Kotak Securities — unnecessary rejection of closure of account

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

Before 4 years a representative convinced be to get a Kotak securities account for trading saying that I can close my account when needed and I have to initially deposit Rs 1000, which I can withdraw later. But found to my surprise that I had to maintain Rs 1000 minimum and I cant withdraw. After that I felt embarrassed and felt its my mistake to sign everywhere the representative showed. I thought it was ok to have a min balance Rs 1000 and did some very less trading and kept it aside for nearly 2 years. Now I found that I have a negative balance of Rs 1200., which I have to pay. I tried to close the account to stop unnecessary charges. I visited near branch near Anna Nagar (Chennai), for closure of account, they said they dont have my details, requested me to go to another branch which is some what far. So I contaced customer support, found the balance amount to be paid and posted a check with completely filled closure form (This being done twice), they are still rejected on unground basis. They are returning back the courier
with the below reason
1) first time -- Insufficient bebt

2) " we request you to provided bank statement along with non personlised cheque"

I dont know what they are trying to convey. I found am really finding a difficult time with Kotak. Service is really bad. They will charge you and will not close the account also. I even requested to freeze/dormant my account. Please find the attachment