Lien Amount SBI : Meaning And How to clear lien amount ?
What is Lien Amount in sbi or any other bank account? What is Lien Amount in sbi? Lien amount meaning? How to clear Lien Amount in sbi? Lien amount meaning in hindi? What is CIF Number? Can you see the mark of the lien amount in your SBI bank account? (also applicable for other banks) If yes then it is very important for you to know why this charged mark has been put on your account. So the first thing will be to understand what does this lien amount meaning stands for and what the circumstances which are responsible for this action are. Whether you are an SBI account holder or if you are one of the people who want to have a new SBI account. It is essential for you to have all the information about the SBI bank account and the Lien amount. There are so many people who do not have a clear idea of what the Lien amount is in SBI. But through the help of this article, you are going to get all the details about Lien to understand it. It is not only for the SBI bank account holders but also for the other banks as well. So irrespective of which bank account you are holding if you see that your account is having the lien amount meaning then you should definitely contact the bank and know the reason behind it. Lien Amount Meaning Lien stands for a lock that has been put on your account. When it comes to the lien amount 2024 you should know that this particular amount has been locked by the bank for a specific time. After the amount has been frozen you won’t be able to withdraw it or use it for any purpose until the lock has been removed. The bank has the right of putting the lien on a particular amount or on the entire balance. Reasons why the bank is putting a lien In Simple words, Lien means blocking the full amount or some As an Example, SBI or any other Banks have the following rights of lien Right to lien Right to particular lien Right to a general lien 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 want it to be closed before the maturity period, the amount will be adjusted towards clearing the liability in the loan account linked to the deposit and only the balance amount will be returned to you and this is known as a particular lien When it comes to the general lien, the banker has the right to mark a lien on all deposits in the names of depositors up to a certain limit in case the depositor is liable to pay some amount to the bank Non-payment of interest and installments on loans Credit card dues Locker rent arrears Any other dues Amount earmarked as per the garnishee order issued by the court Amount earmarked as per the income tax attachment issued by the income tax department etc., Most bank accounts nowadays are setting the requirement of the minimum account balance. So if you are not maintaining a minimum account balance, then the bank will charge an amount as a penalty. If the account balance is much lower than the requirement of minimum balance then your bank will be deducting the cost from the account. If you don’t have enough money in your bank account to pay the penalty, then the account will be remarked as a lien until you are putting enough amounts for paying the penalty. If you have taken a loan and you have offered the fixed deposit or term deposit as the security against the loan then your account will be marked as the lien and you won’t be able to withdraw the money from it. Here the lien will be put on the account after taking your permission so that you are not trying to withdraw any amount. If you fail to pay the loan amount then the bank will be placing a lien on the account for that particular amount. So, most of the banks will have the right of putting the lien on the account. If you fail to pay the amount from one account, then they can also put a lien on another account under the same branch. If you are facing any issues related to draft or cheque on the account then the bank can easily put the lien of that particular amount until the issue is resolved. In many cases, the bank has the right of freezing the entire account or put up a lien on some specific amount. If you fail to pay the taxes or you perform any unlawful activity then this might hinder your smooth access to the account. So make sure you are paying all the taxes on time and submitting the documents to the bank in order to stop your account from getting frozen. Sometimes the bank software may generate some error and that is when you don’t have to worry much because it will be resolved by the bank itself. You will have to visit the branch or call the customer care service to quickly resolving the issue. Another important thing that you should be aware of is, you are also capable of putting a lien on your own account. If you have a trading account then you can put a lien on the limit till which you want to make the transactions. If you are subscribing to the IPO then you can also mark the lien. This will help you to get enough funds after you are getting a lot with IPO. Can one draw the lien amount 2024? No, one will not be able to withdraw the amount which has been marked lien until the person is … Read more