Procedure/experiences in filing case with ombudsman (Bank: Kotak)

mmmjgm · 21st August 2009, 19:11

Quote:

Originally Posted by amtak

Phamilyman, Welcome to the ugly world of Kotak. If you remember, when I had applied for a Personal loan in december 08, they approved the loan amount (2.5L) and out of which they would release only 2L and put the remaining in Kotak approved funds. Also, they wanted to sell me the insurance. After a lot of process and threats to cancel the accpetance of the agreement, They released the amount of 2.5L but still slapped the insurance.

All I'll say is all the best with your fight.

Amtak bhai, how can they put the .5 in a Kotak approved fund ? You cannot market or bundle a unit linked/mutual fund product to any other product taken by a customer.

These are AMFI rules. Also no one other than an AMFI certified personnel can sell you/advise you on Mutual Fund products. (again an AMFI rule violation).

AMFI stands for Association of Mutual Funds of India. (Welcome to AMFI !)

Selling your funds which you have committed to pay on a housing loan violates both RBI & AMFI rules if they have parked it in a Mutual fund, again there's another rule (might be the RBI rules relating to deposits from the public) which is violated as they are routing funds disbursed on a housing loan to a mutual fund where their group benefits.

Regards

M

phamilyman · 22nd August 2009, 16:18

By the way, the team-bhp effect is at work. Search for kotak ombudsman and this is the first non-kotak link that pops up

@mmm - any such technicalities you are aware for housing loans? more ammo please!

hvkumar · 23rd August 2009, 08:11

Kotak is a rotten organisation anyway. To give you an example, in my company's current account, I intimated them change of address 3 years ago - they have still not corrected their records. I have sent them several letters, talked to at least 10 relationship managers (no joking!), but no one has done anything about it. Happily, I have stopped operating that account long ago.

Here is a listing of several other Kotak-is-the-problem mails in the forum:

http://www.team-bhp.com/forum/indian...ndra-help.html
Harrassment by Kotak Mahindra-Help!

http://www.team-bhp.com/forum/indian...me-my-noc.html
Kotak Mahindra just refuses to give me my NOC!

http://www.team-bhp.com/forum/indian...auto-loan.html
Kotak Auto Loan

http://www.team-bhp.com/forum/indian...ing-funny.html
Kotak Mahindra Bank - Acting Funny

The above mails came up from a cursory search of earlier mails, looks like Kotak is indeed a problem, avoidable and better left unpatronised.

Harrassment by Kotak Mahindra-Help!

phamilyman · 24th August 2009, 16:38

Yeah totally.

By the way, Kotak just emailed (i insisted - not just calling) that they would cancel!

hvkumar · 24th August 2009, 17:20

Quote:

Originally Posted by phamilyman

Yeah totally.

By the way, Kotak just emailed (i insisted - not just calling) that they would cancel!

Now for the next one - the commitment charges issue!

phamilyman · 26th August 2009, 17:45

Interesting. They collected the insurance, emailed that they would cancel.

Caveats:
a. They haven't indicated what the possible administration charges for cancellation will be. knowing Kotak - they can slap me with a cost there only!
b. They still want me to pay the commitment charge.

31st August is not far

amtak · 26th August 2009, 18:41

Quote:

Originally Posted by mmmjgm

Amtak bhai, how can they put the .5 in a Kotak approved fund ? You cannot market or bundle a unit linked/mutual fund product to any other product taken by a customer.

These are AMFI rules. Also no one other than an AMFI certified personnel can sell you/advise you on Mutual Fund products. (again an AMFI rule violation).

AMFI stands for Association of Mutual Funds of India. (Welcome to AMFI !)

M

I know. My brother is a certified AMFI personnel. They however know their way to break the laws and get away with it.

sammyboy · 26th August 2009, 19:19

As if Kotak Car loan issues wernt enough, I now have issues with the Kotak Savings Bank account. A couple of years back Kotak offered a zero balance lifetime a/c and I unfortunately took it. I used it for my MF auto debits. Didnt use it for a while but the dividends from my MF's used to come to that account. Checked that a couple of days back and I see almost 2500 cut from my account towards "maintenance charges".

