Same. My company is a very respected international MNC and have the same policy. In 2022 I quit after seeing my increment numbers as I had another offer at hand. Was told that my increment and bonus will not be applicable as I am on notice.
When the management asked, I cited my low salary and financial commitments (like Raju from 3 idiots – Baap ka operation, behen ki shaadiโฆ lol). They wanted to retain me and I said Iโd be open to a counter offer. They immediately went back and within two weeks I had an updated contract with a 30% hike effective start of next month.