Kotak Mahindra Prime: The Benchmark in Bad Banking

Dear Uday Kotak,

As such I do not write about my experiences with institutions (good or bad), but hey, there's always a first when some organization makes you feel so helpless that you do not know what else to do but write a blog. So, here's an open letter to you since you share your name with the banking institution that in my mind is synonymous with all that can be bad with stupid, private banks.

To start off, your bank doesn't really have the loyalty that an ICICI or SBI commands in India - the only reason I even dared venture take my car loan from Kotak Mahindra Prime is because of the enticing 3% interest rate that your guys offered. Little did I know then that the money saved in interest would go to Airtel, trying to call your call centers to lodge complaints.

So here's what my problem really is: My monthly EMI (due the 10th of every month) is supposed to be auto-deducted via the Electronic Clearing Service (ECS) to which effect I have filled out the forms and attested my signatures with my bank thrice in presence of your "banking executive". However, every month, no money was ever deducted and your "extortionists" (read: collection agents) always knock up later in the month asking for cheques. Every month your call center employees would say that the ECS is not working because 'a new form now needs to be filled' or that something is not working at your end. Really? I mean I have filled out and signed on every form you guys want me to fill, thrice! And I am willing to fill more if need be. However, your Hyderabad office is not working on Saturdays (which leaves me with the option of only calling on weekdays). Last week I've called your national call center, your Hyderabad office and also my car dealer out of desperation but Kotak officials never got back as to how I can pay you! On top of everything, yesterday your bank sent me a notice to pay up the dues along with a fine of Rs. 10,268!!! I must say, you have some really nice ways to make up for that low interest rate but your bank can kiss that number good bye coz I am not paying a dime extra for Kotak's mismanagement.

Oh, and btw, what really happened to those extra 6 cheques your bank took in case the ECS did not work or if I did not really pay up? Why don't you guys encash those instead of fining the customer for no fault of theirs? And in what world does skipping an EMI of Rs. 8,607 invite a fine of Rs. 10,268? Who is doing your math?

If you ever read this letter, please know that I would have paid your legitimate dues had I known how to. ECS does not work, you do not encash the extra cheques, your officials do not call back (registered a complaint twice with your national call center) and now, your private bank does not work on Saturdays. Really, if you do not want my money, its cool but at least don't bother sending notices!

Oh, and one last thing, please invest in making your website customer friendly and give us the option of a customer login - this is 2010 and no one has the time or energy to run after your woefully sad banking institution to accept our money every month.

Sorry, but I hope your bank closes sooner than later.

Helpless and disheartened,
Your Customer