Kotak Mahindra Bank Complaints & Reviews

R/SIR

DUE TO SOME MISUNDERSTANDING BETWEEN ME AND UR AGENT MR. PRATTEK CHOWHSI, HE HAS SUBMITTED THE CHEQUE NO. 0133139 OF HDFC, JALNA Rs 30000 /- AND CHEQUE ALREADY PASSED, WHICH I NOT TOLD HIM TO DO SO.

U R REQUESTED TO PL REFUND MY AMOUNT OF Rs 30000 WHICH I WAS PLAN FOR INSURANCE KOTAK/SMART ADVANTAGE INSURANCE.,

PL NOTE THAT I HAVE NOT FILLED THE FORM .

UR EARLY ACTION WILL BE APPRICIABLE AS I AM IN TROUBLE NOW.

REGARDS
NEETABEN SHAH.

Dear Sir/madam,
I am Madhukar, I have created Kotak mahindra bank trio account (Demat + Zero balance saving account) 3 years back in Chennai, At the time of opening account they told that it is a Zero balance saving account (ie. No need to maintain average balance). From the past 2.5 years they didn’t charge any thing, now they charged (on July 1, 2009) 827.25 as Non maintenance charges without prior intimation. We spoke with Kotak bank customer care they told “Need to maintain average amount of Rs.5000 per month”. They didn’t give any proper prior information regarding this charge.

I have given cheque for kotak mahindra for the due date 07/06/2009, but they have sent me the July statement stating that I have not pay for the last due of June and given late fee of Rs. 500. My June month balance is Rs. 800 and i have given cheque for that, but they are asking Rs. 500 as penalty. This is the worst case of kotak mahindra. Their service is not good. They dont have online facility and their customer care is very worst compared with any other Creidt Card company.

Hi

I was making a transaction of 1000 rupees on 9 may 2009 from Union bank

ATM, Located in Hapur(UP)-245101.I was using the Kotak Mahindra Debit
Card for the transaction.
After entering all the details like PIN and the Amount machine was

ready to give the money and was making noise but suddenly machine goes

off and i did not get any money from the ATM, But 1000 rupees were

debited from my account.
AS it was saturday and the bank was closed i was unable get in touch

with union bank on the same day. As i live in delhi hence after that i

came back to delhi. After that i called up Kotak Mahindra and raised a

concern regarding the same and the 1000 rupees were credited back into

my account on 25 may 2009.

Then after on 5 june 2009, 1000 rupees were again debited from account,

after that i again called back Kotak Mahindra Bank and they
said that Union Bank Of India has claimed that the transaction was

successful and claimed back 1000 rupees.
They said that they can claim any amount only once. and none of those banks are taking care of my concern and
Now i am afraid to loose my money.
I would be very thankful to you if you can look into the matter and

solve or suggest me what to do to get my 1000 rupees bank.
Now a days i am afraid using the ATM card.
It was only 1000 rupees but what would be my condition if i would be

making a transaction of 15000 rupees.

SO i request to please look into the matter and solve it as soon as you

can.
Following are the details of the transaction :
Amount : Rs. 1000
ATM Card : Kotak Mahindra Bank
ATM Bank : Union Bank Of India
Location : Hapur ( UP ) - 245101
Narration : ATL/[protected]/[protected]CA/RUT
Refrence No :[protected]
Account Number : [protected]


So i have provided all the details to you so please look into the matter.

Thanks And Regards

Imran Khan
[protected]

Dear All,

As per subjuct, I, Ashish Mody, Opened zero balance trinity (now they call it 3 in 1 a/c) with kotak mahindra bank, the account opening time Kotak reperntative told me that, this account will be zero balance account for lifetime.
But now bank has sent me sms to charged me if my quarterly minimum balance goes below 5000rs.This is bad practise, My usual balance is always quite more then what they require in that bank account, but i didn't like the way they change their policies.
Now I'm thinking of closing Kotak Bank a/c as well as my trading a/c with Kotak securities and will start blogging everywhere about Kotak's bad practises, and request everyone to oppoze this kind of practises by closing their account with this bank.
I think Kotak bank shouldn't be doing this. When I talk to costomer care and register complaint, they said we have changed our policy and nothing we can do. One customer care representative was complaining that not only your's but employee a/c also they have changed policies and started charging them for debit card, which they din't earlier.

thanks & regards.

