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1.6 128 Reviews

Kotak Mahindra Bank Complaints Summary

18 Resolved
110 Unresolved
Our verdict: With Kotak Mahindra Bank's very poor resolution rate, careful consideration is needed. Research their service comprehensively, and read up on how they handle customer disputes. If you face issues, be prepared for potential challenges in obtaining resolutions and explore other service providers as backups.
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Kotak Mahindra Bank reviews & complaints 128

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7:15 am EDT
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Kotak Mahindra Bank fraud by kotak life insurance

It is with great regret that I am posting this complaint regarding the policy no. [protected] taken by me from Kotak Life Insurance and the nefarious means by which Company’s staff sold me the policy.

Some lady officer from their office had called me on my phone repeatedly and requested me to purchase the policy cover and promised me a lot of free extras with this. She sent one Ms. Preeti Rana and Mr. Ajay Chauhan to collect the cheque for Rs.50, 000.00 as a first premium from me. Ms. Rana took my photograph etc. to send me an ID Card against a free Medical Insurance which was one of the freebies promised to me. When I did not receive anything for 3 weeks after I received the insurance docket from them, I called her and she said the Mediclaim ID Card would be sent to me within 2 more weeks. Still nothing materialized. After that I called her umpteen times but she always postponed and ultimately stopped picking up the phone.

Ms. Preeti Rana who came to collect the cheque from me kept on misguiding me purposely that the free Mediclaim ID card would soon be issued to me so that the free look period would pass. She had to ensure this in order for me to not return the policy before the expiry of the free look period.

Then I repeatedly called up the company’s Delhi office where they kept on asking me to call again. I requested them to connect me to the lady who had offered me this policy but to no avail. Everytime after hearing the story, they would say that they would talk with there higher-ups and get back to me.

Now I have been sending mails at their client desk ([protected]@kotak.com) for the last 7 months but they are not resolving the case. Either they do not reply or some new person replies everytime, takes all the details from me and disappears. Three of their people, namely Ms. Vrushali Ringe, Mr. Sharan Rohra and Mr. Rohit Rokade have replied to me in the last 7 months and after taking the details have not resolved the case. One has to go through the innumerable mails I sent them to feel the pain I have undergone in writing to them and not getting replies.Every few days I write to them but they are deliberately not listening to me.

Mr. Rajiv from their Delhi office (Phone No. [protected]) called me around 5 weeks back and said that he had gone through all my mails and that he would settle the issue soon. I told him that I had already approached the Insurance Ombudsman and sent them the details and that the Ombudsman had asked me to approach the GRO first as a logical step. Rajv said that there was no need to go anywhere and that he would talk to me shortly. Now, instead of Rajeev’s call, I g0t a letter from Mr. Rajiv where he has written the same old story which their other executives were saying that the free look period had passed. They are not realising that the free look period expired only when Ms. Preeti Rana purposely kept on postponing the said free Mediclaim ID card. She wanted the free look duration to lapse so that I do not return the policy due to the non-receipt of the freebies promised to me. I have written this umpteen times but these people keep on harping on the same thing.

As advised by the Insurance Ombudsman, Delhi, I sent the complaint with all the emails attached on 18th March, 2011 to Kotak's Grievance Redressal Officer, Sion Mumbai through DTDC courier which they received but no reply, not even an acknowledgement has come from them in these 2 weeks. I know they will keep me hanging for aeons as the company follows the same norm from top to bottom.

This is a clear case of forgery and deception where these people call people repeatedly to purchase their product and then do such despicable acts. I am not at all interested in their policy and want my money back with proper interest though not even ten times the money they took from me can compensate for the mental torture I have undergone and am still undergoing. This company should be penalized heavily so that they do not dupe and mislead other people in order to fill their coffers. You will appreciate the time I have spent calling and sending mails and the torture I have undergone due to the irresponsible replies or no replies by them.

Regards,
Ravindra Joshi
Mob#[protected]
New Delhi

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Norton Lewis
washington, US
May 08, 2011 4:11 pm EDT
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you need to write to follwoing people and you can contact these people if reqd
Aneela.sinha@kotak.com ([protected]) she is chief manager of Kotak Life insurance and is seated at address below
Kotak Infinity
Infinity toers
5th floor Zone 1
Near Nagari Nirwana, Ahead of Dindoshi Bus Depot
Gene A K Vaidya Marg
Goregaon (East)
Escalation to ### VIce President kadam.pravin@kotak.com-[protected]

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Ravindra J
, IN
Apr 20, 2011 10:21 am EDT
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Dear Kotak Support Team Members,
It is now 15 days since you wrote to me through this complaints board that you will investigate the matter and come back to me on my rediffmail id but there is no response from you till date. This is the usual practice with your company to not respond and keep matters pending. This case has been going on like this for long because of your negligient attitude and irresponsible behaviour towards the money of the public.
There is also no reply from your Grievance Oedressal Officer, Sion, Mumbai and it is more than a month now.
I am now taking legal action against your Company.
Regards/Ravindra Joshi

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Ravindra J
, IN
Apr 11, 2011 1:41 pm EDT
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Thanks. But I have already had a word with Mr. Rajiv P around 2 months back . He sent me a letter with the same old standard reply which your other executives had been giving me. Anyway, I await your findings and reply.
Regards,
Ravindra Joshi

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Kotak Support
, IN
Apr 05, 2011 9:05 am EDT
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Dear Mr. Joshi,

At the outset, please accept our apologies for the aberration in our service standards that you have faced.

