Hello guys, instantly I’m here with another compelling content. Guess what? Without a doubt, the content revolves around the Lien amount in SBI. You heard it right. I would like to check how many of you have come across the word ‘lien’ prior to reading this content.
Before delving further into the content, let’s initially understand briefly about lien and lien amount in the SBI. ‘Lien’ signifies a ‘lock’ that is placed on your account. Lien amount implies a specific amount, secured by a bank for a certain time period.
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Many wonder how a bank can lock the amount in my account? Does the bank have the authority to do so? Indeed, banks hold the power to impose a lien on a specific amount or on your entire balance.
What should I do if a lien amount is linked with my account? The primary objective of this content is to explain in detail about the lien amount in SBI. In this context, we will discuss about what a lien amount in SBI signifies and how to abolish the lien mark from your account.
So, for detailed insight regarding the lien amount in SBI, please continue with the following guide. Let’s get into the content.
Table of Contents
What is the Lien amount in SBI?
Have you ever noticed a lien mark on your account? If your response is affirmative, it is essential to acknowledge its significance. The initial thing to comprehend is, what is the meaning of the lien, and which circumstances are accountable for the same.
This information is pertinent not only to SBI account owners but also for the account holders of other banks. Irrespective of your bank, if your account has a lien mark, you should immediately get in touch with the bank and understand the reason for this.
If you do not meet the requisite amount, the creditor of the amount can seize the asset that’s related to the Lien. You may ask what could be the reasons for marking my account as lien?
Banks have certain rights to impose a lien on your account. The rights of lien practiced by SBI or any other banks are as follow:
- Right to specific lien
- Right to general lien
What is a Particular Lien in Lien Amount SBI
Imagine taking a loan from a bank by utilizing your Fixed Deposit (FD) as security. At that time, the bank will issue a lien over that specific fixed deposit. Once the deposit matures for payment, the amount is adjusted towards clearing the obligation against the loan amount associated with the account. Ultimately, only the residual amount is returned to you. This is called the particular lien.
What is General Lien in Lien Amount SBI
In the general lien, the bank holds the authority to apply lien on all accounts in the name of its depositors up to a certain limit. In such a case, the account holder has to repay that amount to the bank. Below are certain reasons, why a lien is marked on your account:
- Outstanding interest amounts.
- On credit card debts
- Charges for locker
- other debts
- Most banks require the maintenance of a minimum account balance. Inability to maintain it results in certain charges incurred by the bank.
- If you aren’t able to pay the loan amount then the bank will issue a lien on your account.
Therefore, if you find a lien mark on your account, contact your bank immediately and try to understand the underlying reason for it. Sometimes, it might occur due to some server errors. In such situations, verify with your bank’s customer care officials.
How To Remove the Lien From My Account
So, what if your account is marked with the lien, what are your next steps? The question is how to remove the lien mark from my account. Well, the answer is rather straightforward. Satisfy the lien. If you settle the amount marked as a lien, the bank will then release the lien from your account.
If your account doesn’t have any lien, you can freely use the funds in it. Failure to repay the lien will result in a mark of lien and the lien amount will be utilized to fulfill the lien.
To discover more about the lien and the ways to remove it, contact your bank or utilize the customer care facility. For more insights, visit the official SBI website.
Conclusion
That’s all folks. This is how you can erase your Lien amount in SBI. I hope the content proves to be useful and fulfilling. Clearing the lien amount for the inability to pay the lien amount is indeed distressing. Therefore, if your account is tagged with the lien amount, either clear the lien amount or contact your bank. Remain apprised and update yourself with technology.