Ashish Mody
[protected]@yahoo.com

i am a icici bank customer i have went to kotak mahindra atm for cash withdrawl .when i start using the atm of kotak mahindra atm got switced off . when i contacted security guard he says that to save diesel company told us that use UPS of the ATM .

when i contacted customer care they are more than they talk to me like i am their slave .

now, icici bank deducted 225 rs from my account i want this money back in my account as soon as possible else i move to consumer court

varinder singh
[protected]

Dear Team,

I have a INR 21 Lac Home Loan with Kotak Mahindra Bank which is 2 years old. Despite the Home Loans rate dropped by most of the banks to 8% to 9%, bank has kept my Rate of Interest ROI @ 11.75%.

Brench of MRTPC Act :
Kotak is giving low rate (<11.75%) to new Home Loans customer but not giving the same benefit to existing Home Loans holders. Also to top it up, have kept the Loan Prepayment or Loan transfer penalty @ 2% of the Loan Amount.

Hence I feel to be trapped in Kotak.

I request you to join my fight and get me justice, by waiving 2% Loan Transfer penalty and restucturing my loan to 9 % Rate of Interest.

Awaiting for your kind revert.

Thanks & Regards
Pankaj Banthia
Hyderabad
[protected]

Recently i started to use Kotak credit card

I am using other credit cards from last 6 years...

I have started using of Kotak credit card from last march2009

Kotak credit card billing system is only for take money from the customer

Just example i have made two transations of 50000, 40000 thousand on my card

if have not converted 50000 in EMI that was good for me..as I dont have your bank experience I did that mistake..

its very simple if i had not converted in to emi total intrest charge on my outstanding (90000) will be 2790 + service tax but now after paying 10000 also and converting in to EMI kotak charged me 3862+ Service tax..
It was a very bad experience in my life...
I will close my relationship with kotak ASAP and also prevents my friend from this kind of fraud


Thanks
Vinod Attarde

Dear Sir/Madam,

As I have taken one policy from kotak life Insurance Co of Rs.5000/-(Rs.Five Thousand Only) in quarterly mode.The policy no is 1576810.I don’t have any source of income and will not be able to take the policy .So I put a freelook cancellation request to the company within 15 days[protected]. Please find attachment of acknowledgment for the same showing the cancellation date as 05-05-09. I talked to the customer care department, they are saying that it cannot be cancelled as I have return the true reason of personal financial crisis. Please cancel the policy and refund my amount of Rs.5000/- asap. So that relation with kotak life insurance will not get bitter. I could have write the reason that I am not satisfied with the terms and conditions but I mentioned the reality.


Regards,

Rajiv Khandelwal

[protected](M)

1576810(policy No) of Kotak Life Insurance

Sir,
I have registered my M.T.N.L. landline telephone number[protected] for M.T.N.L.'s do-not disturb service, but still I receive unwanted telemarketing calls. The main problem is from Kotak Mahindra, these guys call every alternative day and even on refusing to here them or any of their plans they keep on calling.
This is very annoying, kindly look into this matter also.

Regards
Anubhav Saini

Holder of folio 172407/80. Online purchase was done at their website on 4.06.09 and transaction was accepted successfully with debit of rs 10000 in bank account. But the allotment was not done stating that the amount is less than minimum value. The company so far has not bothered to refund the money and complaint has been lodged. The service is very bad in that the customer care is asking bank statement etc when it is for the AMC to verify such details. The amc Office is inefficient in that they can not even find whether money is recd or not even after a bankl statement is sent to them. When the matter is taken up with Cams they also take up with the Kotak AMC since the money is credited with them.

