Kotak Mahindra Bank
Reviews and Complaints

Hello All this is a complain regarding "Debit Block", I am working with IT company during the induction i got my welcome kit of my salary account. i have activated net banking, phone banking etc. after some days call from bank came stating that my welcome kit is not delivered which i already have. problem is there was two welcome kit on my name which is fault of bank. my salary got credited into account which
i have. because of this issue i can't debit my money from ATM, NetBanking etc.. i raised a complain on 31-05-2014 and today is 12-06-2014 still it is not resolved. i have to pay my EMI's, Credit Card bills with penalties and bad record in CIBIL. Please suggest me how to proceed further.

Bank executives lie about account features and then they dont resolve complaints
I opened Salary account with Kotak Mahindra Bank, I was told that I would get 3 Family Savings Account with ZERO AQB benefit.
But when I received my Welcome Letter from the bank, it says AQB of 5000 is required.

I complained, I got calls from bank executives, Mr. Ali and Mr. Prasad. They agreed that welcome letter stating feature of AQB 5000 is wrong and they would send across a mail to me stating correct feature. But even in two months, I have not yet received features list on my account as they promised to me on call.

I Jayesh Patel would like to bring to your notice that had a most horrifying experience of my life till date and that to during most auspicious eve and festival of Diwali.
Extra ordinary, sick, pathetic, awful and worst service give by branch manage Mr. Polen Gupta who is not worth to be a peon, if the management is like Mr. Polen Gupta what can be expected from other members. Mr. Polen Gupta strictly follows the slogan "banking customer ki khol k marna aur hera feri karna"
As an least valued customer of Kotak bank when, visit Chembur branch on dhanteras to complaint about the mess that happened a day prior due to malfunctioning of atm machine unfortunately happen to meet this most awful unprofessional person in this whole universe who doesn't have any sense of customer service or any trace of curtsey in him
When approached to speak says my day starts after 10 am so don't bother me now as I am here for Puja which is more than important for me than any f..k..g customer and come after 10 am, when insisted to speak; directs me out of branch rather than making me sit there, then come out side to speak in the middle of the road again having no concern for safety and security of customer making him count the amount of Rs 19500 there and there itself. Least bothered to listen not even pretending to listen me asks have you called Kotak customer service having answered yes and complaint no is 1-[protected] and one in the drop box says "you will be reverted back after 7 days so now just buzz off and let me do my puja" as there would be a process of investigating and reviewing the situation.
Happy to say every time; I deal with Kotak experience become more and more horrifying.
Most fraudulent, unprofessional, least bothered, and trustless organization on this planet.

Sir,
An executive had sold me a policy by making false commitment, that I would be getting good benefit as by paying 25000/year for 8 years. And after 15 years I would receive an amount of 15Lakhs.
After I receive a document from kotak, I found different policy. I made a call to the agent, he told me that the policy sold to me is what he said, and also I had received a wrong document.
Again he said that he is looking after it and I shall receive the proper document within few months, later on I cannot find him and I also lost his number. “But the company does have the sales executive contact information”. Over the years, I tried to make several complains to customer care, on which they said they will be looking after it. And at last, for last few months they them self started calling me mentioning terms and condition of the policy. Therefore in total they did not work on complain.
I also wish to bring into your attention, on the “The terms & condition, page of the policy”. The signature in not mine, the signature is duplicated by the kotak agent. Therefore, this confirms a complete SCAM done by the executive of the company.
Today, i receive a call, might be from kotak head office.
I cannot understand why these people are showing me terms and condition. Since the policy was a false selling and on the "terms & Condition" document is not my signature...
How could they all consider me to obey, when i didn't sign the document "terms document'. And, it’s not my signature!
When it's not my signature, it means the sales executive sign the document.
Then how come these people consider me to go with terms & condition.
I need a final resolution this week itself. Or i will go ahead to file a case for such scam.

