Kotak Mahindra Bank Complaints & Reviews

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....

Dear sir,
It is pathetic to note that letters addressed to us by various companies during the past SIX months did not reach me.Many of the cheques send to me were not delivered at the my address. This has resulted in unwarranted anxiety and tensions over & above correspondence to the companies.On taking up with the companies, they could prove the despatch of the letters to my correct address.Since none of such letter were delivered goes to point fingers at the delivery of TAPALs at the delivery ends, which are as realibly learnt, are DUMPED. The post authorities also couldn't give credible reasons as to why atleast one of, so many letters not delivered.
Iam not interested in asking you to take action against un-scrupulous element, but if you could tell me where such tapals are dumped so that I can come collect it.
It is unbecoming of the Indian Postal Service to act in the above manner especially their service Charge is collected in advance.
The postal service is considered to be very vital and supposed to be most realiable HAS lost It credentials.Hope the authorities concerned will look into the matter and offer their stand as to why so many letters are not delivered. An instant mail is attached in the matter where in my address is correctly mentioned. Our Address is
PRAVEENA CHANDRASEKAR
C/O ANDHRA BANK
DATA CENTRE CYBER GATEWAY
D BLOCK 3RD FLOOR
HITEC CITY, MADHAPUR
HYDERABAD - 500081

ENCLS:
Our Ref.no.[protected]
April 30, 2009

Mr. Chandrasekar KK


Dear investor,


Unit: Essar Steel Ltd.
Ref. : Your e-mail dated 29/04/2009.

ID : IN[protected]

This has reference to your above e-mail.

We have mailed the redemption warrant to your below address on
16/04/2009.

PRAVEENA CHANDRASEKAR
C/O ANDHRA BANK
DATA CENTRE CYBER GATEWAY
D BLOCK 3RD FLOOR
HITEC CITY, MADHAPUR
HYDERABAD - 500081


This is for your information.


Regards,

03/05/09
Dear Sir / Madam,

I am a customer of Kotak Mahindra Bank having a Personal Loan with you (Agreement No. SPL - 218764 DATED 24/01/08). My EMI amount was set as Rs. 7642/-. I made the EMI payment upto Jan, 2009. But then suddenly there was a big loss in my business & I could not arrange the said EMI amount regularly. That's why I visited one of their office in the month of February, 2009 at Apejay House, 15-Park St, Kolkata & requested for re-scheduling my PL for reducing the EMI amount so that I can regularise my PL account. But, none of them kept my request & forced me to pay my EMI of Feb, 09 immediately. But financial condition was too poor to arrange the money. So, I requested a no. of times by verbally or via phone to different officials of your Bank & with their Collection Agents & Collection Officer also. But none of them co-operated with me. Instead of that they tried to convince me that if I can't pay the entire due EMI amount they can't give attention to my request. I am giving name & phone nos of those peoples whom I requested a no. of times. they are 1) DEBDUTTA MUKHERJEE (Bank Staff), Ph-[protected], 2) Collection Manager (Ph - [protected]), 3) collection Agent Ajay (Ph[protected], 4) Arindam Dey (Bank Staaff/Collection Agent) Ph-[protected], Madam at Jaldi Loan Sections (Apejay House) Ph-[protected].

In between in the month of April, 09 a Collection Agent came to me & he assured me that he will arrange the Re-Schedulement if I pay at least one EMI amount. So, I arranged the money & paid to him in 3 parts. But strangely enough the day I paid the entire amount (27/04/09) a Case was made against me in 138 N. I. Act at Metropolitan Magistrate Kolkata & a Summons was sent to me which I received yesterday (2nd May, 2009). Now, it is clear that that bank wants to hurrash a good customer instead of helping him. I never said that I will not re-pay the loan amount. If I had that type of intention then I may have gone to any Advocate like so many customers who are really fraud & cheater & avoiding the re-payment in different ways. Instead of that I have requested for re-scheduling only which may have sanctioned by the Bank Officials. But I think according to Bank "EVERY DEFAULTER CUSTOMER IS CHEATER" & they never think that a customer may have certainly some financial problems.

Whatever has happened is really very Embarrassing to me. But still I prayed to them to withdraw the case (Case No. C/17260/09) & please Re-Schedule my PL for reducing the EMI amount (Currently I can afford upto Rs.[protected]/- per month) so that I can regularise my EMI payment.

