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 the 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 a ‘lock’ that has been put on your account. Lien amount refers to a particular amount, locked by a bank for a specific time.
People ask, 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 your entire balance.
What do 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 the lien amount in SBI. In this context, we are going to discuss, what is lien amount in SBI and how to remove the 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 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 up to 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 that is marked as a lien, the bank will then lift the mark of the 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 a 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.
Conclusion
That’s all guys. This is how you can remove your Lien amount in SBI. I hope the content will be useful and satisfactory. Paying off the lien amount for failing to pay the lien amount is more painful. So, if your account is marked with a lien amount, either satisfy the lien amount or contact your bank. Stay on track and update yourself with technology.
