
What is the Lien amount in Kotak Mahindra Bank?
As a user of Kotak Mahindra Bank, if you’re unable to withdraw or transfer a certain amount from your account, your account might be marked with a lien. A lien, or a lock is put by the bank to keep your money on hold. Typically, bank officials prevent this amount from being spent. It will stay in your account, but you cannot withdraw or transfer it to any other account. The lien amount will be blocked until the bank decides to release the lock on your account. There is no set limit for the locked amount, as bank officials have complete authority to hold the entire bank balance and convert it into a lien amount. But, why?k Why Kotak Mahindra Bank is Charging a Lien Amount? There can be multiple reasons to mark an account with a lien. Here are the most common ones: A lien may be put in place to guarantee repayment of a bank loan if any EMIs are missed or are paid after the due date. The lien’s amount would cover the debt’s remaining balance. The bank has the right to place a lien for the full amount of overdue credit card bills on the account. […]