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I wanted to share my recent experience with Kotak Bank concerning the closure of my savings account. What should have been a simple process ended up being a prolonged ordeal with significant inconvenience, despite multiple follow-ups. I hope sharing this experience will help others understand the challenges in similar cases and bring awareness to the level of service in banking.
1. Account Closure Request Submission
On July 6, 2024, I visited the Kotak Bank branch in Jalgaon to submit a formal request to close my savings account. At that time, my account had a minimal balance, and I expected the closure process to be straightforward. I was informed that the closure should take only a few working days.
2. Multiple Follow-ups with the Branch
From July 9, 2024, to September 4, 2024, I visited the Jalgaon branch six times to follow up on the closure request. Each visit required me to take time off work, and each time, I was assured that my request was being processed. However, my account closure was not completed during this period, and I received no clear explanation for the delay.
3. Escalation to RBI Ombudsman
After nearly two months of back-and-forth without resolution, I escalated the issue to the RBI Ombudsman on August 29, 2024. Filing this complaint was my last resort, as I was left with no alternative to get the matter resolved. The complaint was officially registered as Complaint No. N202425021014142.
4. Kotak Bank’s Initial Response
In their first response, Kotak Bank informed me that my account was finally closed on September 5, 2024, almost two months after my initial request. They acknowledged the delay and offered a compensation of Rs. 500. However, I was unsatisfied with this compensation, as it did not address the inconvenience, time lost, and effort spent in repeatedly visiting the branch.
5. Follow-up with Kotak Bank on Compensation
I responded to Kotak’s initial email, explaining that my complaint was not only about the missed interest but also about the poor service I received. I highlighted that the delay had led me to take time off work to follow up multiple times, asking them how they calculated the compensation. In my response, I also asked them to consider how they would treat a customer who delayed a loan repayment by two months, expecting that the same standards should apply to service failures.
6. Final Response from Kotak Bank
Kotak Bank replied, stating that they had "sensitized" their team about the delay but refused to increase the compensation amount, asking me to provide account details to process the original Rs. 500 compensation. They also requested that I view this incident as an exception and not reflective of their usual service standards.
7. Current Status
Unsatisfied with Kotak Bank’s response, I decided to further escalate the matter through the RBI Ombudsman. As of now, the complaint status is marked as “Process With RBI / Regulated Entity,” and I am awaiting an update.
Conclusion
This experience has raised serious questions about Kotak Bank’s customer service standards. A simple account closure request turned into a lengthy ordeal with no satisfactory resolution, even after escalation. I hope this post serves as a reminder for others to be persistent in seeking fair treatment and encourages banks to ensure a higher standard of service for their customers.
1. Account Closure Request Submission
On July 6, 2024, I visited the Kotak Bank branch in Jalgaon to submit a formal request to close my savings account. At that time, my account had a minimal balance, and I expected the closure process to be straightforward. I was informed that the closure should take only a few working days.
2. Multiple Follow-ups with the Branch
From July 9, 2024, to September 4, 2024, I visited the Jalgaon branch six times to follow up on the closure request. Each visit required me to take time off work, and each time, I was assured that my request was being processed. However, my account closure was not completed during this period, and I received no clear explanation for the delay.
3. Escalation to RBI Ombudsman
After nearly two months of back-and-forth without resolution, I escalated the issue to the RBI Ombudsman on August 29, 2024. Filing this complaint was my last resort, as I was left with no alternative to get the matter resolved. The complaint was officially registered as Complaint No. N202425021014142.
4. Kotak Bank’s Initial Response
In their first response, Kotak Bank informed me that my account was finally closed on September 5, 2024, almost two months after my initial request. They acknowledged the delay and offered a compensation of Rs. 500. However, I was unsatisfied with this compensation, as it did not address the inconvenience, time lost, and effort spent in repeatedly visiting the branch.
5. Follow-up with Kotak Bank on Compensation
I responded to Kotak’s initial email, explaining that my complaint was not only about the missed interest but also about the poor service I received. I highlighted that the delay had led me to take time off work to follow up multiple times, asking them how they calculated the compensation. In my response, I also asked them to consider how they would treat a customer who delayed a loan repayment by two months, expecting that the same standards should apply to service failures.
6. Final Response from Kotak Bank
Kotak Bank replied, stating that they had "sensitized" their team about the delay but refused to increase the compensation amount, asking me to provide account details to process the original Rs. 500 compensation. They also requested that I view this incident as an exception and not reflective of their usual service standards.
7. Current Status
Unsatisfied with Kotak Bank’s response, I decided to further escalate the matter through the RBI Ombudsman. As of now, the complaint status is marked as “Process With RBI / Regulated Entity,” and I am awaiting an update.
Conclusion
This experience has raised serious questions about Kotak Bank’s customer service standards. A simple account closure request turned into a lengthy ordeal with no satisfactory resolution, even after escalation. I hope this post serves as a reminder for others to be persistent in seeking fair treatment and encourages banks to ensure a higher standard of service for their customers.
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