If you are the account holder of Axis Bank, you might have heard about the lien amount if you are facing any issue related to the account blockages.
Or, your account has been frozen, and looking for a solution to unblock the lien amount in Axis bank. Then, you are at the right place.
This article is a brief guide on how to unblock the lien amount in Axis bank? In this article, you will also come to know about the various reasons behind the lien mark.
But, before we jump deeper into it, it’s essential to know the exact meaning of the lien amount in Axis Bank.
What is Lien Amount in Axis Bank?
The lien amount in Axis bank is the amount that the bank holds or blocks because of some overdue issues. In simple words, when you lose access to your specific amount deposited in Axis bank, and you become unable to withdraw it as the Axis banks hold that particular amount or account and mark it as a lien amount.
Usually, it is done when you have any bank due like loan EMI or credit card bill due. Suppose a customer borrows some loan amount from the axis bank, but the customer cannot pay monthly EMI.
In this case, Axis bank has the authority to freeze his account so that he cannot do any further transactions until the loan EMI or full loan amount is not recovered.
In this scenario, the bank also has the authority to take legal action against the customer. There are several other reasons behind the mark of the lien amount in Axis bank, which is discussed in detail below.
How to Check the Lien Amount in Axis Bank?
The simplest way to check the lien amount in Axis bank is:
- Through net banking
- You can check it in an Axis official bank application
- print the mini statement from any atm.
- Or, Print your passbook or you can visit your branch for the same enquiry.
The process to check the lien amount in axis bank.
If you are using net banking, you may follow the following steps to check the lien amount in axis bank.
Check Lien Amount Through Axis Bank Internet Banking
- You just need to visit the website.
- And log in to your net banking account by entering your user id and password.
- You can also log in by entering the mPIN if you have created
- Or get login directly by using your debit card details followed by captcha filling.
- You have to click on the ‘Accounts‘ option and select Operative Account.
- Here, you will be able to see your account balance detail and lien marked balance too.
Check Lien Amount Through Axis Bank Mobile Banking
You can also check your lien amount by using the Axis bank mobile application. If you are not using the mobile application, you can follow the steps mentioned below to download and register your account.
- Go to play store if using android or App Store in case of IOS
- Download and Install the Axis bank Application
- Make sure you are using the same registered mobile number with your account. It’s better to use your sim card in slot 1.
- After the successful installation, click on open.
- Now, the application will ask for some permissions that you can read and allow.
- Click on login.
Note: There is no signup or register option, so you will have to click on login for the further procedure.
- It will display a text message, you have to choose the “proceed” option to register.
- The application will again ask you for permission to “allow Axis bank to send and view SMS messages.” please allow it.
- Enter your name as the next tab opens. And tick the rectangle box to accept terms and conditions.
- Tap the Continue button
Note: You have to set a 6-digit mPIN password. And remember it for further use.
- Now, enter your six digit mPIN, and confirm it again.
- After setting your mPIN, It will ask you whether you want to set UPI ID. You will get the three option of
- Add your bank account
- Create UPI ID
- Set UPI PIN
However, you can click on the “skip” option, if you don’t set UPI for now.
- After skipping this process, it will redirect to the home page.
- At the home page, it will display a message, requesting you to complete the one time authentication process. You just have to click on the proceed button.
Note: You can complete your authentication process by entering your internet banking credentials like login ID and Passwords. But, if you don’t use internet banking, you can use your debit card for this authentication process. So, let’s see how to complete the authentication process using a debit card.
- Beside, internet banking option, you have to click on the debit card option.
- Fill the Axis bank atm card details like
- Card number,
- Expiry date of your card in MM/YY format and
- Four digit ATM PIN.
- Click Continue for the next process
- As a next step, you have to enter your mPIN which you have just created.
Now, congratulations! Your registration process and one-time authentication process have been completed. Now, you are looking for the lien account balance. Right!
- Go to the home section.
- Axis bank displays the account balance and lien balance at its welcome page.
If you are already using the Axis bank mobile application, you can follow these steps to see the lien account in 3 steps only.
- Open the Axis bank application.
- Enter your login credentials like User id and password
- Now, you can see your account balance, if lien marked.
Check Lien Amount in Axis Bank by Visiting the Branch
You can also know the status of your lien amount in the axis bank by visiting your home branch.
Also Read: Axis Bank Timings & Working Hours
How to Remove Lien Amount in Axis Bank?