With reference to your Policy# [protected], our team is currently investigating the matter and will coordinate with you on your rediffmail id.

Our Complaints team in charge Mr. Rajiv P. will personally handle the case.

For further queries please feel free to write to us on kli.grievance@kotak.com or contact our Client Service Desk on [protected] (Toll Free)

Regards, Kotak Support Team

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6:18 pm EST
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Kotak Mahindra Bank management supports fraud companies

I lalit jain would like to ask kotak mahindra bank that on which legal grounds my 2 cheques of rupees 12, 93, 000 was stopped on saying of platinum distributions pvt. Ltd. Mumbai. I m very ashamed to tell you that your management and banking staff supports fraudulence & economic crime activities performed by platinum distributions pvt. Ltd. Maintaining a/c's of fraud company like platinum distributions pvt. Ltd. - is this your banking policy?

As per my information and research this fraud company platinum distributions pvt. Ltd. Firstl deals with genuine person/dealers with the intention of doing fraud by giving them cheque and then mostly cheques of this company are stopped for no reason. And, management & banking staff of kotak mahindra bank is also supporting this hobby of platinum distributions pvt. Ltd. To support economic crime activities.

This proves that bank staff, managers are also having involvement or special interest in giving birth to fraud and econonmic crime activities.

Therefore, somehow kotak mahindra bank is also initializing steps towards economic crime.

In interrupting financial transactions - kotak bank is also legally responsible

I m providing you details of bounced cheques, letters of party
• party name — platinum distributions pvt. Ltd.
• party's bank a/c no — [protected]
• kotak mahindra bank
• branch adress & phone no — ground floor, neel rekha bldg. L t road, borivali (W) mumbai - [protected]) [protected]/[protected]
• cheque no & cheque amount — 001291 of rupees 10, 00, 000 (Ten lacs) & 001299 of rupees 2, 93, 000 (Two lac ninety three thousand)
• dated — 20 december 2010

Rest details and letters of company are attached with this.

I want immediate action!

From,
Lalit jain
Namaskar trade link
27-c kothari complex
Opposite diesel shed
Industrial estate
Jodhpur (Raj)
Cell no - [protected] & [protected]

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Kotak Mahindra Bank very poor response and no respect for the client

i, My name is Shrinivas Rao and i had applied for the kotak securities DEMAT account through their website in the month of OCTOBER 2010. Immediately i received a call from a RELATIONSHIP MANAGER from their WORLI branch and he came to my place and got the entire procedure done and in the process gave me big commitments about the service, promised me to activate my 3 in 1 trading account in 15 days, will come to my place for the demonstration along with the technical guy, will help me to transfer my shares in the existing ICICI demat account etc. I was impressed in the beginning.

But, ALAS nothing of the sort happened. I was couriered the DEMAT kit at my place in the first week of Novembor 2010 and since then i call him on his cell phone and he is not answering.At times somebody else takes the call and tells me that he is busy in the conference. At times somebody else tells me that he is on leave.

I have activated the demat account on my own and since then started trading but have few doubts regarding the website, the margin money etc and everytime i have to call their customer service number for the same.

And as i am writing, he still didnt answer my call. TONNES OF PROMISES but delivered nothing.

Please be very careful in short listing KOTAK MAHINDRA for your needs and keep it as your last option. BE SAFE.STAY AWAY FROM KOTAK MAHINDRA BANK. VERY VERY VERY POOR CUSTOMER SERVICE.

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Kotak Securities
, IN
Nov 19, 2010 11:04 am EST

Dear Mr. Srinivas Rao,

This response is from Kotak Securities.

We are happy to have resolved your problem and hope the KEAT Pro demo was useful.
We take this as an opportunity to thank you for your feedback.

Please write to us on : ks.escalation@kotak.com for any further issues or queries.

Thanks,
Kotak Securities

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Kotak Mahindra Bank hemal kataria a big #

Hi,

A girl named hemal kataria bullied me and torching me and forcing me to purchase a product. This girl is a real #. She sleeps under her bosses I think so. She is a really a #. She tell me to purchase a product and she will sleep with me.

Dam if you need her please contact her she is in kotak insurance.

Thanking u

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8:09 pm EDT
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Kotak Mahindra Bank unfair treatment of a savings bank account by kotak mahindra bank

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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Sameer Mane
, US
Nov 16, 2018 3:53 am EST

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

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SAROJ MEHRA
, IN
Jun 10, 2016 5:45 am EDT
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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.

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Vgrover1974
, IN
Aug 06, 2011 11:50 am EDT

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.

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Dharmender kumar adhana
, IN
Feb 24, 2015 2:56 pm EST

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: [protected]
Phone number: [protected]

8 December 2014 Rs 561

1 January 2015 Rs 561

25 january2015 RS 561

25 Feb rs. 28

Total amount 1711

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salman khan1
, IN
Aug 28, 2014 4:13 pm EDT
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Hi,
I am Salman. My Kotak Mahindra Bank A/C No: #: [protected] (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. #: [protected]
CRN : [protected]

Regards,
salman khan
Mobile no. [protected]
Email address - salman_khan_account@yahoo.com

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Kotak_Support
, IN
Aug 08, 2011 6:58 am EDT

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

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Kotak Mahindra Bank fraud

They are the frauds... Dont purchase any insurance from them.. They delay the bond & receipt... If you call them, always say that they are in meeting. Its been morethan a month I havent received any receipts. No response from them. Some worst people working for a good company.

