Kotak 811 Super - being forced to open mandatory Group Accident insurance

[newprouser]

I had applied for a Kotak 811 Super account online. During the Physical KYC, the bank rep first explained that the total charges will be 1300 per year instead of just 300 rs and said it's hidden charge and not mentioned in the website. I though I had missed reading it and agreed.

After account opening balance payment of 5000, the bank rep first tried to setup DBT to Kotak and asked for OTP verification and I refused, so he had the option removed.

Next, one of the OTP verification step was a consent for Group Accident insurance costing 999, which seems fishy and I suspect is the extra charges. But he was adamant that it's part of the account opening and it's actually a freebee and the charges mentioned will be ignored.

When I refused to agree for the insurance, he said he had to cancel the account opening. And since I had already paid the initial account balance by GPay, they had generated the account number etc.

Finally , he said they can refund only 4700, since 300 was already used for account opening and even though the account is going to be force closed (as per him).

I only have screenshot of the Kotak Website showing charges for Group insurnace and aadhar consent form with the new account number and all others were verbally spoken.

Did anyone else experice this kind of malpractice and know how to keep the account open or at least get the full refund ?

 

[prankster]

Sounds like a clear case of miss-selling. Don't close the account. Instead threaten him with RBI ombudsman bamboo. Read on the forum for more.

 

[RadTheCrab]

Report that agent to Kotak's customer support. Send them all the details of your case (screenshots and whatever conversation you had with him). Demand strict action for mis-selling/fooling the customer. Keep escalating the issue until you get satisfactory resolution. Seek RBIO's help if needed.

 

[RAHUL GOYAL]

I had applied for a Kotak 811 Super account online. During the Physical KYC, the bank rep first explained that the total charges will be 1300 per year instead of just 300 rs and said it's hidden charge and not mentioned in the website. I though I had missed reading it and agreed.

After account opening balance payment of 5000, the bank rep first tried to setup DBT to Kotak and asked for OTP verification and I refused, so he had the option removed.

Next, one of the OTP verification step was a consent for Group Accident insurance costing 999, which seems fishy and I suspect is the extra charges. But he was adamant that it's part of the account opening and it's actually a freebee and the charges mentioned will be ignored.

When I refused to agree for the insurance, he said he had to cancel the account opening. And since I had already paid the initial account balance by GPay, they had generated the account number etc.

Finally , he said they can refund only 4700, since 300 was already used for account opening and even though the account is going to be force closed (as per him).

I only have screenshot of the Kotak Website showing charges for Group insurnace and aadhar consent form with the new account number and all others were verbally spoken.

Did anyone else experice this kind of malpractice and know how to keep the account open or at least get the full refund ?

bhai aisa kuch nahi hai maine abhi 5 din phele 811 super account open kiya hai mere 300 rupees kate hai or kal debit card bhi aa gaya tha. ye agent apni commission k chakkar mein hai. jo ye sab isne kaha iska proof ho toh iski complaint kardo baki logo ka bhi bhala ho jaega.

 

[suresh2024]

agent forced me to take 2999/- insurance or 999/- insurance. I said i need only saving account, if not you can leave. Then at last he opened only saving account with 5k deposit and 300 deducted as charges.