Stay informed about the Lien amount at Axis Bank as a Customer
Are you thinking of opening an account at axis bank, then one of the significant points that you must think off is 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 mark 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 a kind of security being considered for the authorities who are providing services for financial matters. There is a need for documents that are laid out 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 at any time in the future.
Why is the Lien Amount in Axis Bank?
In certain situations, when you are taking a 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 this 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. In 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 for certain reasons like:-
- Any kind of pending on the interest amounts.
- Dues on the credit cards.
- Lockers rent dues.
- Any other dues
- With the failure to maintain the minimum account balance. It’s a charge being implemented by the bank as a penalty.
- With the failure to pay the loan amount, the bank is going to mark the lien on the account.
How to Remove Lien Amount in Axis Bank?
The axis bank has 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 user’s account. This is irrespective of a single name or joint name 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 for lien, there are some other factors why the bank applies lien which is like credit card dues, locker rent arrears, the 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