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Norton Lewis
washington, US
May 08, 2011 4:13 pm EDT
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you need to write to follwoing people and you can contact these people if reqd

Aneela.sinha@kotak.com cell [protected], she is chief manager of Kotak Life insurance and is seated at address below
Kotak Infinity
Infinity toers
5th floor Zone 1
Near Nagari Nirwana, Ahead of Dindoshi Bus Depot
Gene A K Vaidya Marg
Goregaon (East)
Escalation to ### VIce President kadam.pravin@kotak.com-[protected]

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Melvin Botz
Beverly Hills, US
Nov 26, 2010 6:12 am EST

I was solicited by someone from Kotak life insurance company, then I googled "instant life insurance quotes" and found YourLifeSolution.com, they provided instant rates, the owner of the site was incredibly helpful and although I have nothing scathing to say of Kotak I can say many good things of YourLifeSolution.com

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Kotak Mahindra Bank unlimited calls

My name is Kapil Massey from New Delhi, I was left with no option other than escalating my problem to the Complaints Board.I am Getting unlimited calls regarding Savings & Investments from Kotak Mahindra Bank, As i have already told them that i am not interested in investments anymore and i also asked them to do not call me or harrass me, I am truly fed up these guys, i told them to put me on DNC list and they always told me that next time sir you will not get any calls from our Bank, But now this is the limit.I will definately launch an FIR against the Bank for Harrassing me.

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Kotak Mahindra Bank wrong promises/misselling

Reg:Policy No.[protected], kotak Super Advantage, UIN 107L058V01, Client Id [protected], Snehlata Kumbhat

Mr.L.N.Saboo of Kotak Life Insurance Delhi made several phones on my Phone no. [protected] and made false promises for captioned saving investment Plan (named as Kotak Super Advantage), which is not found in the aforesaid policy. Mr. saboo explained that this plan is for three years in which three annual instalments (Say of Rs.15000.00)are to be deposited as an investment, first year deposit will earn 110% bonus i.e Rs.16500.00, 2nd &3rd year deposit (Rs.15000.00+15000.00)will be invested in equity market and an interest @10% is also payable on total deposit.Further he explained that free life insurance for Rs.150000.00 without any risk coverage charges and free of Premium for age up to 90 years is also given as an additional benefit . After completion of three years the plan is encashable for Total three years deposit (15000*3=45000.00+ 110 % Bonus on first year deposit i.e 16500.00+ 10% interest on total deposits + fund value. If one wants to continue Life Insurance after three years one has to keep a sum of Rs15000.00 on which 10% interest and fund value income will be available till plan is continued and if one demise before 90 years the insurance claim in full will be payable or fund value whichever is higher+ deposit.
I am a single unmarried person and is never interested in Life Insurance Plan hence I told Mr. Saboo that in any way if it is a Insurance Plan I am not interested but he stressed that it is not an Insurance Plan and no premium for Insurance is to be Paid, it is only Saving Deposi investment Plan. All these false promises were endorsed by the local representative Mr. Puneet who came to my house for getting form signed and taking Cheque of Rs.15000.00.He said that it is investment Plan of Kotak Life hence cheque is taken as Premium for Kotak Super Advantage fund. Now no such promises are seen in this policy 5therefore I strongly make an complaint and wish to get my money back . Therefore today I have submitted the captioned original policy for cancellation at local office of Kotak Life Insurance, Minerva Complex Sojati gate jodhpur.

Snehlata Kumbhat
30/07/2010
Email Address
[protected]@gmail.com

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Update by Sneh Lata Kumbhat
Apr 11, 2011 3:35 pm EDT

why not get refund in free look period

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Shail B
, US
Feb 24, 2017 11:56 am EST

Never trust Kotak people . Frauds

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rip_kotak
, IN
Feb 07, 2013 4:32 am EST

This is a very fraud company they try to show that they are trying to fix you issue with stating the below when a complaint is raised on any forum

Dear Sir,

We request you to write us on clientservicedesk@kotak.com ID along with policy no. for better assitance.

Regards,
Kotak Support Team

But after you send an email this is the reply you get from them is that you have signed the policy documents. VERY PATHETIC COMPANY...RIP KOTAK MAHINDRA

### HOLES

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Ashish-Rege
, IN
Feb 06, 2013 10:59 am EST

Yes I agree with Niloy111 comments, , same case happened with me
(The insurance guy told me that its for 3 years term and I can discontinue after 3 year period. To my surprise when I called the customer care, I discovered that if I discontinue after 3 full years, I will only get the fund value of year 2 and 3 and I have to forgo my first year's premium (15k) and the pre-payment closure charges.)

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kotak69
, IN
Jan 16, 2013 1:58 am EST

Dear Sir,

We request you to write us on clientservicedesk@kotak.com ID along with policy no. for better assitance.

Regards,
Kotak Support Team

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get_nimish
, IN
Jan 08, 2013 5:28 pm EST

Its the same with me...the company hires all fraud employees who give out wrong information and fool the customer...government should ban these kind of companies and

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ankur9213
, IN
Dec 04, 2012 10:47 pm EST
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Same with me .Same statement has been provided by customer care.I can only withdraw after 20 years.

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Sarvmeet
, IN
Dec 04, 2012 7:35 pm EST

I have invested 65000 annaully for the last 2 years. The advisor who gave me this plan has quit his investment firm. The customer care told me that i can withdraw money only after 20 years or have to pay the penalty.

