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Kotak Fastag service to charge fee for using their service

wuodland

TF Select
Hello all. Recently had recently received an SMS from kotak fast tag about "updated changed", and this was page 10 of page 13 in that PDF

1719563709328.png


So they donot provide interest on the tag balance now they will levy a charge along with 18% GST on that charge. This seems unfair. To top it off, the tag closing charge is a joke. And it intimated so few days before the change is scummy. I guess they need to find ways to churn customers more now that their online digital banking new customer onboarding has been stopped



Would like to hear the view of others on this forum
 
Hello all. Recently had recently received an SMS from kotak fast tag about "updated changed", and this was page 10 of page 13 in that PDF

View attachment 59095


So they donot provide interest on the tag balance now they will levy a charge along with 18% GST on that charge. This seems unfair. To top it off, the tag closing charge is a joke. And it intimated so few days before the change is scummy. I guess they need to find ways to churn customers more now that their online digital banking new customer onboarding has been stopped



Would like to hear the view of others on this forum
I have kotak Fastag but haven't received such sms.
 
I think 15 rs is not such a huge amount , considering it is under pca
Its not a about the amount but the principle. They take 2% to load the wallet with credit card also, no interest also provided. Hence, this charge feels another ripoff in an era where we live where such charges are creeping up
 
Its not a about the amount but the principle. They take 2% to load the wallet with credit card also, no interest also provided. Hence, this charge feels another ripoff in an era where we live where such charges are creeping up
2% loading is completely bad, is loading thru apps like amazon and park+ subject to 2% as well?
 
update: They rejected tag closure last night saying they bank ACCOUNT statement when it mentioned cheque. And now suddenly there is a BOGUS fast tag charge on my car which means once I dispute it I wont be able to close it anymore 🙂



Kotak is stooping really really low.
 

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Hello all, small update


1. They rightfully refunded the wrong deduction amount few days back. Screenshot of wallet added
pick1.webp



2. I asked about cancellation and they said I have to do via online and giving bank statement only because of whatever issue or something with their system. So I submitted statement of my lesser used account to them and generated a cancellation request again.


pick2.webp


Hope they close it this time without further issues etc.

Tagging @TechnoFino @thanix @KingAAR @John Since

 
Final update to this thread:

Yesterday got this SMS (31/07/2024):

1722524771602.webp



and finally today received full balance in my bank :

pick1.webp



Many thanks to @TechnoFino again for amplifying it on twitter and others of this thread (and twitter). My suggestion to others would be to shift out of Kotak FT slowly, these are just scammy tactics. We are already paying significant sum on account opening, and keeping our money on their tags without interest and further charging as 1.5% if we add money via credit card etc.
 
Congrats bro ..
Final update to this thread:

Yesterday got this SMS (31/07/2024):

View attachment 63527



and finally today received full balance in my bank :

View attachment 63528



Many thanks to @TechnoFino again for amplifying it on twitter and others of this thread (and twitter). My suggestion to others would be to shift out of Kotak FT slowly, these are just scammy tactics. We are already paying significant sum on account opening, and keeping our money on their tags without interest and further charging as 1.5% if we add money via credit card etc.
 
Hi,
Just wondering if this was actually implemented?
I have been using it regularly and no tag management charges have been levied.
Hello, it's not clear at this point. Their charges page donot mention the new charges. All the charges are to be quarterly and annual. I think if they are kept, they will be levied just before March 31st 2025. Keep an eye out on your transaction page.
 
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