Kotak Mahindra Bank — Imposing of various surcharges(TBMS etc) on my account. CRN 34402997

Address:

Hyderabad, Andhra Pradesh

To, The Grievance Officer/BankManager, Kotak Mahindra Bank, Madhapur Branch, Hyderabad. Sub:- Imposing of varioussurcharges(TBMS etc) on my account. CRN 34402997 Sir, This is to bring to your notice abou textra charges levied on my account number [protected]. This is a salary account that I have opted to take about 3 years ago. 6 months ago I have changed my company from IBM to TCS. I would have been happy to continue with the account. However, TCS does not have Kotak as one of their banking partners; therefore I have opted for HDFC. I have always been a patron of Kotak and have recommended it to several of my colleagues and, upto an extent that I also hold a joint account. I have savings accounts in couple of other banks and amongst them, I chose Kotak for an ECS loan deduction that is triggered on 4th of every month. As mentioned earlier, my salary stopped getting credited into my Kotak account. However, I still had the intention to continue your banking services and have kept my Kotak account active by manually visiting the nearest bank every month and depositing a sum of +/- 9000/-exclusively towards my ECS deduction. In the recent months, I got a couple of calls and had to undergo a series of heated discussions with the loan provider HDFC for ‘insufficient funds’ in my account. I was stern and absolutely confident that I had funds in my account because I never missed on depositing amount every month. I had immense faith in your services and consistency that I defended Kotak in front of HDFC loan personnel. To my utter shock, when I began checking as to why there is shortage of funds, I came to know that there were several extra charges on my account and my balance went below my ECS deduction amount. I had to apologize to HDFC and also pay fines for dishonoring the loan agreement. I immediately walked up to the Madhapur Branch to have this addressed. The person at the reception told me that my account is a minimum Rs.50000/- account. Which means, I must maintain a balance of Rs.50K always, else there would be extra charges. I was absolutely shocked to hear that. My salary itself was never Rs.50K ever and I have never requested for anything as such. At the time of opening the account, I was not told of anything so and neither was I intimated of these so called ‘conditions’ when my salary stopped crediting. Trusting your banking services, I just wanted to continue banking with you despite it not being my salary account and as a penalty I am being slapped with unnecessary charges.I am also being charged for not using my Debit card. Do you not feel it is up to the customer as to how they would like to operate the inflow and outflow of funds, as long as the account is in active state? The person at the reception only gave me one option, to terminate the account. He was hopeless in providing options and retaining the customer and urged me to force close. Looking at it from a customer’s point of view: - I had to pay a penalty to my loan provider HDFC for not maintaining Rs.8641/-, effecting my cibil score - I had to pay a fine to Kotak for not maintaining Rs. 50, 000/- in an account whose salary itself is not Rs.50K and not using my Kotak Debit Card. This is highly disappointing to receiveno intimation of deductions made into my account. This is totally unfair from the authorities. It shattered all my faith in the bank, Iwant you to return my hard earned money which is taken for unfairreasons. As bank sends frequent alerts for the transactions happeningin the account via emails, SMSes and unwelcoming calls for credit cards and loans, how surprising it is that no information being shared for the deductions happening in my account. It has been a silent affair done in the dark. How can an average salaried employee maintain Rs.50K ? I request you to kindly consider thiscase and reverse / waive the charges imposed on my accountforcibly(eg. minimum balance) as a final settlement cheque, failingwhich I would have to force close a handful of other accounts in your branch because of the bitter experience. I would not want my familyand friends to undergo the situation I have been through. You can feel free to reach out to me on [protected]. Name: Rohit Varun CRN Number: 34402997 A/C Number: [protected] Phone number: [protected] My address for any Correspondence is – 10-84/23, 3rd floor, Venkateshwara Appts, F Block, PVN Colony, Mirjalguda, Malkajgiri, Hyderabad, Telangana. 500047 Yours Truly, Rohit Varun