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ankur9213
, IN
Nov 19, 2012 10:02 pm EST
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yeah, i too agree with the above complaint. i've been told that if you invest 24000 premium for 3 years i.e 72000 for 3 yrs then in fourth year i will get 100000

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Niloy111
, IN
Sep 26, 2011 11:26 am EDT

Even I have similar experience. The insurance guy told me that its for 3 years term and I can discontinue after 3 year period. To my surprise when I called the customer care, I discovered that if I discontinue after 3 full years, I will only get the fund value of year 2 and 3 and I have to forgo my first year's premium (30k) and the pre-payment closure charges.

Now I feel that i could have donated my money!

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SS BINU
, US
Apr 24, 2011 12:44 pm EDT
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yeah, i too agree with the above complaint. i've been told that if you invest 1 lakh premium for 3 years i.e 3 lakh for 3 yrs then in fourth year i will get 4, 32, 000/-. my premium is 20, 000/- each for me and my wife

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5:52 am EDT

Kotak Mahindra Bank bank people are asking so many unwanted questions

I have opened a bank account with Kotak Mahindra Bank two years back. I have not operated for my bank account since it is opened. I had withdrawn all the money I deposited into bank. I wanted to close the bank account immediately. But the bank people are asking so many unwanted questions. They are sending a bank statement with debit balance for not keeping the required amount to maintain the account. They are not ready to close the account. Whenever I call the bank to close the account, I have to speak to so many persons ( line will be transferred) explaining in detail to each & every person.

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Kotak Mahindra Bank kotak life insurance policy mis-selling

Dear Sir/Ma'am,

A kotak executive (Ashish - [protected]) contacted me for a Policy in month of March.
He told me the Plan Kotak Super Advantage Plan with a year installment of Rs. 20, 000.
He told me that along with this Plan, I will get a Sony DVD player and if i will pay him now, I will get an

additional 12% online Bonus on it.
He also told me that I will get all these after 45 days when I will recieve my Policy.
Listining to plan and all these things, I gave him the go ahead and a cheque of Rs. 20, 000.

After few days I got the Policy ([protected]), but this is not what the executive told me.
This is something "Kotak Capital Multiplier Plan". I contacted the Executive and tole him this.
He told me that I must not worry, he will take care of this.

Again, when noting was done, I contacted him again after 10-15 days. That time he said that I left the Organisation

and now currently working with ICICI Prudential so I must contact:
Mr. Gaurav Srivastav and Indrapreet Kaur
Indian Growth Insurance Services
A-61, Second Floor, Rajori Garden,
Near Bikanerwala, Near Rajori Metro Station,
New Delhi 110045
Ph: 011-[protected], [protected]

I caled yup Mr. Gaurav, he said that SMS me your Policy number he will look into this.
I send him the Policy no. and called him again the next day. Then again he said that he is still looking into this

and will let me know.
After that he stops picking my calls.

Then I go to Kotak Branch, Ganga Plaza, Begum Bridge Road, Meerut and told them all this, they said that they will

not be anle to help me because the policy is taken from Janakpur, New Delhi. I was shocked.

I took the address of Kotak Life Insurance, Janakpuri, New delhi and reached there.
There I met Mr. Ankit ([protected]) he told me that Ms. Ritika ([protected]) can help me in this.

I called her from Kotak Janakpuri office and she assured me that she will give me the solution within 2 days.

I came back to Meerut and called her after 2 days. Then she said that nothing can be done in this and now none of
them is picking the phone also.

Till date i have neither got the Correct Policy, nor the DVD player nothing.

Please look into this matter asap.

Thanks and regards,
Ankit Singhal
[protected]

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Norton Lewis
washington, US
May 08, 2011 4:19 pm EDT
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you need to write to follwoing people and you can contact these people if reqd
Customer Service :-

kalparupa.dutta@kotak.com ([protected]) chief manager customer service
Aneela.sinha@kotak.com cell [protected], she is chief manager policy servicing of Kotak Life insurance
and is seated at address below
Kotak Infinity
Infinity toers
5th floor Zone 1
Near Nagari Nirwana, Ahead of Dindoshi Bus Depot
Gene A K Vaidya Marg
Goregaon (East)
Escalation to ### VIce President kadam.pravin@kotak.com-[protected] address above

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Kotak Mahindra Bank misbehaviour and threst on phone

On 12th may at around 1:30 Pm we recd a call fron Dehre dun Office of Koatk mahindra, try to sell some product. As the family was having lunch i answered the call but the gentleman on the other end was adamant to speak to my father and went on to say who makes the financial decisions and all that. On disconnecting as call was recd again and name and rank of the official was given as A Madan, Assistant Manager and our postal add was recited to threaten us. It should be noted that none of us has any buisness with Kotak and wud now never have one

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Kotak Mahindra Bank personal loan spl 19751

Dear Sir

Personal Load SPL 19751

I have taken loan for Rs.1 lac from Kotak Mahindra in 2006 for 60 months only 17 installments left. They had technical problem in starting regarding ECS which was not hitting my bank and error occuring account does not exist whereas the demand draft made on same account no. and credited on the same account. One more instalment they were showing pending which were cleared by Kotak after providing letter from my ICICI bank stating that cheque has been cleared from their side. But still same amount also showing CIBIL when I applied for personal loan from my employer Tata. And when they extract track record of my PL 16 EMI showing bouncing due to ECS was not hitting and I was regularly paying my EMIs.