If you want to remove the lien amount in the axis bank, first, you can find the exact cause of this lien amount mark. There may be many causes of this mark in your account.
It may be due to any technical error too. Or you might not have submitted your KYC (know the customer). However, if the line marking is due to a technical error, it will be fixed when you visit the branch with your concern.
But, if the lien marked is due to KYC reasons
- You will have to fill a KYC form
- Attach your pan card, aadhaar card
- And self attest the form,
- Now deposit it to the bank counter.
- It will take 3 to 5 working hours,
- And finally, the mark of the lien amount will be removed in the axis bank.
Also Check: Cash Deposit Machine Near Me
Lien Marked is due to Loan
If you have borrowed a loan from the axis bank, you are not repaying its EMI. Then they have the authority to freeze the amount equivalent to the loan EMI or the total amount of the loan. In such a scenario,
- You will have to clear the pending EMI of your loan.
- Then the account will be free from the lien,
- And you will be able to do further transactions as usual.
Lien Marked due to Pending Credit Card Bill
- If you are using a credit card from Axis bank but unfortunately, you are unable to repay the bill of your credit card.
- The bank can hold the amount equal to the credit card bill due in such a case. And Once you clear the bill of your credit card, your account will be free from the lien by the bank.
Lien Marked due to Technical Error
Your account freeze may be the result of any mistake or technical error, too, as mentioned earlier. For this, you need not worry.
You can visit your home branch and raise your issue. The representative will look after it.
Also Read: How to Add Beneficiary in Axis Bank?
Why is the Lien Amount in Axis bank?
There are several reasons behind this lien mark to your axis bank account. Some of the major reasons are discussed below.
Minimum Balance Maintenance
If you are not maintaining the minimum balance criteria for a long time in the axis bank. Then the bank may freeze your account. In this scenario, you will be able to deposit the fund only but not withdraw any amount of the fund.
There is a provision to maintain a minimum balance of five thousand if your account is in a rural area. But if you have opened your account in any urban branch, you will have to maintain ten thousand every month to avoid such circumstances.
Remember that the minimum balance maintenance does not mean that once you deposited your minimum balance maintenance fee of 5000 and withdrawn within a few days. Instead, you will have to maintain this amount throughout the month.
Suppose if you withdraw your five thousand amount on the 26th date of the month, and now your balance is less than five thousand or zero, the bank will deduct the charge as a penalty for four days of not maintaining the minimum balance criteria.
But, suppose if you deposited one lac fifty thousand once in account and withdrew the whole amount after four to five days, then the bank will not charge any minimum balance maintenance fee.
If you have deposited some huge amount suddenly to your account. The bank has the authority to ask you for details about it. And there is a possibility that the bank may freeze your account until they become sure that it is a legal transaction.
If you are a shopkeeper and small business owner doing continuous heavy transactions with your account but not paying the tax.
Then the bank may freeze your account until they are sure that you are a regular payer of tax and you are not doing any suspicious transactions.
Then, the bank used to inform the income tax department. The bank also asks your pan number to determine whether you are paying tax or not for that particular amount.
Suppose you are doing any auspicious transaction like money laundry or related transaction. Then, the bank will not only freeze your account.
But, they will inform the income tax too as there is a provision that if you do a high transaction of more than 10 lac.
Loan EMI Pending
If you have taken a heavy amount as a loan, EMI is due for a long time. Then, the bank may hold your further transactions until you pay the due EMI of the loan amount.
Credit Card Bill Pending
If your credit card bill is due for a long time. The bank can freeze your bank balance.
Locker Rent Pending
If you have reserved any locker in the axis bank to put your costly items like gold. But you are not paying the rent of the locker for a long time.
You can unblock your lien amount in axis bank or not; it depends on the frozen account’s reasons. If your account has been frozen by mistake as a result of a technical error or if any liabilities are not settled.
Then most probably, your account will unblock the lien marked amount. But, in case it is marked as a lien due to some suspicious transactions like money laundering or something similar to it, which is against the law.
Then you will not be able to unblock it. And you will be going to pay for this too as there will be a legal action on you.
Frequently Asked Questions
Do we get interest on the lien amount in Axis bank?
Yes, you will get interest on the lien amount in axis bank. If it is legal money in your account. And once the lien marked will be removed, you will get your amount with interest.
Can I withdraw lien amount from Axis bank?
Yes, it can be withdrawn or unblocked your lien amount in the axis bank once you clear your dues related to loan or credit card if pending.