Jul 05, 2008 12:48 AM
3341 Views
(Updated Jan 20, 2010 04:27 PM)
I'm a Senior Software Engineer with 6 years experience and using ICICI Bank's services like phone banking, internet banking and ATM since almost 6 years. I was kind of OK with there services. But almost 2 years back I opened a/c with Kotak. And now i'm just fan of them. I've never visited my branch (infact don't know where it is). Whenever i've some work, I just give call to customer care and they send there executive to my home - either cheque/cash pickup or delivery. Though there Internet Banking is not as comprehensive as ICICI, but still good enough.
I was so happy with there services that I got my Mom's and Sister's a/c opened there. And now going for Kotak Securities. They desever acolades.
I would recommend Kotak Savings a/c (take Pro a/c) to all the guys who don't have time and actually want to have the luxury to do everything from home...
Well Done KotaK. Keep it up.Updating on Jan-15, 2009.Since now i'm working with a top Mutual Fund house, I think i'm capable enough to comment on a bank. Recently Kotak has added a whole range of new products. U can withdraw cash from any VISA ATM without any charge. With ur savings a/c, u get an investment a/c thru which u can invest in mutual funds (so no need of seperate Demat a/c). You can even do switches and SIP/STP. Also if u have a Kotak Credit card (i got one), there online interface provides a single window view of ur bank a/c, investments, credit card, and, online bill payment(in case u use it). For those who do online shopping, KOTAK comes with an ULTRA-SAFE product- virtual card. U can anytime generate a credit card online for any amt. This credit card is one time usage and expires in 24 hrs. Just just create it and use it, no online frauds possible. Besides, there customer care guys are really smart and when u talk to them, u immediately get feeling that they've good knowledge abt all kotak products & services. Other banks like ICICI, HDFC, ABN Amro etc. do provide some of these services, but that comes at a cost. And efficiency, pls don't expect that from others - atleast ICICI & HDFC (since i've a/c with them as well).Telling u guys - this bank is going to give stiff competition to ICICI and HDFC.
-------------------------------------
Update on Jan-20, 2010:
As I specified above, I was pretty happy with Kotak (till date). However, now its services have started degrading.
First, don't know why, but i've stopped receiving my Kotak qtrly statement of accounts since last 1 year almost. I complained for this on there customer care, but everytime there personnel say that they have sent it. When i said if they can send me a duplicate one, they said its chargeable. One of the ladies even gumbled on me (called on 19th Jan in early morning) - saying that I should better talk to my local postal office, or, I may be having some problem with my address, or, i'm not happy I can get my investment account closed. How can an address suddenly have problems, besides i'm continously receving my Kotak Credit Card stmts. Or probably, they are cutting costs by saving paper. Still, i couldn't believe the way that lady talked - the bank I used to appreciate so much (even got them 2 more customers) has now started treating its old customers like this. Pathetic, may be now they are more concerned about getting new customers and don't care hell about old ones.
Secondly, i've got a RM assigned with my other account with HDFC. She often calls me almost every 2 - 3 months, informing me about new products or services launched. Never had any RM from Kotak during my almost 3 yrs stint with it. Strange, isn't it. They call themselves a private bank.
Thirdly, I uses there online investment account attached with my savings a/c for mutual fund investments. This used to be free. However, now they have started charging it on qtrly basis. Moreover, they are charging a processing fees of 1.25% (or qtrly chrg, whichever is higher) on MF investments, even when there's no entry load on the Mutual funds themselves. That's like moving 2 steps ahead and 4 steps back. I would rather use my Share trading account (for which i'm already paying a std fees) for MF investments as well than using Kotak's a/c.
When I opened this a/c, I thought Kotak would not focus on garnering more & more mkt share like ICICI, rather believe in providing quality service. I started my a/c with meagre Rs. 30, 000, and, today holds 5+ lacs with them in my a/c. But seems now there only intention is to maximise profits by squeezing their old and loyal customers.
Time to find a new BANK and shift my portfolio there. I'm also degrading there rating with this review.
