Kotak Mahindra Bank denies viral claim of Rs1 septillion in customer account

NOIDA: A bizarre claim about India’s Kotak Mahindra Bank has recently gone viral on social media, drawing attention for all the wrong reasons.

A screenshot, allegedly from a bank statement, showed a Noida resident’s late mother’s savings account holding a balance of over Rs1 septillion trillion, a 37-digit figure that sparked curiosity, confusion, and, naturally, a flood of memes.

According to posts circulating online, the man visited a Kotak Mahindra Bank branch to check his deceased mother’s account. That’s when he supposedly discovered the astronomical balance.

Some versions of the story went even further, suggesting the account had been frozen and flagged by the Income Tax Department.

But the bank has firmly dismissed all such claims.

Kotak Mahindra Bank issues clarification, urges caution

In an official statement, Kotak Mahindra Bank categorically denied any such transaction ever taking place. “Media reports suggesting an unusually large balance in a customer’s account are incorrect,” the bank said, adding that no technical fault or error had occurred in its systems.

The bank did not reveal which branch was involved or confirm any customer details, citing privacy concerns. However, it labelled the viral reports as “inaccurate and baseless.

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Kotak also advised customers not to trust social media posts or random screenshots and instead verify their account balances only through the Kotak Mahindra Bank mobile app or internet banking. It assured users that its digital systems are working normally and that all account data remains safe and secure.

“We urge customers not to circulate unverified information that could cause unnecessary panic,” the statement added.

Kotak Mahindra Bank’s shares dip amid market pressure

Amid this confusion, Kotak Mahindra Bank’s shares were also in the red during Thursday’s early trading hours. Alongside Tata Motors and Jio Financial Services, Kotak Mahindra was among the top losers on the Nifty 50 index. The bank’s stock was trading at Rs642.95, reflecting broader market jitters in the financial sector.

Despite the viral buzz, there is no sign of an investigation, correction, or follow-up action from regulators, mainly because, as Kotak maintains, there was no unusual credit in the first place.

The episode serves as yet another reminder of how quickly misinformation can spread online, and why it’s important to double-check facts, especially when numbers sound too good (or too strange) to be true.