Do you have an account with the State Bank of India? Now you’re getting a mark on your account for the lien amount. What does this imply? If you have any questions concerning the SBI lien amount, scroll down and read this page.
This article is a comprehensive guide on the lien amount in the state bank of India. By the end, you will have all the information about the lien amount in SBI on checking the lien amount?.
Additionally, how can I remove the SBI lien amount? Now, before we go any further, let’s clarify what the lien amount in SBI actually means.
What is Lien Amount in SBI?
In SBI, a lien amount is an sum that banks freeze or lock due to various bank-related concerns, such as non-payment of an EMI for an extended period of time, other delayed payments, and so on. In layman’s terms, the SBI bank may freeze or lock a specific amount of money in your account and label it as a lien Amount. It indicates that the bank has placed that amount on hold, also known as a lien amount in SBI.
You won’t be able to withdraw that money until the lien mark is erased. If the bank suspects something, it can freeze any amount or the entire account. Alternatively, if you have not paid the loan amount or any other type of payment that is due.
Before keeping the amount as a lien Amount, the bank usually informs you. SBI, on the other hand, has frequently failed to do so.
There could be a number of alternative causes for this, which are detailed below. Continue scrolling.
How to check the lien amount in SBI?
The methods for checking lien amounts in SBI are listed below.
- You can print the tiny statement if you use atm. Your amount will be indicated as a lien on a tiny statement, and your balance will be zero if the entire amount of your account has been frozen.
- You can also print your passbook at any SBI passbook printer machine as a backup alternative. Passbook printing machines are usually found near numerous SBI ATMs.
- If you’re using the Yono app, you can also look up the information there. You may also check the information of the lien amount using SBI net banking by following the simple procedures.
Check Lien Amount Through SBI Net Banking
If you utilize SBI net banking, you can verify the specifics of the lien amount right from your computer. All you have to do now is follow the easy instructions outlined below.
Step 1: First, go to the official SBI net banking website and log in. Fill in the rectangle box with your login credentials, such as username and password. And then complete the captcha to gain access to your account.
Step 2: Once you’ve logged in successfully, go to the account summary page. It’ll be under my account and profile section on the left side.
Step 3: You’ll see a link that says “Click here for the latest 10 transactions.” It is necessary for you to click on it.
Step 4: Now you can see the details of your lien amount. If a particular amount is designated as a lien, the remaining balance will be displayed. If the entire amount is frozen, the available balance will be displayed as 0.
If you’re utilizing online banking, these are the four simple methods to check your lien amount.
However, if you do not use the Yono app or have not enabled net banking in your account. You can inquire about the lien amount at your nearest SBI branch.
Also Read: SBI Bank Operating Hours and Timings
How to Remove Lien Amount in SBI?
Let’s say you wish to clear the lien from your account. You’ll need to figure out why this lien mark exists. There are numerous ways to eliminate the lien amount in SBI based on the circumstance.
- You can visit your SBI home branch to find out why your account is frozen. It could also be a technical issue that you need to resolve by visiting the branch.
- If you owe money to the bank, you must clear it first because there is no other option because you cannot withdraw the money or write a check to someone. In this case, the check will bounce.
- Following the settlement of the dues, you will be allowed to withdraw the lien amount or conduct any other transactions. This transaction can take the form of a check, a cash withdrawal from the SBI bank, or an ATM transaction.
- Alternatively, you can use net banking to transfer funds.
- As a result, you’ll almost certainly need to visit your bank location to determine the exact source and eliminate it.
- You can also contact the SBI customer service hotline for assistance. You cannot visit the SBI branch if you are in another state or for any other reason.
You must provide the last four digits of your Aadhaar number when calling with your registered mobile number. They require you to provide an Aadhaar number to verify your identity. In addition, they validate your account number for future assistance.
However, because your account credentials are confidential information, you must exercise extreme caution when providing them. To ensure the legitimacy of customer service, call the SBI’s legitimate toll-free number.
Several scam numbers are provided in the Google search engine to catch customers off guard. As a result, double-checking before phoning them is critical. To avoid this, you must obtain the number solely through SBI’s official website.
Why is the Lien Amount in SBI?
There could be numerous reasons for the SBI lien amount. The following are some of the most common sources of SBI lien amounts.
- There is a possibility that you have not maintained the minimum balance in your savings account. There are some rules and regulations of every bank to maintain a minimum balance which depends on whether your account is in a rural, semi-urban, or metro city branch of SBI. According to this rule, a customer has to maintain a minimum amount of 1000 INR monthly if your account is in the rural branch of SBI. And if you have opened your account in a semi-urban or metro city branch, you will have to maintain a minimum balance of two thousand and three thousand rupees respectively monthly. However, these rules and regulations keep changing in SBI, so; you will have to be updated with them. You can confirm it by calling on a customer care number or visiting any branch of SBI, if possible. Because In 2021, SBI announced a wave of the penalty of maintaining a minimum balance.
- If you have taken out a loan but have not paid the EMI. The bank has the ability to freeze the EMI payment or even the entire loan amount in your account in this situation.
- If a problem with a check or transaction is discovered, the bank can levy a specified amount.
- If your bank discovers any unusual cash deposits or account operations. The account may then be frozen.
- You are not paying tax to the government if your income falls within the income tax bracket. The bank then places a hold on all future transactions until the tax amount is paid.
- If you’ve used your fixed deposit as a loan security and haven’t paid your EMIs, you’re in trouble. The amount of your fixed deposit will be marked as a lien in this case. You will not be able to withdraw the amount of your fixed deposit.
- If you have an SBI credit card and have not paid the balance due.
Do we get Interest on Lien Amount in SBI?
Absolutely, because the lien amount is merely put aside by the bank for possible future recovery if you have paid your credit card payment or any loan EMI, you may receive interest on the lien amount.
The interest rate is based on the total amount of money in your account. When you pay your bill on time, the bank releases it from a lien, and you can withdraw the money with interest.
Can I withdraw Lien Amount from SBI?
Yes, you can withdraw the lien amount provided you meet specific conditions, such as paying off any outstanding debts. To do so, you must first go to the branch to determine the actual basis for the lien.
If it’s a technical issue, the branch can fix it on the spot, but if it’s a credit card bill, a loan payment due, or a tax-related issue, it could take a few days.
However, you do not need to be concerned. Your account will be free of the lien once the debt is paid in full.
The Frozen sum can be easily withdrawn by determining the particular cause. You must go to your local SBI branch and express your concern; they will take care of it, whether it is a technical issue or something else.
If you owe money, you can pay it off yourself, and the lien amount in SBI will be listed as free, allowing you to withdraw money or conduct other transactions.