Thanks
Ashish Shaw
Policy No: [protected]
Product: (Kotak Money Back UIN-107N003V01)

To,

Sub: - Regarding fraud & racketeering in the name of IRDA.

Sir,

With reference to the above mentioned subject, I want to attract your kind attention towards fraudulent behavior of some notorious persons who are swindling the innocent people by investing their money in various Private Life Insurance Companies. I am also a victim of this concoction.

An unknown person contacted me over cell phone. He introduced himself as “Nitin Bhardwaj([protected])”, Head, Logging department, IRDA, New Delhi. He told that a benefit of Rs.185000/- had been declared on my ongoing ICICI Prudential Life policy. I ignored his call. Then he again called me and reminded me that some other person from his department had informed me two month back about this offer but I had rejected. Now an agent of some Insurance Company is going to claim for this offer because you have given him signed authority letter. Firstly I doubted him so he took me in conference and make me talk to his senior officer Mr. Rishabh Tripathi ([protected]) at IRDA Bangalore. Who confirmed that the call was being made from IRDA only. Mr. Rishabh Sharma then added that “You can still claim for the benefit. But for this you have to purchase a policy of Rs.35000/- from any one of following Insurance Companies but remember tomorrow is last day for claim”.

1. Kotak Life Insurance
2. Birla Sun Life Insurance
3. HDFC Life
4. TATA AIG
5. Bharati AXA Life.

He assured that the invested money (Rs.35000/-) will be credited back in my a/c with above mentioned benefit of Rs.185000/- after 72 days. I agreed and next day Mr. Ganshyam ([protected]) from Kotak Life Insurance visited me, completed formalities and collected the cheque of Rs.35000.00 on behalf of Kotak Life Insurance.

Same day After, Mr. Rishabh Tripathi pursued me once again in second week of October ’2011 and misled me to purchase one more policy from Kotak Life Insurance of Rs.45000 Then release benefit 3.5 lakh with is 60days.

On 15 April, 2012, when 72 days period completed, Anurag Gupta ([protected]), who was telling himself from IRDA fund department, rang me and said that the benefit which was committed by Mr. Rishabh Tripathi Is ready to be credited in your account against the policies purchased by you. He demanded for BTC (Benefit Transfer Code) and Bank a/c number. I informed him that I have no BTC. Then he suggested me to contact my proposer i.e. Mr. Rishabh Sharma. I dialed Rishabh Sharma and demanded for BTC. Then he told me to further invest Rs.30000.00 to get BTC. Nothing to say how hard I faced arranging the money for all above mentioned policies the details of those are as following:

1. Policy name- Kotak Capital Multiplier Plan (UIN-107N011V01), Policy No. [protected], Date of Commencement. 4.10.2011, Premium amount 35042.00, Policy Holder – Achal Kumar Teweri

2. Policy name- Kotak Assured Income Plan (UIN-107N069V01), Policy No. [protected], Date of Commencement. 20/10/2011, Premium amount 45020.00, Policy Holder – Achal Kumar Tewari

After that Mr. Rishabh Tripathi never responded my call. On January, 2012 I received a call from Mr. Suresh Nair ([protected]). He told that he is assistant of Rishabh Tripathi. He said that the process to get the BTC went waste because you had not invested the money in desired amount. Rishabh Tripathi is not available in New Delhi due to family problem. All pending files of benefit distribution are being forwarded towards RBI to be finalized. He demanded money in cash along with photocopy of PAN card, address proof & saving bank a/c no. through First Flight Courier at the address D/1092, Sector 63, Noida addressing to Mr. Sanjeev Kothari. Since I had invested a huge amount and did not want to lose that amount so I sent money in cash too at the desired address to invest in the policy.

The different land line and cell phones used in this cheating are as under.