Regarding this issue, I want to inform you that I am in Customer Service also (Eureka Forbes Ltd) & everyday I solve at least 25 to 30 customer's problem. Sometimes we do something for solving customer's problem which is beyond our Company's rules because we know that "WE ARE PAID BY THE CUSTOMERS BUT NOT BY THE COMPANY". And this is our MD's opinion also. I don't expect this type of service from the Bank side but still I prayed to the Bank to consider my case beyond their company's rule so that a good customer can re-pay his loan & wipe out his liabilities.

Thanking You,
SANTANU BANERJEE
(2/P, RAJA PEARY MOHAN ROAD,
UTTARPARA, HOOGHLY,
MOBILE : [protected])

I have take one policy from kotak, but company not sending me any detail about my policy till now. I pay my premium on time my three year locking perioud is finish but i dont know about my policy status pls short out my problem. policy no. is[protected]

Please find as below:
1. I have approached HDFC Bank Limited ATM at Bistupur, Jamshedpur(Near IndusInd Bank) on 25th March 2009 to withdraw cash using mu Kotak Mahindra Bank's ATM Card.
2.I swiped the card to withdraw Rs.20000/- cash, however the cash was not dispensed from the ATM but Rs.20000/- was debited from my account, which I learnt while checking my account statement online.
3.I swiped the card again to withdraw Rs.15000/- from the same ATM, same day as my next transaction, but again the cash was not dispensed.
4.While checking my account status online I learnt that finally Rs.20000/- was debited, then Rs.15000/- was debited, then Rs.15000/- was reversed/credited into my account.
(The details of the transactions attached herewith for your kind scruitny).
5. I approached my Kotak Mahindra Bank on 26th April 2009 and lodged the complaint in the format provided by them with the assurance that the amount shall be credited back to my account within 45 days.
6.I approached my bank (KMBL) on 11th April 2009 to check the progress, when I was apprised that HDFC bank Ltd is telling that the disputed amount transaction was successfully completed and my banker asked for CCTV footage for the disputed day/time of their ATM, but HDFC is unable to provide the same till date.

It is therefore requested at your kind end to suggest me the right course of action to get my money back OR I would request at your kind end to take the suitable action so that I get my money back which has been wronglt debited from my account.

My Bank:
Kotak Mahindra Bank Ltd
Gayatri Enclave
First Floor, K Road
Beside Tata Workers Union Office
Bistupur, Jamshedpur-831001


HDFC BANKLimited ATM Counter
Near IndusInd Bank
Opposite Ram Mandir
Main Road, Bistupur, Jamshedpur-1

Yours Truly

Sudhanshu Shekhar
Account No : [protected]
Jamshedpur
+91-[protected]

i pankaj kumar someone might have misuse my doc and made the credit card of hdfc bank and he is using this card since december 2007 date of issue the card. but i don't get any card of hdfc bank. Since 10 days recovery person calling me he has to force/theartining me to pay the due amount which is pending but when the card has made i was not working in any company kindly suggest me wht should i do it create a problem in my personal life and working life either i have to go ombusman of hdfc bank or make FIR pls contact me as soon as possible on my mob [protected] i don't have the card no which is belong to me

I Rahul Dev Sharma have worked with this company from the month of october2008 - till 25th jan 2009 as a corporate advisor (CA1454) . i resigned from the company on 25th jan 2009 my dues of salary which includes basic salary, comission, incentives, and conveynce for the month of jan 2009 are not still paid.
As talking to the seniors again and again they are saying that ur salary is going in negative and the company has no payments remainning for u. so kindly look into the matter and they are really irritating like this to other employes also and not paying their salary.

I have closed down my personal loan number SPL212716 on 11th Feb 2009 and the collection department promised that I will receive my PDC's and the NOC of loan closure within 15 working days before I handed over the DD to the bank. But till now I have not received the same. I have also complained to the customer care many times but they are telling to contact the collection department. I have tried calling lots of time to the person who was following my loan closure procedure (Manish - [protected]) but now he is just talking with all the bad words and threatening words that I will active your loan again. This is the way the bank is responding me. Please help in getting my PDC's and NOC letter for my personal loan.

