Hello guys in this article I am going to talk about Lien amount. We will be discussing What is Lien Amount and How to remove lien amount in SBI online.
Well before marching forward let’s talk about the Lien amount for a minute. Lien means lock and Lien amount means a particular amount that is locked in your account.
If your account has Lien amount then don’t worry. I am here to tell you what to do to remove Lien amount in SBI online.
If you have ever noticed a Lien mark on your account and ignored it then you should reconsider your action. A lien mark means your account has Lien amount or in other words locked amount.
The Lien amount doesn’t only apply to SBI account holders but also to other bank account holders. So if you see a Lien mark on your account then you should immediately contact your bank.
If you fail to satisfy the minimum requirements then the bank may seize the asset.
Banks have a certain rights to mark lien on your account. The following are the rights of lien followed banks:
When you take a loan from a bank by putting the security of your FD (Fixed Deposit), the bank will make lien over that fixed deposit and at the time of the deposit matures for payment or if you would like it to be closed before the maturity period, the quantity is going to be adjusted towards clearing the liability within the loan account linked to the deposit and only the balance amount are going to be returned to you and this is often referred to as a particular lien.
In the case of the general lien, the bank has the right to mark lien on all accounts in the name of his depositors up to a certain limit in case the depositor is liable to pay some amount to the bank.
The reasons for marking lien on your amount are:
So if you see lien on your account and don’t know the reason then immediately contact your bank.
After the bank has marked the lien on your account, the account holder has to put the needed amount into the account to remove the lien or settle it. After settling all the liabilities the bank will remove the lien mark from your account and after that, you can utilize additional funds in your account.
If you fail to resolve the liabilities then the lien amount will be used to settle the liabilities. You can also visit your home branch to resolve any issue related to lien amount.
To remove the lien amount you need to put the needed amount into the account to settle all liabilities and after that the lien will be removed.
Lien means lock and Lien amount means a particular amount that is locked in your account. Lien is marked due to many reasons like pending dues and installments of loan.
When your account is marked lien then a certain amount of money is locked in your account to settle the liability issues with the bank. One can remove a lien by depositing the required amount into the account.
Lien amount is an amount that is locked in your account by the bank to settle the liability issues with bank.
Lien can be marked due to many reasons but the main reason are the pending dues of installments and interest of the loan. You can remove the lien by just depositing the required amount into the account.
If you still have any query or has suggestions then do let me know in the comment section below.
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