Cell phone nos.
1.Rishabh Tripathi – [protected]
2.Unknow - [protected]
3. Nitin Bhardwaj – [protected]
4. Suresh nair – [protected]
5. Anuraj Gupta – [protected]
6. Atul Pathak – [protected]
7 unknow- [protected]
8 Vikram Chauhan [protected], [protected]
9 Chakravarti [protected]
10 Anil Bakshi- [protected]
11 unknow [protected]
12 Agent Archana Jha [protected]
13 Kotak Employee [protected]
14 Kotak local Agent support [protected]

As I mentioned earlier above mentioned investments have been made by conspiracy of Kotak Life Insurance Company and Agencies concerned. Because just after each call of Rishabh Sharma I received a call from Life Insurance Company agents / representatives stating that “It is informed by our H.Q. that you want to purchase a policy from our company. We are sending our representative for the formalities on such and such time”.

Sir, I complain many time, But Kotak Company & agent say, “15 Day free looking period is gone, This is your choice policy continue or lapse.

Please help policy amt Refund & any action Fraud Agent & supporting person.

Thanks & regards

Achal Kumar Tewari
14/626 Murad Ali Lane
Nai basti
Lucknow

[protected]
[protected]@rediffmail.com

I had taken one Life insurance policies from Kotak life insurance in the name of my daughter at annual premium of Rs22, 000.00 policy no [protected].Till date three premiums were paid by me .
in November i received a call from one Priya sharma-Insurance Advisory on inda, stating that i am entitled for a bonus of Rs, 55, 000.oo against above policies.As per her the agent for my policies has given his code no.and got the bonus credited to himself.
For claiming this bonus i was asked to generate my own code by sending a cheque for Rs25, 000.00 against above policies along with Passport Photos, address proof and photo ID proof to Kotak Insurance Local agent and not to tell anything regarding bonus to the agent .After doing this i am supposed to get Rs75, 000.0 against my policies besides refund of Rs, 25, 000.00 as well.
Since i have already complete these things and get one dummy policy of 25, 000.00 on 5 april, now I am getting another call from Insurance managed firm asking to do same process to get bonus from this policy I don't know weather it is true but varing about the dummy policy either I have to continue this if all these things are fake or forget the money.
request for help, ie whether the claim of these kind of agent is genuine or not.

Hi,

We took the Car loan from Kotak Mahindra in 2007 for 4 years and paid the loan without any bouncing on the basis of which we took the car loan again for 48 month on Alto but appx after 35 months because of some personal financial issues our 3 installments got bounced, and suddenly their goons came earlier and started abusing us and after 2-3 days in the morning they came again and without prior court instruction they took away the car with interiors and other accessories, without even given a thought that some one paid the installments without a miss for last 7 years, they behaved like a professional criminals and goons and took away our vehicle.., and after that they asked us to come in Laxmi nagar branch and for entire 3 days they harassed us mentally, they gave us different time and asked us to set outside and told us to pay 15K + 20K penalty (total 35K), and next day we went there then they told us to pay entire pending installments of 12 months, and other penalties of 60K appx extra.. and treated us like a hell, , they tourchered us so much mentally that is very difficult to describe in words.

Now Vehicle is in their custody and they are refusing to take 3 installments and asking to foreclose the a/c.

Regards
Hitesh
[protected]
CF-5849755 (LOAN A/C NO)

Hi.,

I had taken personal loand & had posted few queries reg. this on 5-Dec-2012 & none of them was answered as of now. I have seen an amount of Rs.10579 was deducted from sanctioned amount of Rs.407148 & only Rs.396569 was credited into my a/c.

Inquired them regarding this deduction & he explained Rs.4308 was Admin charges, Rs.3431 was processing fee and Rs.2840 was Insurance fee.

Nowhere they written about processing fee, admin fee, insurance in the documents. I have read all the documents while signing.

