Lien Amount: What is Lien Amount in State Bank Of India Account?
Do you have an account with State Bank of India? Every account holder ought to understand precise terms used by the bank. You may also have a savings account, present day account, fixed deposit account or a mortgage account.
Being an SBI account holder, you must be informed approximately the lien amount. This article gives the meaning of lien amount in SBI, instances whilst the State Bank of India can lien your quantity at the side of the resolution of the lien amount
SBI and other financial and banking establishments use “lien amount” typically. The financial institution itself holds the proper to exercising a lien on your account balance. However, you could resolve this lien and use your price range as and whenever you preference.
Not only SBI, all different banks and financial establishments use some of the commonplace phrases like ‘Lien Amount‘.
What is Lien Amount in sbi or any other bank account?
Can you see the mark of the lien amount for your SBI financial institution account? (also relevant for different banks) If yes then it’s miles very critical for you to realize why this charged mark has been put on your account. So the first factor might be to apprehend what does this lien amount stands for and what the occasions that are accountable for this motion are.
Whether you are an SBI account holder or if you are one of the folks who need to have a brand new SBI account. It is important with a view to have all of the statistics approximately the SBI financial institution account and the lien amount.
There are so many those who do now not have a clean concept of what the lien amount is in SBI. But through the help of this article, you’ll get all of the information about Lien to understand it.
It is not simplest for the SBI bank account holders however additionally for the other banks as properly. So irrespective of which bank account you are holding in case you see that your account is having the lien amount you then must honestly contact the financial institution and recognize the motive behind it.
Do you understand what the Lien Amount is? In simple phrases, the Lien Amount is the Lock Amount. SBI puts a lock on the quantity, and the amount receives frozen. The account holders can’t withdraw the locked amount until the bank gets rid of the lien or lock.
Meaning of lien amount
Lien stands for a lock that has been put on your account. When it comes to the lien amount you have to recognise that this specific quantity has been locked via the bank for a specific time.
After the quantity has been frozen you received’t be able to withdraw it or use it for any reason till the lock has been removed. The financial institution has the right of setting the lien on a particular quantity or at the whole stability.
Can one draw the lien amount?
No, one will no longer be able to withdraw the amount which has been marked lien till the character is settling the dues. Till the lien is getting lifted one will not be capable of withdraw or use that quantity and all the cheques with a view to be issued from that account will get bounced.
How you’ll clear the lien amount?
After the financial institution is marking the lien amount in sbi one will need to positioned the wanted balance in that account. After settling all the liabilities, the bank will then lift the mark of lien from your account. After the lien has been settled you can without problems utilize the extra funds within the account.
If you fail to settle all the liabilities which might be the cause at the back of the lien then the quantity of lien could be used for settling them. If you want to remedy any problem related to the lien then you may must visit the house branch and then ask the officials to do it.
You can also name the client care provider of your financial institution for settling the lien. If you have got any other questions or queries concerning this topic then you could read faqs on sbi legitimate website.
How you can still get again the lien amount
Due to any minor mistake if the bank is setting the mark of lien for your account then you may visit the department and ask them to remedy the queries associated with it. All the problems could be resolved by way of the bank and they will eliminate the fee of lien from your account.
Getting charged with a lien amount in sbi or every other bank is not a excellent aspect for any financial institution account holder as it will disrupt your transaction from that precise account. Moreover, in case you fail to pay the money from one account then the cash may be deducted from every other account beneath the equal branch and this is why it’ll assist in money drainage.
If you are setting your account cash as a safety deposit in opposition to any of your constant deposits you then need to ensure that your bank account isn’t always charged with a lien amount. As the bank has the capability of stopping the whole activity for your account by means of setting the lien amount so it’s far very critical to make sure that you aren’t breaking any regulations.
The financial institution places the lien for securing the finances for numerous reasons:
- The banks have a proposal of preserving a minimal stability inside the account. The account holders who fail to hold the minimal stability pay penalty costs for non-protection. The financial institution will deduct the penalty prices routinely. But, if the account doesn’t have enough quantity, the financial institution will positioned a lien due to the penalty amount..
- If you deposited the FD as the safety in opposition to a mortgage, you could’t withdraw the FD amount under any case as the bank marked it because the lien amount.
- If you did not pay off the EMI of a loan, the financial institution may area a lien attributable to the EMI quantity.
- The financial institution may put a lien on the account if there is an trouble with a draft or cheque. The Cheque/Draft amount could be the lien amount.
- If the bank finds out any unlawful interest inside the account, it is able to freeze the account or can also put a lien on a selected amount. The financial institution can also positioned a lien in case you fail to pay taxes.
- The blunders of lien amount may additionally show due to the bank software program. In such case, it’ll robotically get resolved.
Unless you settle the financial institution dues, the financial institution won’t do away with the lien. Until then, you can’t withdraw the amount or can’t even trouble cheques as it gets bounced.
Once you compromise the amount, the bank will put off the lien from the amount or account. To resolve the issue, you need to go to the branch and inquire about the procedure to accomplish that.
You also can call the purchaser care of the financial institution and inquire approximately the matter. Remember! You can’t put off the lien from the FDs against the loans except you repay the mortgage amount.
*The article might have information for the previous academic years, please refer the official website of the exam.Education