I joined Mahindra Group of companies couple of years back and we were offered Kotak Salary account.
At the time of joining Kotak promised all false things they said everything is free, later when I analysed whole statement for 2 years I found many charges added.
If the balace is less you are treated like 3rd class citizen in office, whereas people with good balance are treated well.
The staff are trained to treat rich richly and poor poorly, a very shame. PSU treat everyone same.
There are many hidden charges, and the charges are very high, for instance, they have charged Rs.500/- plus taxes for replacement debit card! I have not seen any bank charging so much. IDBI charges NOTHING for replacement card, many banks charge only Rs.100/-
About their new campaign: upto 6% p.a is farce
I feel lots of banks are offering minimum 6%, in fact YES bank is offering 7.25%, SBI is offering 9.5 percent for deposits 7 to 300 days.
Customer care talks fast if balance is less, they want to stop talking to people with less money, but if you have good balance they talk politely.
Overall I wont suggest this bank to anyone, lots of charges and they treat you only on the basis of bank balance you maintain. By far it’s very bad bank than most pvt. banks in India. It’s shame on Mahindra group that they encourage such entities to florish under it’s brand name.
Overall, Kotak is RACIST to customers(based on balance).
Thanks,
Illyas