I sent several reminders & they are not responding yet

Thanks & Regards,
Srinivas Appani.
[protected]

Well today marks the 63rd day of this abuse incident and still I have not been given justice for this abuse issue, I request the top authority of kotak mahindra bank to look in to this issue at the earliest and do the need full asap,
If not customer will loose confidence on kotak an very soon kotak will surely go to dogs,
Remember one unsatified customer can voice out his frustration against the bank to 100s,
And in this inicident kotak employees devon bandary, vivek (Nodal team), haresh hiranandani (Nodal team), mohan narakudhi (Jayanagar kotak branch) and that son of a # manas # shirivatava have all worked at a #ed up team and enied me justice,
So I demand the kotak mahindra top management to look in to this issue and
Reslove it at the earliest

Well people
I would like to share this also with you all, which is very
Critical and you all will be very ashtonished and stuned to know that

Devon bhandary who is the so called regional busines manager of kotak (But as per me he is
An absolute idiot, a nut case and a # who is a blind follower of his # sud-ordinates - mohan nadkarni, manas # shrivastava)
Sends me an ultimatum letter via courier (Dated:31st aug 2012) :
Saying that due to my abusive behaviour towards them,
I must and should close my kotak savings account in the next 30 days, if not they will close it
Forcefully and send the proceeds to my corresponding address

Now I want to ask this son of a # devon as who the f* he is to send me an ultimatum to close my savings account,
For no mistake of mine, this is the first bank who is forcing a customer to close his account with out his consent,
This # devon is acting like he is the owner of kotak,
Let me make it very clear that I will not close this account come what may.

No one has the right to forcefully close a customer's account with out his consent,
I demand a call back from this # devon and I want to talke to him about what triggered this issue on july 11th in the first place,

How can he act on only what his idiotic brainless sub ordinates mohan and manas tell to him,
Has he not got his only brain to apply,

If still they forcefully close my account on sep 30th 2012, I will challenge this in the court legally
Mind it,

I request every one who has read this to support the true in this regard
Thanks

This is a complaint against an kotak employee who name is manas and he is based
In kotak bank jayanagar branch, he is such an arrogant and mannerless #
Who dared to call me back from his office mobile ph twice back to back and used
Profanity at will which force me who being a customer had to disconnect the calls
On my end, this happened on july 11th 2012 afternoon, and since
Then I have been escalating this issue to get justice, but nobody in kotak - greviance redressal,
Nodal team, customer care nor the jayanagar branch manager mohan narakudhi
Have been responsible enough to judge this issue and punish that # manas,
On the contrary they all are shielding manas and arguing that such a abuse incident
Did not happen at all, I have a voice recording where in the branch manager mohan
Himself called me and accepted that manas did use profanity as he took it personally,

I appeal to every one of the public not to associate with kotak bank in any ways,
Because if a high profile customer like me is getting such a worst treatment from a
Front end kotak employee, then this will surely continue with other as well, please
Close your accounts with kotak as you are delaying with a # service, from which
You can expect only problems and nothing else

I enter the policy agreement with Life Insurance | Term Life Insurance | ULIP | Insurance ... - Kotak.com
insurance.kotak.com
They approached me through telephonic for offering the insurance policy .They offered that lot of feature in the proposed policy.they dispatched bond after two month of commencement of policy agreement . While I received my bond which is related to the policy .I got shocked for following reason:
The policy benefit and other point is entirely different from the offer which was proposed in the telephonic conversion. The profession, date and place of signature are forgery as to create multiple polcy.I loss nearly 35000 .They are making false hope to cover the policy and never mind about our loosing money

Reference -Policy no. [protected]
Subject- Cancellation of Policy as the same was given to me
by adopting fraudulent means and unethical business
tactics.

You are requested to kindly cancel the above policy immediately and refund the amount of premium paid by me . The reasons for cancellation is that the policy was given to me by adopting fraudulent means and unethical business tactics.

One, Mr Deepak Aggarwal ([protected]) phoned me and stated that he is speaking from Kotak Mahindra Bank, New delhi and if I have any requirement of personal loan. On affirmation he got the application No . KP 1993659 signed by me in july at my residence through their Field Executive - Mr. Manoj Sharma. Mr Deepak informed me that I am eligible for loan provided I take an Insurance Policy from Kotak by paying one time premium of Rs.10, 000/- which will be refunded to me after one year, just to secure the loan. The cheque was collected from my residence by Mr Manoj Sharma .