Where is my fault kindly arrange Certificate from Kotak Mahindra technical team for ECS bouncing and pending instalment still relecting in CIBIL whereas there was no such pendecny from my side.

rgds

Umesh Satti

umesh.[protected]@gmail.com

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Kotak Mahindra Bank mis-selling by kotak employee

I had taken Kotak Smart Advantage Plan by seeing Brand Name of Kotak Group by investing monthly 3, 000/= & Fund Performance as I had done same Business in My Mother in Law Code Name : Rita Dipakkumar Shah. There is following miss-selling done by Sales Manager of Kotak Life Insurance, C.G.Road Branch, Ahmedabad - Sales Manager. I can also mention name but I am not feeling good to mention the same.

1. SM (Kotak Employee) had informed that you can stop you monthly Installments after 3 Years from Date of Policy which will not be affected to your fund value or any charges had been charged. You can change Premium Paying Terms & Policy Maturity Terms any times by giving simple request. When I asked customer care after 1.5 Years of Policy that I want to discontinue Monthly Installments after completion of 3 years at that time Customer Care had informed me that You will not get 1st Premium If You are pay for three years only & I had paid 36, 000 for 1st year.

2. SM (Kotak Employee) had also informed that 1st Year Premium of Rs. 36, 000 /= will be invested in Debt initially then form 4th Years onwards the same amount will be transferred from Debt to Equity segment which is also. When I had also confirm the same thing after 1.5 years of Policy at Customer Care Dept of Kotak, they had informed that 36, 000/= will not invested in Equity & Same amount will be given to you at end of Premium Paying Terms which is 30 years & If I will not able to pay for 1 installment then you will also not eligible for 1st Premium & other Benefits like Fixed Advantage & Dynamic Advantage.

There are many things which is going to wrong in favour of Kotak Life Insurance & I am effecting for wrong selling by kotak Life Insurance employee because 36, 000/= is big amount for me. If I will not get any reply or unfavorable reply towards the same, I will send whole in details to IRDA Grievance Cell within 10 Days & other many related govt. department who taken care of consumer complain & take corrective action. Kindly inform me what kotak Life Insurance co. can do for the same case. Looking forward your positive decision for the same from Kotak Side

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Update by Mitesh Shah
Apr 23, 2010 3:32 am EDT

I had 100% Agree with the same person & He must get right action from Kotak

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Yimmko
, US
Aug 18, 2010 10:34 am EDT

No response from customer care and customer complaints get unattended.

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rabari suresh
, IN
Feb 04, 2014 1:16 am EST
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-----Original Message-----
From: rabaris508@gmail.com
To:
Cc:
Subject: Policies sold with wrong commitment : [protected], 0291948, [protected]
Dear Concern

I Suresh Rabari, son of Bhikhabhai Bhayka would like to register complain on behalf of my father who was sold 3 policies - kotak capital Multiplier plan on 25/10/2011.

My father was sold 3 policies with premium of Rs 50000/- each by Agent : POLO SETCO TIE UP PRIVATE LIMITED stating the policies as single premium.

On reciept of the policies, i approached the office of POLO Secto Tie up private limited office. There i showed the policies to mr Tushar Patel and asked him whether the policies were single premium as committed. He replied that it weren't single premium and asked me to keep those policies with him as he would register complain on my behalf and would take necessary steps to refund the amount.

He kept those policies with him for 2 months. When i approached him after two months, he mentioned that he has registered complain with kotak life insurance company. Just to cross check, my friend suggested to visit Kotak life insurance office based in anand.

There i was told that they haven't received any complain for these policies. So my immediate reaction was to visit the office of POLO SECTO and acquire the acknowledgement or reciept.

I met mr Tushar Patel and asked him for proof of complain. He mentioned that its almost 2 months he register the compalint and therefore have misplaced the acknowledgement.

Then i was given a complaint drafted by him and asked me to visit Baroda branch as Anand branch won't accept the same. I visited Baroda office which is 50 kms from my place to submit the complaint. There i was told that if you would have submitted the same to anand office, it would have been accepted. The Manager in Baroda called anand office to confirm about the complaint. The Anand office personnel denied that they haven't recieved any complain from POLO Secto Tie up pvt ltd. They diverted me to visit Anand branch as my complain will be handle from local branch.

Then I visited anand branch to resolve the query. I asked them why they deny accepting the complain at anand branch. They said that nobody has approached us from POLO SECTO tie up pvt ltd. for these policies cancellation. Therefore the Lady Manager from KLI office in anand asked my to contact MR Tushar Patel and call him to KLI office. When contacted Mr Tushar Patel confirmed that he would be reaching office in 10 minutes. I waited there for 1 hour but he didn't approached. Finally his cell phone was on switched off mode.

Now i kept on regular follow up but was restricted because of my service timings.

Finally he made a statement that " do what ever you can " as its not his concern.

Now pls guide me how to go ahead with these policies as it clearly shows misselling and wrong commitments.

We are in no position where we can pay premiums.

Request you to look into matter and solve the same at earliest as i require the money badly.

Policies:
1. [protected]
2. [protected]
3. [protected]

I hope i expect a positive reply as i am no way in fault.

Regards
Suresh Rabari
[protected]

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PrasadP
, IN
Dec 01, 2012 2:53 am EST

i am also facing the same problem in Pune.
KLIFE persons are not responding and i am going to IRDA now.
btw, what happened to your complaint thereafter?
- Prasad Pandit, Pune

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Tarun Jindal
, IN
Sep 13, 2011 9:32 pm EDT

Their Grievance officer ( kli.grievance@kotak.com) also seems to be dummy email address that just receives email but never replies. I have sent couple of emails to this address in last 2 months but have received only automated replies.

