Stay informed with Lien amount at Axis Bank as a Customer
Are you thinking of opening an account at axis bank, then one of the significant point that you must think off is about the lien amount. Now it might be confusing what is it and how it plays a major role in banking service. So with a very clear concept described, the lien amount is considered as a lock amount. This is implemented by the banks making the amount getting frozen. After this lien, the account holders would be unable to withdraw the locked amount unless the bank removes the lien mark.
Implementing the Lien Marks
The Axis bank and other banks lien marks the amount for which the liabilities are not settled. If the matter is not taken then there are chances of legal action to be taken for the body which is the customer. This is kind of security being considered for the authorities who are providing services for financial matters. There is need of documents that are laid out of the terms and conditions for various banking services that are applicable to all the existing accounts and the accounts that will be opened under axis bank any time in the future.
Why is the Lien Amount in Axis Bank?
At certain situation, when you are taking loan or any kind of financial matters related to banking, there is a kind of security implemented from the bank for plans of FD. During the time, the bank will lien over the fixed deposit. After the maturity of the deposit for the payment, the amount would get adjusted towards clearing the liability in the loan amount which is linked to the account. At the end the balance money is only going to get returned to the account and it’s the lien amount. The lien amount is implemented on certain reasons like:-
- Any kind of pending on the interest amounts.
- Dues on the credit cards.
- Lockers rent dues.
- Any other dues
- With failure to maintain the minimum account balance. It’s a charge being implemented by the bank as penalty.
- With failure to pay the loan amount, the bank is going to mark the lien on account.
How to Remove Lien Amount in Axis Bank?
The axis bank have set all rights to set off and lien with irrespective of any other lien or charges that are present or would manage over in the future on the deposits that are held in the users account. This is irrespective of single name or joint names to the extent of all the outstanding dues. Apart from that, it also varies with the arising results of the axis bank internet banking service that are extended to or are used by the users.
Apart from the above reasons of lien, there are some other factors why the bank apply lien which are like credit card dues, locker rent arrears, amount that is earmarked as per the garnishee order which is issued by the court and even with the amount that is earmarked as per income tax attachment which is issued by the income tax department.
You can also check:
- Axis Bank Working Hours & Lunch Time
- Download Axis Bank RTGS/NEFT Pdf Form
- 2 Ways to Track Axis Bank Complaint Status
- Axis Bank Balance Enquiry Number
- How to Download Axis Bank Credit Card Statement