When no loan was released I talked to him ( Deepak aggarwal) then he requested me to talk to his senior -Mr Dilip ( M- [protected]) . Mr Dilip assured me that the loan will be released shortlyand requested me to send some documents . I submitted the above documents to him at the following address:-

Mohindra Old Mutual Life Insurance Ltd
7th Floor, Amba Deep Building,
Barakhamba Road
New Delhi-110001

Thereafter he switched off his Mobile . Then I talked to him through his receptionist Ms. Priya (M – [protected]) . When I indicated that I will file FIR against him and a complaint with Insurance Ambudsman, then he disclosed that he is not from Kotak but he is associate of Kotak.

Mr Dilip and Mr Deepak Aggarwal have impersonated as employees of Kotak Mahindra bank and thereby committed a criminal offense .

You may be aware that the master is liable for the acts of his servant and hence you are equally liable as you have appointed unscrupulous persons as your associates .

Such persons are not only spoiling the reputation of your company but also creating public anger against you and as such you are loosing business instead of getting the same in this most competitive field. It may not be out of place to mention that the Policies / Business obtained through fraudulent means are never long lasting - you will never get further installments of premiums. I may also mention that no medical examination was conducted.

You are requested to look into the matter and refund the amount of premium paid by me immediately and in any case within 15 days from the date of this mail failing with I shall be constrained to file a complaint with the Insurance Ombudsman besides filing FIR against the culprits.

R.K.Nalwa
M-[protected]

CHeated and charged very high rate of interest
No Response from Kotak even after sending a e mail

This refers to the loan taken from Kotak Mahindra purchase of my second hand car (Maruthi Swift - 2007 Model) from Toyota Trust, Bangalore.

Car purchase was finalised for Rs. 3, 70, 000/-. I had made the down payment of Rs. 80, 000/-. Balance amount of Rs. 2, 90, 000/- I had opted to take loan. As per the discussion had with Toyota Trust during the purchase of car, they had promised me to give the interest of 15% reducing or 10% Flat for the loan amount of R.s 2, 90, 000/-

Unfortunately, the agreement copy was delivered to me very much late. But when the loan agreement was received, I was surprised to see that a flat interest charge of 20.8% was charged on me. This is pure cheating. Never expected this from a trusted company like Toyota Trust or Kotak Mahindra Prime.

Request your help in resolving the issue.

Loan agreement details:

Kotak Mahindra Prime
Agreement no: CF-6813425
Agreement date: 31/03/2011
Loan Amount: Rs. 3, 03, 775/-

Thanks and regards,

Pradeep Kumar M
[protected]

I have invested 5 plus lakh in various product of kotak. None of them earned even my capital, but have made huge loss. They have made the address change very cumbersome. Am unable to retrieve my own invested money. repeated call and emails have fallen on deaf ears. Representatives are acting funny when i saw my investment reduced. Just to change my address or provide Tpin they charge and make me run pole to post. I'll never invest in kotak again and not recommend anyone to invest in kotak again. Please be careful with Kotak.

Regards,
Mahendran

1. One of the Agent (Nitin) of Kotak Life Insurance called me to briefed me about the Kotak Superadvantage policy and sent one of his executive to my residence for further details. The executive explained me about the policy and told some benefits that were very attractive. The benefits included No premium to be paid after 4 years, 200% bonus at the end of third year.
2. When I asked the executive for the written proof of the above mentioned benefits. I was told that the benefits are special offers for a limited period only and will be printed in the policy documents only. But to my surprise when I received the confirmation call from your insurance call center they denied of any such benefits. To which I instructed them not to forward my documents for further processing.
3. This time as well the executives surprised me by processing the documents further and sending the final policy documents. To which I reacted immediately and called the customer care department and asked them to check their call logs for such conversation and cancel my policy. They arrange a call with the agency who then sent one of their executive (Mr Deepak) for the collection of the documents. The executive then collected all of the documents along with a hand written letter for the cancellation of the policy and never returned back with the receipt. Till date I am struggling with the insurance company to get the policy cancelled and my money back. I have written emails to the customer care and grievance officer but all going to dead ends.