Please be careful when u transact with such low profile inefficient illiterate customer care of Kotak. They are carried by only the name and do not have any quality.

After some scanning and study o[censored]LIPs in the market, I took "kotak smart advantage policy" in Feb'08 directly from the company thru their corporate office.
The Policy docs was delivered to me in november '08 after much complaints and followups. Subsequently, I found that the policy was booked for 20 year term without the Limited Premium Payment Option (LPP) which is for minimum 3 years as per the discussion I had with the sales manager from the company. He assured me of the necessary ammendment to the policy docs at the earliest. I had no reason to doubt the integrity of the persons involved as I was dealing directly with the company. I also ended up putting one more policy form myself towards my tax planning and also one each for my two sisters in the same policy. I was also promised of referral benefits as I was told that they were running a scheme. This was probably one of my biggest mistakes. This time the policy was delivered to me in time but they too were for long term and no mention of LPP. I was surprised and decided to visit the office when my mobile calls went unanswered. Upon visit to the office, i came to know from the branch manager that the said employee has been sacked for such unethical behaviour. I wanted to exit the policies but was assured by the manager of full cooperation and help in doing the needful for the policies that I and my sisters have signed up with them. But from December '08 to till date I have been getting only vague replies over phone but not any concrete action. Even my various emails in this regard to the company has not got any response. meanwhile I refused to renew my first policy that i took in Feb'08 unless they modify it as per my requirement. Same with other policies. Failing which i informed that I will have to take legal recourse as there is no other options left for me. Now, the manager has given up on my case and says he can't do much as it is against IRDA norms.

I have decided to go to consumer forum for justice. Request valuable feedback and suggestion for me to proceed against om kotak life insurance company.

I am working with Kotak Mahindra Bank Ltd.The salary structure which was told to me and the one which is credited in our a/c is totally different.In the offer letter gratuity amount is shown as the part of our salary which actually is the company's contribution which is different from salary.And the PF is deducted twice, once from the gross amt and other from the net amt.when i asked them for explanation they said that this is how everyones salary slip is.And when i asked for difference between net and gross they were trying to fool me.And without being affected about recession they havent given us any increament.I would be obliged i[censored] can look into this matter deeply.

The Kotak Mahindra representatives randomly pick up any number from their hacked phone directory and keep disturbing people by calling them and try to sell their stupid policies. Daily I receive at least two call from them and the first question asked is “Is this a local number? I would like to give you some information about an offer” Here are few Kotak Mahindra blacklisted numbers from where the calls originates. Please do not accept any calls from these Kotak Mahindra blacklisted numbers unless you want to listen their jargon and buy something stupid for which you will be regretting your whole life.

Kotak Mahindra blacklisted numbers:

[protected]
[protected]
[protected]
[protected]

Respected Sir / Madam,


My name is MANAV M SHAH, i am from CHENNAI. I have obtained a personal loan from KOTAK MAHINDRA BANK functioning operatations in CEEBROS CENTER, EGMORE, CHENNAI. My loan A/C # CSG 1849711. It was disbursed on[protected] with instrument no. 054918 for Amt: 344598.

During the year 2008 i suffered financial losses and had to close down my business. Right form the date from which i have obtained the loan till now i have never missed a single EMI of Rs. 14450/--. Though each of my EMI'S have returned from the bank, i have paid all the EMI's each month before their closing date (i.e) month end. Last month (i.e) April 2009, when your representative (Mr. Thyagu, cell no. [protected]) from chennai branch contacted me for the payable amount, i said him all about my problems. He suggested me to go for a LOAN RESHEDULEMENT. As per his advice i went to respective branch on[protected] and applied for LOAN RESHEDULEMENT, I gave a letter to (Ms.Mary, contact no.[protected] and they said that the work will be done within 7-10 working days. Later on[protected] i got a call form your bank person (Ms.Rakhi), stating that my LOAN is RESHEDULED has been ACCEPTED and the new EMI's will be as follows,

1; Rs. 5000/-- for 11 months { May 2009 to March 2010 }

2; Rs. 9000/-- for 11 months { April 2010 to feb 2011 }

3; Rs. 17500/-- for 11 months { March 2011 to Jan 2012 }.

