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RI had opened a Kotak 811 account (Miryalaguda branch) and visited the branch after 180 days but before 1 year to complete my full KYC. However, the bank refused to process my KYC, saying I only had 180 days (even though RBI allows 1 year).
They told me my account would automatically close after 1 year and that I would receive my balance via Demand Draft (DD). But even after waiting, I never received the DD. After multiple visits and complaints, they forced me to sign a closure form, saying that was the only way to resolve the issue.
Now, the bank claims my account was a wallet account, and they are not paying any interest on the held amount. I have already escalated to their grievance redressal and nodal officer, but they insist it’s my fault.
Key issues:
1. The bank denied my KYC request, even though RBI allows 1 year.
2. My money was held for over 2 years without closure or proper communication.
3. No interest was paid on the balance amount.
4. I was forced to sign the closure document without any alternative.
5. No proper response from the bank’s grievance team.
I am planning to escalate this further to RBI CMS, but I want to know:
Has anyone faced a similar issue and received a resolution?
Can I demand compensation for the delay and inconvenience?
What are my chances of winning if I take this further?
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