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Tarun Jindal
, IN
Sep 13, 2011 9:29 pm EDT

It seems the Insurance companies sp. Kotak educates their agent to tell such lies.
To me they offered the benefits that included No premium to be paid after 4 years, 200% bonus at the end of third year.

F
F
Future Group Care
, IN
May 16, 2011 11:26 am EDT

Dear Customer,

We request you to please coordinate with us on kli.grievance@kotak.com, so we can look into your policy in greater detail and take this matter forward.

For further queries please feel free to write to us or contact our Client Service Desk on [protected] (Toll Free)

Regards, Kotak Support Team

N
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Norton Lewis
washington, US
May 08, 2011 4:20 pm EDT
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you need to write to follwoing people and you can contact these people if reqd

Aneela.sinha@kotak.com cell [protected], she is chief manager of Kotak Life insurance and is seated at address below
Kotak Infinity
Infinity toers
5th floor Zone 1
Near Nagari Nirwana, Ahead of Dindoshi Bus Depot
Gene A K Vaidya Marg
Goregaon (East)
Escalation to ### VIce President kadam.pravin@kotak.com-[protected]

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ajay varma
, IN
Jan 26, 2011 4:56 am EST
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most of the kotak agents, sell by telling the clients that after paying an amount for three years, you wil get more then the double the amount you have paid (eg. if you have paid, say rs. 60, 000/- you would get rs. 140000 after three years) after that it is not complsury to pay again and the policy will continue for the next 17 years.

As this is the common approach of the kotak agents, I believe that this misleading way of getting clients by kotak is being directed by the kotak magagement who hire agents and guide them to do the work in this manner.

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Kotak Mahindra Bank un-ethical practices of kotak home loan

Have you taken a Home Loan from Kotak Mahindra Bank? Excellent. You have successfully opened the Pandora's box. By saying this I really mean what I said. Let me give you my case. Nothing else. I will leave the conclusion to you.

I've taken a Home loan from Kotak Mahindra Bank in Oct 2006. Before giving the processing fee check I inquired about the Insurance for the loan to the sales guy. He said the insurance amount is Rs 30000 and the insurance covers the total outstanding of the loan in the case of any eventuality. Also he said the Insurance is from Kotak so there will not be any surprises.

Before the loan disbursal when I saw the break up of the disbursal it said Rs 60000 for insurance. When I asked the Kotak people and the Sales guy they said "this is the premium for the loan of Rs. 32.5 lakhs" that they conveyed to me and I probably mistook it. As I was in the excitement of moving into my own home, I just consoled myself that at least the cover is for the full loan amount.

After registration the Insurance certificate and the cover schedule was posted to me. On seeing that I was shocked that the insurance does not cover the whole outstanding amount. It was for a certain percent of the outstanding. Now I thought "ok. at least I got my own house, so let me live with this".

My loan is a hybrid loan, meaning it is fixed for first three years and after that will be revised and that rate will be for the next three years and so on. Also I offered them to pay through ECS but they said they will only accept post dated check payments. So had given 36 checks for the first three years EMI.

On the 34th month (Please note that not on the 35th month), they called up and said they are going to review the interest rate from the next month onwards (that is from the 35th month on wards). I told that the next month is not the 37th month and asked why they are reviewing the rate now. They said they actually review the rate in each quarter, so as my next EMI falls on the review cycle they will be revising the interest rate. I was protesting this heavily and nothing turned around.

They called up the next day and said the new interest rate is 13.5%. During that time the interest rate from other banks was ranging from 8% to 10.5%. Even their new customers were offered 10.5%. I was totally shocked and asked why there is a discrepancy. They said in a cool tone "Sir, you were enjoying the low interest rate all through the first three year. So why are you asking this?". So the customer must keep his mouth shut to whatever these people do. After some bargaining they came down to 12.5%. I was desperately looking out for other banks to take over my loan. But there was a 2.21% of fore-closure charges. So I was reluctantly looking for take over of this loan.

In the mean-time I've given them another 36 months of checks towards EMI at 12.5% interest rate. A few months later I had one my checks bounced because of insufficient funds (That's actually another story when I withdrawn money from other bank's ATM it refused the transaction for the first time and given money in the second attempt also by cool-ly deducting money for both times from my account).

After noticing the check bounce I called up Kotak and said that the check is bounced and asked them to collect a replacement check. I also asked them if there are any charges[1] they said "There is no charges, Sir". I know that every check bounce has its penalty and that was the reason I was asking them explicitly for this. All these conversations happened over phone they assured me that there was no charge. Also they said they will be sending a collection agent to collect the check. So i've given the check to the agent that came to my office.

Now, my instinct to get out of Kotak got intensified so I contacted Canara Bank for the loan take over from Kotak. They agreed and wanted the fore-closure statement and the loan account statement.

So I went to the Kotak Bank and asked for these document for which they said they will only give after 15 days from the date on which I communicated to them in writing that I intend to close the loan. So I sent out a mail to them. After waiting for 15 days and constant bugging from my end they sent these statements. On seeing the account statement I was shocked to see around Rs 1612 towards "Over due interest receivables". I looked into the account statement and found Rs 750 for check bounce and Rs 250 for check collection. How sweet!

