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Kotak Mahindra Bank / unfair treatment of a savings bank account by kotak mahindra bank

1 India Review updated:

I am an account holder with Kotak Mahindra Bank (A/C No [protected]). At the time of taking the account the bank’s sales person had promised a lifetime free savings account (zero balance account). Post checking with the bank it was verified the same was true as it was an offer for employees of specific corporates. However during the same year the account was modified to a normal account with charges being deducted on a regular basis which is not acceptable to me. Currently as per a latest statement my savings bank account shows a negative balance of -5582 (Rs), which I do not agree with at all.

I have raised the matter with the call center and also provided a written compliant to the same. However surprisingly post filing the handwritten letter and also the bank's form for closure of the account I have received the same back with instruction to close a DP account (which is a demat account). I do not hold a demat account with the bank. Currently as per a latest statement my savings bank account shows a negative balance of -5582 (Rs), which I do not agree with at all. I request immediate closure of the account as I think it is unfair, also it seems to be against any acceptable logic to pay to close a "savings bank account". In case the bank felt they could not hold a zero balance account they should have close the instead of charging a fee for an account I have not utilized post the period they began deducting the charges. Also just to add my account was reduced to a negative balance by deducting a sum of money that was present at the time the policy changed.

Again I request immediate closure of the account by the bank.

Jayan Mathews

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Comments

  • Vg
      6th of Aug, 2011
    0 Votes
    Kotak Mahindra Bank - Data to 3rd party for marketing
    India

    Getting calls from different Branches of Kotak to take Credit Card against FD i have with KG Marg Branch. Calls are coming from all the NCR branches other than Home Branch.
    Requested the Phone Banking
    that I should not be disturbed for such calls hence mark me for DND. Call Center has asked for 45 days to do the needful( In this world of fast Info. Technology).

    Today again I got a call from Ms. Pooja - Preet Vihar Branch. I asked the caller to make me speak to Branch manager which she denied as she is from third party employee and cannot make me speak to Branch Manager.

    Later I spoke to the Dy. Manager Ms. Reema who said she will arrange the call back from Credit Card department but was not ready to understand that I have issue with Banks FD division who has passed my data to outside agents to market the Fd.
    Later the Branch Manager called me and to my surprise he was not aware of who's employee Ms. pooja is? Bank/Credit card division/agent? How disorganized.

    How can bank be irresponsible and handover the data to third party and there employees for the FD, I made with the Bank?
    This is even more dangerous than just getting the call from the Branch.
    Its FRUSTRATING to bank with KOTAK.

  • Ko
      8th of Aug, 2011
    0 Votes

    Dear Sir,

    At the outset we regret the inconvenience caused with regards to the calls made to you.

    We would like to investigate your complaint for which we would need to contact you and understand the issue in detail like the number that you have received a call from.
    We also would like to confirm that as a bank, we do not share any confidential data with a third-party.

    Regards,
    Kotak Support Team

  • Sa
      28th of Aug, 2014
    0 Votes

    Hi,
    I am Salman. My Kotak Mahindra Bank A/C No: #: 7111318406 (ACE ACCOUNT )which was opened last year in Dec'13. It is a Zero Balance Corporate Account when account was taken. Also, i have not been informed that i had been provided 'Ace' account which is totally non-recommended for a low salaried person like me.Without any intimation, Rs 3866.43 was deducted from my balance within 2 months without any information shared by any means. Below is the list of charges.

    23/08/2014 Chrg: Min Balance Non Maintenance Charges for JUL TBMS 495.63 DR 0 CR
    31/07/2014 Chrg: Min Balance Non Maintenance Charges for JUN TBMS 842.7 DR 1, 495.63 CR
    31/07/2014 Chrg: Min Balance Non Maintenance Charges for MAY TBMS 842.7 DR 2, 338.33 CR
    4/7/2014 Chrg: Min Balance Non Maintenance Charges for APR TBMS 842.7 DR 4, 180.03 CR
    23/05/2014 Chrg: Min Balance Non Maintenance Charges for MAR TBMS 842.7 DR 6, 362.14 CR


    This is highly disappointing to receive no intimation of deductions made into my account. This is totally unfair from the bank authorities. It shattered all my faith in them, i want them to return my hard earned money which they taken for unfair reasons. As bank sends frequent alerts for the transactions happening in the account but how surprising that no information being shared for the deductions happening in my account.When i contacted with bank authorities, they have asked me to maintain Monthly minimum balance in the account but even charging Rs 3900.00 is way too much for salaried person for having low balance & still giving no intimation on the same.I need a clarification on this from the bank. Kindly call me back and also request the reversal of amount.I cannot bear such heavy charges by bank, I will arrange to close the account if the bank authorities can not help me in this cause.

    A/C. #: 7111318406
    CRN : 66997108

    Regards,
    salman khan
    Mobile no. 8447551304
    Email address - salman_khan_account@yahoo.com

  • Dh
      24th of Feb, 2015
    0 Votes

    Sir,

    Kotak has been unconditionally deducting the amount (Rs 561) in the name of maintenance charges (TBMS). Whenever complained about the same,

    they says it is a valid deduction without even bothering to check for the request. After forcing them to do so, will apologize and promises to

    refund it back to the account and this has been happening for 3 months in a row.They deliberately delay the reversal so that it is again

    deducted the coming month. Above all there is no intimation of deduction nor SMS sent like any other debit or credit is being made on the

    account.

    Name: DHARMENDER KUMAR
    CRN Number: 7744908
    A/C Number: 4911452439
    Phone number: 8802288497


    8 December 2014 Rs 561

    1 January 2015 Rs 561

    25 january2015 RS 561


    25 Feb rs. 28

    Total amount 1711

  • Sa
      10th of Jun, 2016
    0 Votes
    Kotak Life Insruance - KOTAK LIFE ONLY PROMISES WILL NOT DELEIVER SO IS THEIR TEAM
    kotak life insruance company
    India

    I had taken kotak super advantage fund on 3rd April and paid Rs. 80, 000 vide cheque no 77423 which was cleared by my bank on 22nd April. Since I am not satified with the company's working I am asking for refund of my hard earned money but company is not responding.

  • Sa
      16th of Nov, 2018
    0 Votes

    Hi i am sameer mane from pune. kotak had deducted my 59INR from ccount without any intemation. please call me 9823918180.

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