The term ‘Lien‘ basically means to set a lock or to hold. Thus lien amount is that amount that has been marked or kept as hold exclusively by the bank. A lien amount is a type of a specific limit that is by default decided by the bank authorities for a limited time period.
The withdrawal or transaction is restricted from that bank until the lien is removed from the bank. The bank has the liberty to put a lien on a specific amount of a particular account or the whole account significantly. There are also subcategories of lien- General Lien and Specific lien.
Important reasons why Axis bank puts a lien on accounts
There can be hundreds of reasons and causes why a ban hold an account but some of the important are listed below-
- When the client or consumer is not able to pay the debts or either the EMI on time then the bank has the right to put a lien on their account
- If there are pending taxes, the bank marks the account as a hold.
- If any kind of suspicious activity is observed from that particular account banks put the lien on that account. Or also in cases of errors and issues in cheques.
- Any locker rent dues and penalties.
- And the most important and generic is that all general banks have their own terms and conditions and different policies so if in any case the holder fails to follow those conditions penalty is charged and if that penalty is also not deposited then the bank puts the lien on that holder’s account for a certain period of time.
Apart from the above reasons, there are many more like credit card dues, any pending arrears in these cases also the account is said to be kept under lien.
How can one remove a lien account in axis bank?
As stated above, having a lien on an account indicates that a customer can’t withdraw his/her amount till the lien charge is lifted.
Meanwhile in case of removing the lien account in axis bank which already has a set of different rights and regulations irrespective of any lien charges, one has to know the reason for holding their account.
If there are any sort of EMI or dues to be paid the bank will not be going to normalize the account again. So make sure to settle all the bank dues. And once all the dues are paid at the axis branch, the bank will remove the lien or hold it from the account.
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The concept of lien is very critical to understand. Generally, all types of banks have this right to have a lien amount on every account. So the first and foremost step is to contact the axis branch and also be clear about whether the lien is marked on the account or not. And also behind the lien marked. Or else take help from axis bank customer helpline number for any sort of enquiry or queries.