This is with reference to the Debenture that I have in the Company.

I had purchased these debentures in 1996, after which I have not heard from them. I had called the call center they were not aware about anything and said you write to the address (kpc.[protected]@kotaksecurities.com
and service.[protected]@kotak.com) and they would response, till date I have not recieved any emails or response from them. I have also given my contact number to them in the email.

I have not received any statement or any client number or any update from 1996. I am not sure what has happened to the money that I have invested. I want to redeem them and need to know the procedure.

I would appreciate if I can get any help from your end.

Regards,

Tricia

dear sir
bject: complaint regarding ECS mandate policy No. [protected] and client ID [protected]

Dear sir,
I am holder of captioned policy in the name of KUNAL SONGARA DOB 10/01/1982, in this connection I have to advise that one of your company representative came to my residense in the month of Oct, 2009 and expliain about the scheme & assured me to get minimum 10% return on my deposit even if I deposit Rs 50000/ per year for 3 years either lumpsum or monthly.Not only this he also told that my total deposit in 3 years Rs.150000/ would yield upto Rs. 180000/ or more than that after lock in period of 3 years.Since 50000/ was big amount for me I asked him to make it 10000/ on this he replied that I can change the plan during 3 years whenever I want.Reliying upon him & association with popular brand name i.e. KOTAK I filled up the form & issued a cheque for Rs. 8500/ towards 2 monthly instalment ( Oct & Nov) commancing from Oct, 2009.
on 22nd Oct I received a letter dated 22nd Oct.2009 from your Mumbai head office for lodgement of ECS mandate for monthly premium of Rs. 4250/ with my Uco Bank Ar era Colony Branch. I was shocked to get the information as I dont know when I signed ECS mandate or get it signed by your representative.Anyway considering such a big name of co. I did not object to it.Since than regular monthly instalment of Rs. 4250/ is being deducted from my A/c w.e.f 5th Dec 2009 and every month on 5th date instalments are paid without any default.Suddenly on 25th Sept 2010 Rs 12000/ was paid through ECS without informing me.I immediately stopped ECS mandate & asked through client help desk several time but no response, even I approached Bima lokpal bhopal who suggested me to first lodge complaint to Kotak Mumbai office I did & sent by courrier but to my surprise all my request were not responded, even I told them to refund atleast my t Rs 12000/ which was debited to my A/c without my mandate.
Sir, I am on verge of retirement in 2014 and my hard earning money defrauded by your representative when I come to know that there is no assured return for 10 years.This is realy shocked me & shattered my morale. This incident forced me not to relye upon any one for financial matter may be big company.
I urge upon you to please refund my amount immediately with interest as no longer I want to continue with the scheme. and also let me know under what mandate you have claimed Rs 12000/ without informing me. So I request you to kindly refund my entire sum deposited so far which comes to Rs 68750/- along with interest. I am sure I will get Justice failing which I would compell to approach IRDA or consumer forum for redress my grievances
looking an early & favourable action in this regard.

mobile No. [protected]
Songara.

117 B Dady Seth Agiari Lane, Mumbai: 2.
15 tenants families are dis housed from 2005 till date.
MHADA helped landlords in 2007 to 2009
L T Marg Police Station had favoured Mr Sudhir Karmakar Landlords, by giving police protection in 2008 to capture illegal premises. Running Illegal trade of selling well water, ilegal electricity taken, C Ward, MCGM had issed notices U/S 394 - 351 - 207A - 354 but action are pending. Mhada issued acquisition notice U/S 88 (3) Of MHADA Act 1976, action pending.
Contact: [protected]@yahoo.com / [protected]