Later, same month on[protected], i got a call from the bank and was informed that my requested RESHEDULEMENT is cancled and i have to pay the old EMI amount only. I requested them over phone and also went to bank thrice with the request that how can i arrange such a big amount within such short time of 6 DAYS. Today again when i went to the CEEBROS CENTER branch to request for RESHEDULEMENT your REPRESENTATIVE MR. RAJESH HAS WARNED ME OF DIRE CONSEQUENCES IF I FAIL TO PAY THE EMI AMOUNT THEN AND THEIR, HE SAID "HE WONT LET ME GO OUT OF THE OFFICE UNTIL I CALL UP SOMEONE AND ARRANGE FOR THE MONEY" SUCH THINGS IN FRONT OF AROUND 20-25 PEOPLE, HE HAS GIVEN ME A HEAVEY MENTAL TORCHER, HE MADE ME FEEL LIKE AS ID I WAS A THIEF, ONLY AFTER REQUESTIUNG HIM MANY TIMES HE LET ME GO ON CONDITION THAT "HE WILLSEND THE PERSONS TONITE TO MY HOME AT 10.00PM TO COLLECT THE MONEY". I FEEL LIKE COMMITING SUCIDE.

Right now i am working in a import firm, my take home is 8000/-- PM. I am a married person, i have to takecare of my family too, So in this situation i am not able to pay 14450/- each month. I JUST REQUEST N BEG YOU TO RESHEDULE MY LOAN, I[censored] CANT THEN I HAVE TO TAKE SOME SERIOUS STEPS, BCOZZ EACH MONTH I CANT STAND SUCH A MENTAL TENSION & AGONEY. AND ALSO ASK YOUR EMPLOYEES {Specially Mr. Rajesh, his cell no. 0-[protected]} TO BEHAVE DECENTLY WITH THE CUSTOMERS.

{ i hav sent this mail to EVERY email id's on KOTAK MAHINDRA website, apart from that i even call up GREVEIANCE CELL n informed them about the problem, she said she will reply within 1hour, but still now i havent got a single reply. Above that, their representative still calls me n talks rubbish. If anyone on this forum can help me get out of this KOTAK MESS i will be very greatfull to u. }

I have opened Savings bank account with Kotak dated 19/09/2008 while opening Kotak assured me that for first 12 months I do not need to maintain minimum balance in my savings account there after I need to maintain 10k. When I received my bank statement I was shocked finding bank charged me twice for non-maintenance of minimum balance.

20/01/2009 Non Maintenance Charges for Oct-Dec 08 750
22/04/2009 Non-Maintenance Charges for Jan - Mar 09 827.25

I requested bank to look in to this case and I got prompt reply as follows-
With reference to your query we would like to inform you that your account was opened under a promotional offer in which the NMC was waived subject to two conditions given below:
1. Minimum 3 transactions per month
2. Rs.5000/- should be the amount of transaction per month.
As the same was not fulfilled the offer expired. Hence charges are applicable on your account.

Which they never bothered to tell me while opening account.

