Nov 12, 2008 12:40 PM
4486 Views
(Updated Nov 12, 2008 12:42 PM)
I already have few number of savings account in different banks still I need to open an account in the Kotak Mahindra Bank.
Why did I open account here?
I needed to open a trading account in Kotak Security and while opening that account the agent told me that a saving account with Kotak Mahindra provide a seamless integration though it is not mandatory. Then I came to know that they provide a saving account named Pro which have some good facilities.
Like
An ATM card that can be used in any ATM in India with free of charge. Also no annual charge for the ATM card.
Free Demand Draft
Free pick up service.
ATM service is now a days a must option and more and more persons get addicted to this service the queue outside the ATMs are going longer and longer. So that particular service was impressed me and I opened the account with Kotak Mahindra.
Opening the account
The minimum quarterly balance is 20000. I called their customer service. One sales executive came to my office, I completed all the formalities. With 15 days I got the kits containing all the cheque book, ATM/Debit card etc. They sent all these in a beautiful box. The cheque book is nice. It has carbon paper beneath every cheque leaf to keep the auto record of the every cheque issued. Same cheque book contains the money deposit slip also. It is a multicity cheque book.
ATM service
I can use the ATM card in any ATM in the India. So virtually it has the maximum no of ATM. Only problem is to change the password or take statement you need to visit Kotak Mahindra ATM (KM ATM is also good in terms of features) and they have very little number of ATM (at least in Kolkata). Also unlikely to the other Bank thi particular card has 6 digit pin.
Online Service
Online service is good. It has all the options that one should have. My only two complains are that site is not at all good looking and looks as if non-secured (VeriSign approved). The password needs to be changed every month and that is really a problem. Where from I will get so many complex passwords?
Branch
Branches are good. I have gone to the branch till now twice. Both of the time waiting time was zero. Officials are friendly and very prompt. Only problem is that they don't have sufficient number of branch. Only a few is there and you may need to travel a long distance for this. (Thanks they opened a new branch near my office)
Add on service
After my marriage, I included my Wife as a joint holder of this account. They provide another free global ATM card, cheque book, online ID password for my wife's name and all these are free of cost. Weekly account and transaction update through SMS and email is good. Also provides monthly account statement by post.
Customer care
I need to call their customer care twice and every time I get the line directly, no waiting time was there (unlikely ICICI bank customer care). Another ting I found that they don't do telemarketing at all. I never got any
call from them for the marketing (ICICI bank disturb me at least one on every day). Few months back I found that ICICI bank provide any ATM Debit card for a quarterly balance of 10, 000. I get the same facility with 20, 000. So I think Kotak Mahindra should lower their balance requirement. Recently Kotak Mahindra launches Credit Card and initially I thought if I call them they will provide me the same happily. But they don't have any coordination between the two departments. I had separately and my application got
rejected without any reason. They are insisting for the multiple address proofs and other documents though I am a customer of their bank. ICICI bank definitely way ahead from Kotak Mahindra in this type of service (both in positive and negative sense).
Overall till now it is a good banking experience from Kotak Mahindra. Basically my belief is that a bank which acts friendly and promptly when there is a dispute is good. As till now (thank God) there is no dispute with the
bank, it seems good.
