If you are a customer of SBI and when you open your internet banking to check your account balance, you see one new option i.e. Lien Amount under the Account Summary tab, after seeing this you are thinking what is this Amount and how it came and many questions will come to your mind, Right? But no worry In this article you will know What is Lien Amount in SBI Account and other details about this amount?
One more thing, this is not only happening in SBI but this is for all banks. In case if you see a Lien amount in your bank account irrespective of the banks, visit your bank branch and get to know the reason behind this.
In this post, we will explain the reason why you have a Lien Amount in the State Bank of India Account as well. let’s continue…
Lien Amount Meaning in SBI
Lien means “Lock” in Banking terms which have been put by the bank to your particular amount or the entire bank amount.
Note that the amount is marked as Lien not Only in SBI but in all the banks.
In a short and easy way, you can say that bank has locked or freeze your particular or whole amount for a certain period of time. you can not withdraw or use it for any purpose until the lock has been removed.
Now that we know the definition of Lien Amount, you must be curious to know why banks are putting amount as Lien. Find your Answer below.
How to Check Lien Amount in SBI Net Banking
Follow the steps below in order to check if any amount in your bank account is marked as Lien or not.
- Visit SBI Internet Banking Official Website and Login using your Username and Password.
- After successful Login click on the tab Account Summary of the Left hand side.
- Now Click on the link Click here for last 10 transactions
- On the next screen you will able to see your Lien Amount if any.
Why SBI Put Lien Mark on your Bank Account?
All the Banks including SBI have the right to put the amount as Lien Amount but that is for some reason. you can find below some of the valid reasons to mark the amount as a Lien.
- In Case if you have taken any loan from SBI and you are not paying the installment and interest on time then the bank has the right to freeze your account or put Lien on the Installment plus interest amount.
- You might be knowing that you have to put a minimum balance in your account. if you failed to do so the bank will charge a penalty amount by the end of the month. But if you do not have money to pay penalty also then the Bank will put Lien on your account until you enough amount to your bank account.
- If you are subscribing to any company IPO through your trading account, then you are marking the IPO price amount as a Lien on your linked Bank Account. For Ex- If the company IPO price for 15 shares is Rs. 14990 then, the amount of Rs. 14990 will be marked as Lien in your bank account.
- This can happen due to bank software errors or any technical issues. But do not worry this will fix automatically by the Bank.
- If you failed to pay your credit card bill on time the bank can put the Lien amount into your SBI Bank Account.
- Also if the bank suspects any unlawful activity going on into your account, it has the right to put a lien on a certain amount or can freeze your account as well.
- If you Put your Fixed deposit or term Deposit as a security against your Loan then your account will be marked as Lien and you won’t be able to withdraw any amount from it.
- If there is an issue with a Cheque or Draft, then Bank can put a lien on your account of the Cheque or Draft amount.
In case if you do not find any reason for the Lien amount from the above points, you need to contact your bank branch.
How to Remove or Release Lien Amount in SBI?
State Bank of India has put Lien on your amount because of some valid reason. removing or releasing the Lien amount is not in your hand. If you meet the requirements the Lien mark will be automatically removed.
So, you need to settle the Amount like if you have taken a Loan or EMI, pay the bills on time, keep the minimum balance required on your account, make sure there is no issue with the cheque/Draft.
In Short, we can say if you settle all your liabilities on time your bank account will never mark as Lien and you can enjoy banking services without interruption.
After Removing the Lien mark you will be able to withdraw or use that money for any purpose.
Can I Remove Lien Amount in SBI Online?
A big No, it is not possible to Remove Lien Amount Online. you need to clear your dues or liabilities and it will get removed automatically. you do not need to visit the branch also.
In Case after clearing your dues the Lien mark is still there, call the SBI Customer care service department or visit your bank branch to get help.
You have learned what is Lien Amount, why banks put it to your account, how to release it. I hope the above information is clear.
In case if you have any doubts/questions related to the above information, do ask in the below comment section. I will be happy to answer them.
Call the State Bank of India (SBI) helpline Toll- Free Number 1800-102-8724.
It will take 5 to 7 working days to remove Lien Mark from your account. once it is removed you can use that money for any purpose.