Wrong information on RD by Kotak Mahindra Bank RM – Not satisfied !

POSTED BY Bhavin Nagda ON October 18, 2013 8:56 am COMMENTS (3)


I was been provided wrong information by Kotak Mahindra Bank Customer Care Executive.

My Complaint No is 1-2581810271. I called up CS Department for some problem. It got resolved. The CS was cross selling a product named as Recurring Deposit.

The information that she provided me was that, If I deposit 1,000 Rs per month and continue to do so for 12 months i will get 9% interest rate on 12,000 Rs. After few days I got the Recurring Deposit Advice were I found the Maturity Amount as 12,597/-. The CS executive provided me the wrong information. I am doing follow up with them from last 18-20 days.

They told me that they will retrieve/trace the call and get back to me. Post one week lodging the complaint when i called them, they said that the machine/server was not working properly so they couldn’t retrieve the call. And at the end again the same lines “You will get a call in next 48 hrs.”

I have called them 4-5 times for the same thing but every executive gives me the same assurance that i will get back a call in next 48 hrs. But unfortunately i don’t receive any call from them any time.

Now i also want to close the RD with all the money back into my account. without any tax getting deducted. Not expected such a worst service from Kotak.

What to do next?

Bhavin Nagda

3 replies on this article “Wrong information on RD by Kotak Mahindra Bank RM – Not satisfied !”

  1. hemanthchandra62 says:

    Dear Nagda,

    The Maturity Amount is inline with what they promised because it is Recurring Deposit.

    You will get Rs.12,597 on an RD of Rs.1000 per month for 12 months at an interest rate of 9%

    May be you are calculating the interest rate for an FD of Rs.12000 and comparing with it if I am not wrong.


  2. Kotak Support Team says:

    Dear Nagda,

    We are sorry that you have had a reason to be dissatisfied with our services. We wish to inform you that we shall investigate the matter and you shall be in receipt of a response from our end at the earliest.

    Assuring you of our best services at all times.

    Thanks and regards,
    Kotak Team

  3. ashalanshu says:

    Dear Bhavin, if you are not depositing full 12000 Rs. in the first month itself, how can you earn interest for full 12000 Rs? If you want to close the RD, please contact your serving branch and they ‘ll do the nedful.



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