Lien Amount SBI: What is meaning & How to Clear Lien Amount
State Bank of India(SBI) provide various banking services to the customer but nowadays you found new term “lien amount” in banks and financial institutions. Do you know what is the meaning of lien amount, the simple answer is lock amount. SBI put lock on the saving amount and amount get frozen for particular period . However you might want to permantly remove lien from bank account.
If you are new customer of SBI bank, it is obvious that you don’t know what is the lien amount . This guide provide you easy step by step process to unlock your account from lien.
Table of Content
1. What is Lien Amount Meaning in SBI
2. Why SBI Bank Put lien on Account
3. How to Remove Lien Amount in SBI
Lien Amount Meaning In SBI
Banks lien amount is also know as lock amount in which amount blocked by bank for particular period of time. The whole amount get frozen ,you can’t do any banking transaction such as withdraw , money transfer until the lien is not removed from your account.
However there are many reasons when bank put lien on your account. You should be always aware of this term and contact your bank to know the reason.
Why SBI Bank Put lien on Account
There could be many reasons, bank will put lien on customer account. We will see important reasons behind lien amount
1 When account holder not pay EMI or loan repayment on time then bank will place lien on the account which is equivalent to loan, EMI amount.
2 Every bank has their term and condition regarding customers bank account. If you not maintain minimum balance in account then bank will charge penalty from your account.
3 If you deposited FD as a security for any loan then you will not able to withdraw any amount from FD . SBI bank will putting that FD locked or marked as lien amount.
4 If SBI bank found any issues regarding your cheque or draft then bank will put lien on the account.
5 If customers of bank failed to pay taxes or bills then bank will put lien on the account.
How to Remove Lien Amount in SBI
SBI current and saving account holder can remove their lien amount. There are many way which help you to remove your lien from account.
Step 1: First visit the home branch and customer executive will tell you next procedure related to lien account.
Step 2: You can also remove lien through net banking. Login to SBI netbanking and click on ‘Request’ option. Select ‘Virtual Card’ option. After you select ‘Confirm’ option, the lien on the account automatically released.
Step 3: You have to settle the amount like bank loan or EMI, credit card bill on time. Keep the minimum balance on your account, make sure there is no issue with the cheque/Draft.
