Never ever have a banking relationship with Kotak Mahindra Bank. This is the worst bank in India. The work of the employee is just to trap the customers. Last year, I approached the bank to open an account. I told the relationship manager regarding my requirements and told him that I require this to avail a locker to be jointly operated by my spouse and myself. I asked him whether this can be done through my HUF account. After opening the account, he tells me that I can’t have a locker in the name of HUF. Again I opened an account but instead of opening a joint account, he opened an individial account in the name of my spouse. To avail the locker, I had to open a third account in the joint name. The contact details like mobile no., address, email id were all wrong. For address, despite giving the address proof, they entered some old address available in their record for it leading to return of cheque book. If the bank wants to continue with old address then why do they insist on address proof. For email id, despite giving a rectification request was never rectified. By this time I had become completely clueless regarding my accounts with the bank. So, I decided to close them one by one. I closed the HUF account and individual account of my wife on 31st March 2011. My joint account was a special account wherein there was no requirement of maintaining average quarterly balance as this was linked to HUF account. But to my surprise, the bank charged me for non maintenance despite the fact that account was having more than stipulated balance from the date of closure of HUF account. After a persistent effort which involved complaint with Banking ombudsman, the bank reversed the charges. Then I place a request for account closure on 11th August 2011. Despite repeated calls to the bank, this did not happened for 20 days though the stipulated time as per bank’s code of conduct is 3-5 working days. Somehow the account got closed on 6th September 2011 but cheque for my balance in the account was not sent. When I talked to bank on 9th September the person told me that he will check and revert back with courier details in some time. When I did not get any response for 5 days, I again called up and to my surprise now they said that they courier was return undelivered which again is just an excuse as there is always someone at my home.
I will advice people to be cautious from high pitch advertisements and sweet talk of Kotak Mahindra Bank.