I feel cheated and its hurting to loose hard earn money after paying lots of tax ;-)

Housing Loan Account No. 406178 AGAINST KOTAK MAHINDRA BANK
Customer ID No.18126723
Loan Amount sanctioned : 21, 88, 977/-
Amount Disbursed : 11, 46, 440/-

1. I had availed Home Loan from M/s. Kotak Mahindra Bank, Bangalore, as against the Flat Booked with M/s. Radiant Enclave for Rs.24, 00, 000/-.
2. Since the flat was under construction, I had availed only 11, 46, 440/- and was paying pre-emi of Rs.12, 000/-(approx.).
3. The Bank have also taken Rs. 89, 000/- towards Insurance and Pre-emi was collected towards that also.
4. Due to financial crisis, I opted to shift from 3 bedroom apt. to 2 bedroom apt., in the same project.
5. The Bank refused to transfer the loan and adjust the amount to the new flat in the same project.
6. Upon request for pre-closure, Bank is now charging 2% of commitment charges on the disbursed amount and 2% commitment charges on the undisbursed amount alongwith interest and other service charges.
7. The Pre-closure charges is been levied in the form of commitment charges and is unlawful.
8. The bank is also refusing to return the insurance amount of Rs.89, 000/- or transfer the same to the other flat. They have informed that only 50% of the insurance amount will be credited back to me, which is unfair for the facility which I have not utilised. Infact, the insurance will come into effect only after registration and possession of the flat in my name. In this case, pending possession and registration of the flat, the Bank do not have any authority to hold certain amount towards the insurance and deduct 50% of the same as cancellation charges.
9. Kindly provide me justice in closing the home loan at M/s. Kotak Mahindra Bank, by paying only the outstanding amount alongwith interest (as applicable till date) minus Insurance Amount as claimed in the pre-closure statement of the Bank.

Regards,
Shylaja

I have taken Auto Sweep Facility, in which bank told me that:
In case of withdrawal, my "Last Created Fixed Deposit will be First Broken"

I created my First FD on 6 Nov 2008, and on 12 Jan-2009 for 181 days.
on 6 the April 2009, My first FD get renewed as new Fixed deposit created on 6-Apr-09
I withdraw Fund on 7th April 09,
But instead of breaking my 6th April FD, they broken my 12 Jan FD.
It causes me Loss of Interest or Approx Rs. 5, 000.

I contacted their Customer care, and Preet Vihar(Delhi) branch, but they always reply, Bank's system is right, and it will work like this only.

No body to hear my Problem.

-Alok Jain

Dear Sir,

My CRN No with the bank is : 15811422

I have a Credit card with the Bank issued to me in Dec08 with 60K odd Limit. Being an Avid user of Cards consumed more than 70% of limit in the first month. Higher Nos of Transactions were with IRCTC which got cancelled the same month had one 20K electronic purchase transaction converted to EMI and used BT of another 20K. Due to my frantic use they seem to have blocked my card without any information to me. Causing me to realise that it is blocked only when i am using it elsewhere and no SMS or anything.

I pay back whatever comes in my Statement by due dates(except in one of the cases where i delayed by 10 days). Now EMI thingy is pending and the bank is asking me to pay back complete money to unblock card. I am ready to do that but then they say that would involve me to pre close my emi thingy which would involve a charge of 4% and in any which ways i am not paying interest to them if they give me such a fantastic service. Where does this come from????????. Now if they think a guy who had consumed 75% has paid back 50% and his due is 0 balance is 15K (Roughly 25%) to be paid in 7 parts and he won't pay, then i think these guys are in wrong business.

I am riding three points here
1. Customer not informed for his card getting blocked, had it not been for other bank cards would have gone through a good level of embarassment normally carry less cash.
2. I[censored]nblocking is only done by zeroising then it better be without any charges. Blocked card holders should be allowed to close cards with no charges and no interests(I mean future interests specially for EMI cases). Now CIbil is showing i have higher lerels of levereging whereas it would have been well spread had this card not been blocked.
3. The customer support is even worse u need to tell them what had happened every time you call them. They have updated a wrong nos and won't take me as a verified guy and so not issue me a TPIN.

Request you to kindly take my plea of closing my account to the bank.

Thanking you in anticipation.

Thanks & Regards
Mukul Sharma

Dear sir,
Myself, Nand Lal Gupta, I am Kotak Life Insurance Policy Holder. My Policy No. is 00404452. Plan name "Kotak Flexi Plan". Please send my all policy statement in my e-mail address....