I opened a Kotak Mahindra trading account and am pretty fine with the trading account. The biggest mistake I did was to accept their offer to open a savings account with them.
One year after using the account, the account was charges with Rs 827 as non maintenance fees. Upon inquiring with their call centre, I got to know that I need to maintain a minimum balance of Rs 10K in the account. Guess what, when I opened the account, the agent clearly mentioned that the savings account is zero balance. The call centre tells that that was the case for only 1 year. Upon closely looking at the account details, I was charged twice Rs 50 for getting a monthly bank statement. All I was trying to do was look at my transactions online but beware of their switches on website. You will feel that you are asking for online statement of account while what will happen is they will courier you the statement unnecessarily and charge you Rs50 for that
There is an annual charge of Rs 110 for maintaining a debit card. The only point is I never asked for a debit card and was never issued one. But you cant argue.
The worst thing that has REALLY put me off is that now after maintaining well above Rs10k in the account, I am charged Rs250 for having called the call centre for inquiring about the non maintenance charges. Once you don’t maintain a minimum balance, all services become charged.
I wonder which MBA grad they hired to come up with such innovative ways to charge the customers. This is theft in the real sense of the word. I regard Kotak Mahindra bank as the most non professional and most untrusted bank on earth.
Thanks,
Vishal.