Kotak Mahindra Bank (SB)
Unfair charges - feels cheated

I have opened Savings bank account with Kotak dated 19/09 while opening Kotak assured me that for first 12 months I do not need to maintain minimum balance in my savings account there after I need to maintain 10k. When I received my bank statement I was shocked finding bank charged me twice for non-maintenance of minimum balance.

20/01 Non Maintenance Charges for Oct-Dec 08 750

22/04 Non-Maintenance Charges for Jan - Mar 09 827.25

I requested bank to look in to this case and I got prompt reply as follows-

With reference to your query we would like to inform you that your account was opened under a promotional offer in which the NMC was waived subject to two conditions given below:

1. Minimum 3 transactions per month

2. Rs.5000/- should be the amount of transaction per month.

As the same was not fulfilled the offer expired. Hence charges are applicable on your account.

Which they never bothered to tell me while opening account.

I feel cheated and its hurting to loose hard earn money after paying lots of tax ;-)

Company: Kotak Mahindra Bank (SB)
Country: India

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