If you see a mark of lien amount in your State Bank of India account or any other bank’s account then you must know what that lien marked means. Every person should be aware of such important and common terms used by banks. And if you don’t know what lien means in banking, then we help you a bit here to understand what this lien amount and lien amount mark means in your bank account.
Table of Contents
- What is Lien Amount or Lien Balance Meaning?
- Reasons why bank puts a lock on accounts
- How to remove lien amount in SBI Online?
- How one can get back the lien amount in SBI?
- Frequently Asked Questions
What is Lien Amount or Lien Balance Meaning?
Lien is a type of lock or you can say the word “Lien” stands for a lock which has been put on your account by the bank. When you talk about lien amount then you must know what lien amount means? Lien amount is a particular limit which is decided and locked by the bank authorities for a limited time period. When the bank froze the amount in your account, you will not be able to do any transaction like withdraw it or use it anywhere until the lock is not removed from your account by the bank. The bank has full rights and authority to put a lock on entire balance of the account and make it a lien amount.
Reasons why bank puts a lock on accounts
There could be a thousands of reasons why a bank would lock a customer’s account by making it a lien account and the amount, lien amount. Some important reasons are:
- Each and every bank has some terms and conditions regarding maintaining minimum balance in the account. If the account holder failed to do so, then he could get charged a decent amount as penalty charges for the non-maintenance. Bank automatically deduct these charges and when the amount is not sufficient in the account then bank puts lien on the account.
- When the account user is not able to pay the EMI or loan repayment on time then bank can place a lien on their account equivalent to the EMI or loan amount.
- If bank found any issues with Cheques or Drafts then bank may put a lien on the account.
- If banks finds any type of suspicious activity on the bank account then they can freeze your account and can put a lien on the account.
- In case, if you failed to pay taxes then the bank may put a lien on your account.
- If you deposited a FD as security for a loan then after that that you will be unable to withdraw any amount from the FD as the bank will be putting a lock or marking that FD amount as a lien amount.
- Credit card dues can be a reason for lien amount in SBI
How to remove lien amount in SBI Online?
Here we are going to tell you how one can clear the lien amount in SBI? When your account and the amount in it is declared or marked as lien account and lien amount, you cannot do anything using that amount and account. Unless you settle all your bank dues, that bank is not going to normalize your account again. Until then, you will not able to do any transaction like withdrawal of the amount or issuing any cheques, if you do then it will get bounced.
Once you pay all the dues at the SBI branch, the bank will remove the lien mark from the amount or account of yours. Most likely, to get rid of this issue you need to visit the branch and ask there about the whole procedure of doing so. That will be a good idea to do it with ease.
You can also take help from the bank’s customer care helpline by calling them and enquire about the issue. They will help you for sure, but always remember, that you cannot remove the lien amount mark from your amount without settling the due payments of your account.
How one can get back the lien amount in SBI?
If the lien amount mark on your account is put by the bank due to any system error or any minor mistake, then you can visit the bank’s branch and ask them to solve the issue and query about the issue. The bank will be happy to help you as soon as possible and the issues will be removed by the bank and they will remove the lien amount mark form your account.
It is not good for any customer or bank account holder at SBI or any other bank, that their account is marked as lien amount because this will cause you disruption of transaction from that same particular account. And if you fail to pay the penalty amount from that particular amount then it will be automatically deducted from another of your account from the same bank, if you have another. And that is going to help in money drainage.
If you are thinking of or going to deposit the money in your account as a security deposit against any of your fixed deposits from the same account then you should must need to ensure that bank has not marked your account or amount as lien account or amount. And as you already know that the bank hold all the rights and authority to mark any account and any amount as lien amount so you must not want to break any of the bank’s laws and cause trouble for yourself. As they say “Precaution is always better than cure”.
Frequently Asked Questions
1. how to withdraw lien amount?
The account holders will not be able to withdraw the locked amount unless the bank removes the lien or lock from their account. However you can contact your branch to apply for a withdrawal of lien with genuine reason.
2. What is the meaning of lien or Lien Balance in hindi, Tamil and Telugu?
The meaning of Lien in Hindi is “ग्रहणाधिकार” and the meaning of Lien Balance is “ग्रहणाधिकार राशि”.
What Is The Meaning Of Lien Balance Tamil?
The meaning of Lien Balance in Hindi Tamil is “உரிமைத் தொகை” .
What Is The Meaning Of Lien Balance Telugu?
The meaning of Lien Balance in Hindi Tamil is “తాత్కాలిక మొత్తం” .
That’s all what one should know about lien amount or lien account in SBI or any other banks. I hope this article will help you in case of any trouble. And if you want know anything else important regarding this issue, feel free to tell us in the comments. You feedback is valuable for us. Thanks for reading.