I have taken a Car loan From Kotak mahindra Prime Jan 06 for 5 years thru till I am paying every month, I came back to India on July since that day I was telling to the people that swap my cheques from citi bank to Axis bank but no one there to give any response keep on postponding this Issue to next month but that next month never come till now??
Another thing, after that all on october 08 requested them to close the account I got the forecloser details I went to bank which is in Laxmi nagar to close my account but no one there to entertain I was told that one of our executive will call you regarding close your account but STILL TILL DATE NO ONE HAS CALLED ME .
they are calling at the end of the month when one executive comes to my house to collect the payment and I refused to pay then they call me to make the payment.
Every month same response "PAY THIS MONTH NEXT MONTH WILL BE MY RESPONSIBILITY TO HELP YOU"
same language I am getting from the people.
Now because of bank neglegency they are forcing me to pay all the bouncing and panlty which is more then 30K

Hope there will be some response
DO NOT TAKE ANY LONE FROM SUCH A BAAAAAAAAAAAAD CONCERN
SHISHIR

Please note that my card no.[protected], In my last month statement you are charged rs. 200 odd for my add on card but i have not received till to day . 199+20.50 service charges dr. to my account i am already paid total amount by 24/03/2009.But till to day i am not received add on card applied for my spouse mrs. Bhagyalaxmi . Please do the needful and oblige,


with regards,
yours
ashok aniganti
[protected]

Some o[censored]s have taken home loans from Kotak. Considering their interest charges are higher compared to others, we want to transfer the same to other Banks. We were surprised to note that we need to pay 2.21% foreclosure charges on approved loan and NOT availed/outstanding!
We are paying Pre EMI as the home is under construction and about 50% loan is only disbursed so far!
Am not sure of other Banks but certainly Kotak has been very unfriendly experience that lacks transparency & customer centricity,
Sanjeev

I have taken car loan from Kotak Mahindra bank and from the beginning it has been very bad experience as the representative quoted some rate of interest and it was 2% more when the agreement was sent to me. The representative got the agreement papers signed without filling any information about rate of interest that will be effective and after getting signed by me whatever he told before signing was different from after getting the agreement signed. He says that they have around 4% of margin of rate of interest to be loaded as per process they use to follow. I wanted them to cancel the agreement as there is difference in rate of interest as mentioned before signing the agreement and after signing the agreement. They told some stories as it is common thing and I was getting into loss of around Rs.15000/- and I just wanted to cancel the agreement, but the representative of Mitra Agency where I bought the car and the bank representative and the managers finally decided to give some more discount to me and after that discount I was in a loss of around Rs.8500/-, I still wanted to cancel the agreement and I keep on communicating to higher officials of Kotak bank about whatever is happening. Then the bank representative came forward and agreed to pay Rs.7500/- and he wanted to pay that money in two installments, He paid Rs.5000/- as the first installment and he said he will pay the remaining 2500/- next month. It is almost 6months and he never came back to pay the remaining 2500/- till date. Meanwhile I started paying the EMIs and waiting for him to pay back the remaining 2500/-

About ECS Clearance:

Every month on 5th I have given standing instructions for the EMI payment. On 4th Feb 2009 I transferred the money to the account from which I used to pay the EMI via ECS clearance. The money got credited to my account on 5th February 2009 and I thought the EMI will get cleared. But after 2 or 3 days, I got a call from Kotak bank rep saying the EMI is due and ECS was failed because of insufficient funds. I was confused and asked him why would the ECS fail if the money is available in my account on 5th. He says ECS will be process any time starting from 4th midnight -means beginning of 5th and in the early hours the bank needs to give some statement to RBI so they process the ECS by 8am every morning. If the money is not in the account by that time ECS will fail and bounce charges will be debited from the account on which ECS is failed. One of the representative also adds that entire world is following the same procedure and I am not the one person get out of it. ICICI, HSBC and HDFC are also doing the same as mentioned by Kotak customer care person.

This is absolutely ridiculous and the banks are making money out of their inefficient way to clearing the funds. ECS is inefficient because if they can procss ECS at 8am every day there will be lot of failures and as most of the people either forget to transfer or deposit the money in advance or it is not the banking hours during which the customer may deposit the money for getting cleared for any EMI or such payments. The representative says that RBI rules are like that and they are bound to follow those rules. If such rules are imposed by RBI then it is not correct and RBI itself need to update such rules creating unusual income for the banks by misusing the Standing Instructions by the bank processing them inadvertently causing loss to the customers.

ECS is electronic clearance and no personal intervention is required as such. This can be set to process any failed requests to be processed again till the end of the day that the account is supposed to be cleared as per the customer's consent. If the account doesn't have funds from midnight of 4th i.e.starting of 5th day and midnight of 5th i.e.end of 5th, meanwhile if any ECS fails that should be processed again periodically till end of the day and then it needs to declare that it is failed citing the reason "Insufficient Funds". Kotak bank have debited my account for Rs.500/- towards bounce charges but the account has funds on 5th.

Can someone let me know what needs to be done in such cases?

Thanks & Regards
Srinivas Velidanda.
srinivas.[protected]@gmail.com