Called them and they coolly tell me that they had sent a letter to inform me (which I never got) and changed the zero balance account to a normal account which needs 20K as minimum quarterly balance. Those charges were for not maintaining 20K.
When I got really angry, the guy asks me to close the account if I want.

This is the WORST bank to transact with ever.

phamilyman · 7th September 2009, 18:20

Quote:

Originally Posted by phamilyman

Interesting. They collected the insurance, emailed that they would cancel.

Caveats:
a. They haven't indicated what the possible administration charges for cancellation will be. knowing Kotak - they can slap me with a cost there only!
b. They still want me to pay the commitment charge.

31st August is not far

Kotak has a simple rule - no matter whose mistake, the customer pays.

The insurance will be removed from the loan principal. However, on 5th September, a pre-EMI was debited, which included a insurance component.

Now because Kotak could not cancel an insurance policy in 9 working days (they issued it in 1 day!), I paid that extra amount (1265 bucks). I will soon get email confirmation that there's nothing which can be done!

I suspect its part of Kotak Best Practice!

@sammyboy: WHAT? I have been swamped with Kotak's emails and SMSes. But then, by now, I wouldn't be surprised if they do something similar to me some day!

phamilyman · 8th September 2009, 11:25

Here's MORE kotak best practice:
They said they will refund the insurance amount to me by cheque - while the EMI would continue as pre-fixed.

phamilyman · 14th December 2009, 18:42

Here's an update:
The flat was offered for possession thru a letter 16th Nov. I got an email on the 19th - Kotak was made aware on 20th Nov 3am. Since July, Kotak has had some legal issues with the standard tripartite agreement of the developer (there's 1200+ flats in the same complex btw). I'm not saying whose right or wrong - but they kept me in the dark till today afternoon, and now I'm looking at either scrounging around for a few lakhs in a single day or waiting for Kotak and paying the interest charges!!

Thanks Kotak for letting me down at EACH POSSIBLE step!!
PS: No case filed with ombudsman (yet!) because I just don't have the time! :(

phamilyman · 14th January 2011, 15:47

These shameless people tell me they have been increasing the tenure without telling me - when I clearly specified FIXED tenure. So Now after 17 months of taking the loan, of which 12+ months were with the EMI on -I still have 240 months to go, i.e back to zero.

Going to raise hell in their office on Wednesday (earliest I can take leave) - NEVER NEVER EVER take a loan from Kotak. Now I know why my folks had banking relationships (with sarkari banks) that still last after 40 years.

I repeat, in comparison to my other friends, HDFC = peace. There's a reason the leader is the leader!

akhilesh · 14th January 2011, 16:01

Oh my I have salary account with them. I am afraid they might deduct some thousands in the name of miscellaneous charges.

You can't be so bad even if you try hard! Simply disgusting.

22nd August 2009, 16:18	#17
phamilyman Senior - BHPian Join Date: Jul 2007 Location: Gurgaon Posts: 5,968 Thanked: 4,642 Times	By the way, the team-bhp effect is at work. Search for kotak ombudsman and this is the first non-kotak link that pops up @mmm - any such technicalities you are aware for housing loans? more ammo please!
	() Thanks

23rd August 2009, 08:11	#18
hvkumar Senior - BHPian Join Date: Nov 2006 Location: Mumbai Posts: 7,369 Thanked: 3,454 Times	Kotak is a rotten organisation anyway. To give you an example, in my company's current account, I intimated them change of address 3 years ago - they have still not corrected their records. I have sent them several letters, talked to at least 10 relationship managers (no joking!), but no one has done anything about it. Happily, I have stopped operating that account long ago. Here is a listing of several other Kotak-is-the-problem mails in the forum: http://www.team-bhp.com/forum/indian...ndra-help.html Harrassment by Kotak Mahindra-Help! http://www.team-bhp.com/forum/indian...me-my-noc.html Kotak Mahindra just refuses to give me my NOC! http://www.team-bhp.com/forum/indian...auto-loan.html Kotak Auto Loan http://www.team-bhp.com/forum/indian...ing-funny.html Kotak Mahindra Bank - Acting Funny The above mails came up from a cursory search of earlier mails, looks like Kotak is indeed a problem, avoidable and better left unpatronised. Harrassment by Kotak Mahindra-Help!
	() Thanks

