot do this job more as you are lier and then i left from the place.

Sir know i m requesting you to help me in getting my salary as i was regular in my job only one leave was been taken by me. and thejob timing i was told before joing was that evening 4-8pm and later after 2-4 days they always use to call me at 2pm in day and leave at 9.45pm at night .

Sir please help me in getting my salary as i was full dedicated to my job.
Thank you sir