Kotak Securities — I'm complaining about charges that were added extra after creating a demat account

Address:	Chennai, Tamil Nadu, 600097
Website:	www.kotaksecurities.com

I have created a Kotak demat account in the month of January from Kotak bank Velachery branch after Saravanan R (Assistant Manager - CVM) the from the branch met me in person and explained me about all the fees structure and details of Kotak Securities Demat account.

Saravanan R has clearly stated that I only need to pay Rs. 780/- as demat account opening charge and there after there will not be any additional charge or anything as such like an AMC or annual charges. Also confirmed that it is a life time free maintenance Demat Account.

After accepting the application, I had duly signed all the documents and submitted the application. Another person named Prem called me and processed my Demat account and has again confirmed that there will not be any other charges except this one time account opening charge of 780.

The account got opened after a long delay and in the month of January I had received all the Account Kit which I used to login to the Kotak Securities page. An amount of Rs.20750/- was debited from my Kotak Bank account on January 18, 2018. I was told by Prem that, Rs. 20000/- will be sent back to my bank account in as part of the process.

After few days, I received a call from Prem telling me about various charges that are going to be levied from my account every month like AMC of Rs.65/- per month. When asking about why these charges were never explained before, Prem started lying that he had already told me about all the charges.

When I called Saravanan R and asked about these charges, he again confirmed me that I do not have to pay any of the charges that were told by Prem and promised me that he would talk to Prem and get back to me.

In the mean time, on February 05, 2018 I only received back Rs.18, 919.76/- to my bank account instead of the assured Rs.20, 000/- When I talked to Prem and Saravanan R on the same day, they started dealing me very differently and talked all non sense to me.

Saravanan R had told me that these new charges were introduced by Kotak during January 2018 when my Demat account was in the process.

When I called Saravanan and Prem's manager Suresh on February 9, 2018 and informed him about all the incidents that have happened and asked for a solution, he had told me that he would talk to them and get back to me.

I had not received any communication from any of the three after that. When I called them on February 15, 2018 and asked for an update, none of them responded anything to me.

I need all the money back that I have spent till now (Rs. 20750/-) and I need my Kotak Demat account to be closed immediately.