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MouthShut Score

16%
1.14 

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1800-102-6022

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Verified Member MouthShut Verified Member
New Delhi India
Mis-selling under Kotak 811 mobile based app
May 22, 2017 01:23 PM 5978 Views

Phone Banking:

ATM Availability:

Internet Banking:

Customer Service:

A few weeks ago I saw an ad about Kotak 811 zero balance account. The features of this account are it is a zero maintenance account, works on smartphone through app, 6% rate of Interest and many more benefits. I downloaded the app from playstore and register with my details. Next day I received a call from the customer care and they told me one of their executive will come to my place and will collect the required documents which includes a pan card, aadhaar card, a photo etc. The executive met me the next day and said you need to give a cheque of Rs. 5000. I asked him this is a zero balance account then why you need the cheque, he said it is just for the opening of the account and you can withdraw the amount anytime. I gave him a cheque of Rs. 5000.


The next day I received a call from their supervisor and he said that the account I have opened with them is a Rs. 5000 minimum balance account and if I will not maintain the monthly average balance then I will have to pay the penalty. I was shocked with the mis-leading information they provided me and decided not to deal with them again in future.


In the banking kit I received a phone banking password. When I used the phone banking I found a long IVR before a call gets connected. So, the phone banking is actually just waste of time.


Another issue with this bank is atm availability. In my area there is only one atm and I find it very difficult to withdraw money because there is always a long queue. Also, the Internet banking service is pathetic. The website hangs a lot and automatically log me out a number of times. The page timing in the Internet banking is also very poor. It takes 3-4 minutes to load a page which is just waste of time.


When I called their customer service that why I was given misleading information about the minimum balance in the account. The executive was not able to give any satisfactory answer and told me to contact the person who collected the documents.


So, my overall experience with this bank was very bad and I have decided not to use them again in future.


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