Also as I was paying all the EMIs through post-dated checks it took two to three days for the check realization. My EMI due date is 10th of every month. So the check will pass on 12 or 13, even on 15th (depending on whether the 10th, 12th, 13th fall on a holiday). Eventually there will be a delay always for the check realization. For these days there were charges for Rs 20 towards "Over due charges". Very smart, isn't it?

Intolerable to these daylight robbery I went directly to the Kotak Mahindra Bank and asked for details, especially for the "check bounce charges and collection charges".
The customer service personnel told me that this check bounce charges are clearly mentioned in the loan agreement. I told her that was the exact reason for me asking explicitly was there any charges (see [1]), and they said that there was no charges. Also I told her that they did not tell me that there would be a collection charge if their agent comes to collect the check. She said "Sir, you are in 2010 and how come you didn't know that there will be check bounce charges and collection charges?". She is right. In fact I was the stupid. I really liked this "Blame the Customer" attitude. What else can I do? I said to myself let me live with this for a few days until I close this loan off.

In the meantime my take over application at Canara Bank was approved. So I asked them (Kotak) when I have to give them the check from Canara Bank. She said the check should be given 7 days in advance to my EMI date (which is 10th in my case). Actually my take-over proposal was fully processed by Canara Bank and they were ready to give the check when I ask for it.

In the foreclosure date they always give the outstanding amount and the charges for the next EMI date. So if I am closing on the 11th I will have to give the check for the out-standing amount during next EMI plus the next EMI and the fore-closure charges. So I have to pay the interest for the next month also. As a layman anybody would expect the loan be closed on the day we give them the other bank's check of on the day when the check is realized. But these people work on their own schedule. The check is collected from the customer and they say it will be put for collection. After the check clears it will take 5 days for them to close the loan. After that they would give the original documents after 15 working days. This after 15 working days is an open statement. So you may get in 15 says or 20 days if you are lucky enough.

I have given the fore-closure check on 12th Mar 2010. The amount is the principal outstanding as on 10th April 2010 + Apr 2010 EMI + Foreclosure charges on the principal outstanding. Now I'm waiting for the loan closed at their end. It is not even closed still. But the amount has been sucked up by them. I'm sure they will wait until April 10, 2010 so that they need not given any refund to me. By the way I didn't tell you a fact. As I'm paying the EMI for Apr 2010 also, if the loan is closed early say on Mar 17th in my case (as I have given the check on 12th and let's say they realize it on 16th and they close the loan on 17th Mar), they will be refunding Rs 591.43 per day until Apr 2010. This is no way near the interest that I paid in a month advance.

I am not sure if I will be getting my documents within time so that I can give them to Canara Bank. As of today I heard them saying the loan is still not closed at their end. But they will be considering that the loan is closed on 26th of Mar. I don't think they will be closing the loan before Apr 10th.

With this story, I leave the decision to the people who are looking out for a Home Loan (that too) from the Kotak Mahindra Bank. My sincere advice is, for heaven's sake don't go to them.

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Kotak Mahindra Bank wrong commintment & not give loan completion letter

I am Rinkesh Rameshbhai Prajapati. I am from Ahmedabad.kotak mahindra bank cheat with my father.My father give settlememt money as per giving bank employ. Now he told us loan completion letter u get in 2 to 3 days. but they talk with us very poor. They dont maintain manner. and he dont give us loan completion letter. my mobile number is [protected].
sir, after that bank employ told me u give more money. then we give 3500/- Rs. then he told us loan complition letter give in 5 days. but still we are not getting.
sir, we are middleclass person. your bank employ hareessment us if u not give more money v call u police.
At Ahmedabad Main branch shivrajni. my father minimum 100 times gone. my mobile call they are not accept. i am middleclass person.
Mahidra kotak person which my father & me talk i give you them as bolow..
jitendra bhatiya
devu thakor
rajak
brijesh

My name is Rinkesh R Prajapati
my mobile number is [protected]
Plz help me. i am break due to kotak mahindra bank wrong commintmemt.

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Kotak Mahindra Bank atm transection

I wanted to withdraw a cash of rs.7000/- from hdfc atm located at skylark tourist complex panipat and accordingly I had done the entre process for withdrawal. However, the atm machine has not been deliver the cash and showed (Unable to proceess) so I did one more transection of 7000/- and got the money but the mini statement showed the deduction of an amount 7000/-rs. On the day 03 feb 2010 at 17:10 and again 7000/- on same date but by difference of 1 min approximately. I contacted the bank manager immidiately as the atm dont have the helpline he said contct your bank and they will put in the request as I was not the hdfc bank account holder so I confirmed this with my bank kotak mahindra bank limited. They send a request and hdfc spok confirmed about the withdrawal. But the money was not withdrawn as it says unable to process. So I put in a complaint from my banks side and they said they will check the cctv footage and also contact the visa. But that will take 15 days. Request still in process. My rent commitment to lanlord and credit card payment commitment both gone wrong and I was charged for late payment and also about to be thrown out of my rented house. What to do.

Sir/madam,

My keen request to you is that please take a suitable steps so that the bank can not do this thing in futher for their customers.

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Kotak Mahindra Bank - employee treatment

Well i have worked with Kotak Mahindra Bank, it is probably the worst place to work in the whole financial industry.Not me but you can ask any of the current employees and the news is now widespread among the whole industry now. thats the reason that no one is interested in joining this bank even at good amount of hikes. Well my experience had been a...