24th August 2009, 16:38	#19
phamilyman Senior - BHPian Join Date: Jul 2007 Location: Gurgaon Posts: 5,968 Thanked: 4,642 Times	Yeah totally. By the way, Kotak just emailed (i insisted - not just calling) that they would cancel!
	() Thanks

26th August 2009, 17:45	#21
phamilyman Senior - BHPian Join Date: Jul 2007 Location: Gurgaon Posts: 5,968 Thanked: 4,642 Times	Interesting. They collected the insurance, emailed that they would cancel. Caveats: a. They haven't indicated what the possible administration charges for cancellation will be. knowing Kotak - they can slap me with a cost there only! b. They still want me to pay the commitment charge. 31st August is not far
	() Thanks

26th August 2009, 19:19	#23
sammyboy Senior - BHPian Join Date: Jul 2006 Location: Ggn/Dehradun Posts: 1,842 Thanked: 521 Times View My Garage	As if Kotak Car loan issues wernt enough, I now have issues with the Kotak Savings Bank account. A couple of years back Kotak offered a zero balance lifetime a/c and I unfortunately took it. I used it for my MF auto debits. Didnt use it for a while but the dividends from my MF's used to come to that account. Checked that a couple of days back and I see almost 2500 cut from my account towards "maintenance charges". Called them and they coolly tell me that they had sent a letter to inform me (which I never got) and changed the zero balance account to a normal account which needs 20K as minimum quarterly balance. Those charges were for not maintaining 20K. When I got really angry, the guy asks me to close the account if I want. This is the WORST bank to transact with ever.
	() Thanks

8th September 2009, 11:25	#25
phamilyman Senior - BHPian Join Date: Jul 2007 Location: Gurgaon Posts: 5,968 Thanked: 4,642 Times	Here's MORE kotak best practice: They said they will refund the insurance amount to me by cheque - while the EMI would continue as pre-fixed.
	() Thanks

14th December 2009, 18:42	#26
phamilyman Senior - BHPian Join Date: Jul 2007 Location: Gurgaon Posts: 5,968 Thanked: 4,642 Times	Here's an update: The flat was offered for possession thru a letter 16th Nov. I got an email on the 19th - Kotak was made aware on 20th Nov 3am. Since July, Kotak has had some legal issues with the standard tripartite agreement of the developer (there's 1200+ flats in the same complex btw). I'm not saying whose right or wrong - but they kept me in the dark till today afternoon, and now I'm looking at either scrounging around for a few lakhs in a single day or waiting for Kotak and paying the interest charges!! Thanks Kotak for letting me down at EACH POSSIBLE step!! PS: No case filed with ombudsman (yet!) because I just don't have the time! :(
	() Thanks

14th January 2011, 15:47	#27
phamilyman Senior - BHPian Join Date: Jul 2007 Location: Gurgaon Posts: 5,968 Thanked: 4,642 Times	Re: Procedure/experiences in filing case with ombudsman (Bank: Kotak) These shameless people tell me they have been increasing the tenure without telling me - when I clearly specified FIXED tenure. So Now after 17 months of taking the loan, of which 12+ months were with the EMI on -I still have 240 months to go, i.e back to zero. Going to raise hell in their office on Wednesday (earliest I can take leave) - NEVER NEVER EVER take a loan from Kotak. Now I know why my folks had banking relationships (with sarkari banks) that still last after 40 years. I repeat, in comparison to my other friends, HDFC = peace. There's a reason the leader is the leader! Last edited by phamilyman : 14th January 2011 at 16:02.
	() Thanks

14th January 2011, 16:01	#28
akhilesh BANNED Join Date: Mar 2007 Location: New Delhi Posts: 297 Thanked: 340 Times	Re: Procedure/experiences in filing case with ombudsman (Bank: Kotak) Oh my I have salary account with them. I am afraid they might deduct some thousands in the name of miscellaneous charges. You can't be so bad even if you try hard! Simply disgusting.
	() Thanks