While looting Indian customers has always been a good profit-making strategy for Indian Banks - Kotak Mahindra Bank is the biggest looter.
They have tons of negative fees & charges to trap you in their loopholes, consider my situation -
I have been paying bills on time & this month I forgot to pay the full amount. Since I did not pay the full amount last month & have been using a credit card this month as well - my credit card limit for this month was about to die and I kept the account aside.
Being curious, I just checked into the CC statements & shocked by the deductions they have made, and all is done very strategically.
They charged me two times as interest charges(the bill I did not fill last month) & GST additional on both the deductions.
Because of these deductions, my credit card went of the limit - without my knowledge & the KOTAK bank kept charging me with additional fees like -
OVERLIMIT FEES - 500+ GST
I am shocked because they didn’t even care to inform me that my credit card is off the limit - and then kept on charging for this.
The best part is that they will reverse some of the amounts but GST is irreversible.
You are still at loss.
Be aware of this bank -
Open an account in HDFC or other banks
They don’t inform you every time when they deduct money
They play mathematics games & keeps you charging more if your credit card is off-limit because of previous deductions they just made
I would soon close my account with this bank - once I pay the bill.