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Kotak Mahindra Bank misappropriation of fund

Sir,
I had deposited an amount of Rs. 15000.00 through cheque no. 790606 drawn on Vijaya Bank, V.N. Marg, Allahabad Branch and the same was debited to my account on 5.8.08. The cheque was drawn in favour of Kotak mahindra life insurance co. Ltd. and was paid to them through their Banker Kotak Mahindra Bank Ltd. Allahabad Branch through clearing. The cheque was drawn and sent to you through your authorised Sales Manager working in Rajajipuram, Bangalore Branch alongwith a completed application form to purchase an Insurance Policy in the name of Mr. Siddharth Tiwari, s/o Mr. B.P. Tiwari, r/o A-38 Gangotri Nagar, P.O. Dandi, Allahabad - 212103.

After lapse of complete one year as on date neither I have received the policy document nor any demand to deposite the next premium. It is therefore, requested kindly to intimate me the current status of the same and send me the policy document so that I may keep it continue.

Sincerely yours,
SIDDHARTH TIWARI
Mob. no. [protected]
email: badriprasad.[protected]@yahoo.co.in

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Kotak Mahindra Bank security in atm at vakola bridge

My name is Rajesh Aier .Yesterday at 5.00 in evening I was standing in line for access atm in vakola one man standing behind suddenly entered inside the atm room before me and when i asked security to tell him to come out, than on contrary security is telling me that you should have look about your turn and was rude to me and even that man fight with me and abused me still security did not say anything to that man ..the security officer name was MR. Kurmi . You tell me when security is not interfering the matter than whom should we approach that time if he is not ready to help the customers why is he made stand outside atm location if he does not knows his responsibility or I feel personally he is not liable for that job. Being a Respected Company like Citibank should not hire this kind of people who will spoil the name and reputation of Company by not showing their responsibility

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KotakSupport
, IN
Jul 07, 2011 11:10 am EDT

Dear Mr. Pandey,

Our bank official is currently looking into this issue, and will shortly contact you on your registered number. For any further concerns, you can always coordinate with us directly on solutions.bank@kotak.com / grievance.redressal@kotak.com.

Regards, Kotak Support Team

S
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sorabh mittal
, IN
Jul 05, 2011 10:14 am EDT

My name is Saurabh Pandey. I am residing in Delhi, I am a Customer of Kotak Mahindra Bank. I am very disappointed on my account related. My CRN no: - [protected]. In the past were was account opening they were tell very politely and then account will be open they were not any problem to face out and mail to the customer relationship but they were not answering properly. I am sending mail again and again that was not response properly and my relationship manager i also not tell properly my agent who is account opening Mr. Rajenesh they were duty was closed the account opened.

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Kotak Mahindra Bank misuse of card due to hacking of card in uk

I am writing you this letter in despair with the sanguine hope that you will look into the matter personally and do the needful. Brief history of my tour to England shall facilitate you to reach at conclusion that how I was duped.

I visited England on Tourist Visa for Holidays to my friend Sh Kulbir Singh Johal on 05.08.2008. On 25th August 2008 at about 3 P.M ( U.K local Time) I went to Middle Atm of Lloyds T.S.B PLC 25 at Broadway South Hall, Middlesex, UB1 IJT to withdraw the money through my debit Card no. [protected] and primary account no bearing no [protected], of Kotak Mahindra Bank NAkodar. I inserted the Card but neither the money nor ATM card came out. I tried my best but all in vain.Since 25th August 2008 was holiday in U.k and due to this reason I could not contact any official of the Bank but I contacted on phone to Kotak Mahindra Bank ofiicial at Nakodar, jalandhar, Punjab, India & instructed him to block the card so that no transaction could take place. On 26.08.2008 I visited the Branch of Lloyds T.S.B PLC 25 and nerated the entire story to one of the official of the Bank namely Miss Palvi who assured me not to worry as the card shall be automatically crused in Machine.

To the utter surprise when I swithed on my Indian moble no [protected] on 27th August 2008 I received that my net balance in the account is only Rs 307/- when in fact the balance before using the ATM card at Lloyds was Rs 476528/- Indian rupees equivalent to Pound 5953 app. I was cheated and somebody has withdrawn he amount by hacking my ATM Card illegally, unlawfully in order to cause wrongful loss to me. Left with no option I contacted the Police of Southall. The concerned official of police asked for the account statement. I contacted my son in India and asked him to send me account statement after obtaining from my bank account satatement. I approached the Police and case was registered vide crime reference No. 2524563/08 on dated 27.08.2008.
I had a horrifying experience which no should have. The United Kingdom is not like that what I thought to be. My entire tour was spoiled.

You have recourse to latest techonology and well established forensic department to nab the accused. Every ATM is secured by close circuit, T.V Cameras and the period when my mony was taken out illegally by some unauthorized person, the Camera would have recorded the picture. Kindly take some deterrent steps so that such unfortunate incidents with the tourists does not happen again. I am enclosing my account statement for your ready reference.
I am positive that you will revert back and provide with justice. In case of any further enquiry please don’t hasitate.

Thanking you with deep regards.

Yours Sincerely

(Surinder Kumar Modi)

India Contact Address:-
Surinder Kumar Modi
New Adarsh Nagar
Near D.A.V College ( Boys Wings)
Nakodar . Distt Jalandhar
Punjab ( India)
Mobile No:- [protected]
E-MAIL:[protected]@yahoo.com

Abroad Contact Address:-
Kulbir Singh Johal
5- Glenside, Chigwell
Esssex
IG 75 RE
[protected]
[protected]

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