Demat account false charges by Kotak Mahindra Bank

Name of Complainant Deepika Verma
Date of ComplaintAugust 9, 2018
Name(s) of companies complained against
Category of complaint Banking
Permanent link of complaint Right click to copy link
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Text of Complaint by Deepika Verma:

I have been cheated twice by Kotak mahindra bank for Demat account.

I was told by bank’s representative that Demat account is free for lifetime for salaried employees. However, bank kept on deducting charges for it every year. When I noticed this activity I immediately did complaint in customer care for the same and asked them to close the account so that no further charges will be deducted.

Customer care representative denied me to close the account and asked me to visit the branch. Since I was not able to visit the branch that time, I requested them to accept the scanned documents from my registered email id. But they denied, and they even denied to send any representative at my residence to collect the account closure form.

No support was provided by bank for this issue and every year bank kept on deducting my hard earned money even without my consent.

Last year when I visited branch to get the Demat account closed, I asked them to raise a complaint for the Demat account charges reversal. I got a call from bank and the person told me that Demat charges will be reversed after you submit account closure to bank. This was the second time I got cheated by bank since no charges were reversed by bank and it has been more than 6 months that the Demat account was closed.

I have logged complaints multiple times to bank to resolve this issue but everytime representative called me and simply informed that charges will not be reversed and closed the complaint from their end.

I was being charged for that account which was offered to me as Lifetime free account. The account which I didn’t know how to use and there was not a single login and transaction through that account, I was forced to pay thousands of rupees for that. In simple words, Kotak bank withdrew money from my savings account for those services which I never used in my life.

When Kotak bank has to allure customers to get the account opened in their bank they will go down to any level to support customer, they will send their representative anywhere, they will make false promises of lifetime free accounts,  but when it is about to resolve any issue they always take a back seat and give fake excuses to customers.

Since their representatives misguide customers at the time of account opening about the charges which is nowhere written in policy and customer realize it later after bearing loss of his/her hard earned money, they have their policy documents ready for any upcoming issue in future.

It’s a matter of more than 7000 rupees that were deducted from my savings in last 7 years including the interest I would have received on the deducted amount and bank is not able to return a single penny.

Kotak bank doesn’t take any ownership of mistakes done by it’s employees, and at last customer is the only one to bear loss. I have raised the request through netbanking many times, but nobody bothered to resolve it at all and just copy pasted the same reply everytime.

Image Uploaded by Deepika Verma:

Demat account false charges by Kotak Mahindra Bank

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