Hi guys, today I’m here with another interesting content. Guess what? Yes, the content is on the Lien amount in SBI. You read it right. I just want to make sure that how many of you have heard this word ‘lien’ before reading this content.
Before getting into the content, initially let’s get to know in short about, lien, and lien amount in SBI. ‘Lien’ means for a ‘lock’ that has put on your account. Lien amount refers to a particular amount, locked by a bank for a specific time.
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People ask that, how a bank can lock the amount on my account? Do they have the right to do it? Well, The bank has the right to put a lien on a particular amount or on your entire balance.
What I have to do if my account is marked with a lien amount? The sole purpose of this content is to explain to you in detail about the lien amount in SBI. In this context, we are going to discuss, what is lien amount in SBI and how to remove lien mark from your account.
So, continue reading the following guide to know in detail about the lien amount in SBI. Let’s get into the content.
What is the Lien amount in SBI?
Have you ever noticed a lien mark on your account? If your answer is YES, then its very essential to know how important it is. The first thing to understand is what does the lien stands for and what are the circumstances which are responsible for that.
This is not only for SBI account holders but for account holders on other banks also. So, irrespective of the bank, if your account has a lien mark, you should immediately contact the bank and know the reason for it.
If you fail to satisfy the underlying amount, the creditor of the amount can able to seize the asset, that’s the subject of Lien. You may ask that, under what reason my account can be marked as lien?
Banks have a certain rights to mark lien on your account. The following are the rights of lien followed by SBI or any other banks.
- Right to particular lien
- Right to general lien
What is a Particular Lien in Lien Amount SBI
Assume a situation, of taking a loan from a bank by putting the security of your Fixed Deposit(FD). At that time the bank will lien over that fixed deposit. When the deposit matures for payment, the amount adjusts towards clearing the liability in the loan amount linked to the account. Finally, only the balance amount returns to you and it is the particular lien.
What is General Lien in Lien Amount SBI
In the general lien, the banker has the right to mark a lien on all accounts in the name of his depositors upto a certain limit. In that case, the account holder has to pay that amount to the banker. The following are certain reasons, for marking a lien on your account.
- Pending on interest amounts.
- Dues on credit cards
- Locker rent dues
- other dues
- Most of the banks are asking to maintain a minimum account balance. If you fail to maintain the requirement, then the bank will charge a certain amount as a penalty.
- If you fail to pay the loan amount then the bank will mark a lien on your account.
So, if you notice a lien mark on your account, immediately contact your bank and know the reason behind it. Sometimes it may be due to some server errors, kindly check with your bank care officials.
How To Remove the Lien From My Account
So, if your account is marked as the lien, what to do next. The question will be how to remove the lien mark from my account. Well, the answer is simple. Satisfy the lien. If you settle the amount which is marked as a lien, the bank will then lift the mark of lien from your account.
If your account is free from the lien, you can utilize the funds in your account. Failing to pay off the lien will be marked as lien and the lien amount will be used to satisfy the lien.
To know more about the lien and the procedures to remove the lien kindly contact your bank or use the customer care facility. For more details, you can visit the official website of SBI.
That’s all guys. This is how you can remove your Lien amount in SBI. I hope the content would be useful and satisfy-able. Paying off lien amount for failing to pay lien amount is more painful. So, if your account is marked with lien amount, either satisfy the lien amount or contact your bank. Stay on the track and update yourself with technology.