What is the amount of the pledge on your sbi or other bank account?
Do you see a sign of the lien amount on your SBI bank account? (also applies to other banks) If so, it is very important to know why this fee was placed in your account. The first thing to do then is to understand what this pledge amount means and what are the circumstances that are responsible for this action.
Whether you are an SBI account holder or one of the people who want to have a new SBI account. It is essential to have all the information about the SBI’s bank account and the amount of the pledge. There are so many people who don’t have a clear idea of what the Lien amount in SBI is. But with the help of this article, you will learn all the details about Lien to understand it.
This applies not only to SBI bank account holders, but also to other banks. So no matter which bank account you have, if you can see that your account has a lien amount, you should definitely contact your bank and find out the reason.
Reasons why the bank sets a pledge
In simple words, Lien means blocking the full amount or part of it
For example, SBI or other banks have the following pledge rights
• Right to a specific lien
• Right to a general lien
If you borrow from a bank by depositing FD (Fixed Deposit), your bank will pledge this fixed deposit when the deposit is due or if you want it to be closed before the maturity period, the amount will be adjusted to settle the liability on the linked loan account with the deposit and only the balance amount will be returned, which is referred to as a special pledge
As for the general pledge, the banker has the right to mark a lien on all deposits on behalf of the depositors up to a certain limit in the event that the depositor is required to pay the bank a certain amount
• Failure to pay interest and loan installments
• Credit card fees
• Arrears in renting lockers
• Any other fees
• Amount allocated according to a garnishee issued by the court
• The amount allocated on the basis of the income tax attachment issued by the income tax department etc.,
• Most bank accounts today require a minimum account balance. So, if you do not maintain a minimum balance on your account, the bank will charge the amount as a penalty. If your account balance is significantly lower than the required minimum balance, your bank will deduct the cost from your account. If you do not have enough money in your bank account to pay the penalty, your account will be considered lien until you have deposited enough money to pay the penalty.
• If you have taken out a loan and offered a permanent or term deposit as security for the loan, your account will be marked as pledge and you will not be able to withdraw money from it. In this case, a lien will be placed on your account after receiving your consent so that you do not try to withdraw any amount.
• If you do not pay back the loan amount, the bank will pledge the amount on your account. So most banks will have a lien on your account. If you do not pay the amount from one account, they can also mortgage another account in the same branch.
• If you encounter any problems with a draft or check in your account, your bank can easily mortgage that specific amount until the problem is resolved.
• In many cases, the bank has the right to freeze the entire account or mortgage a certain amount. If you fail to pay taxes or perform any illegal activity, it may hinder your efficient access to your account. Therefore, make sure you pay all taxes on time and submit documents to your bank to prevent your account from being frozen.
• Sometimes the bank’s software can generate an error and you don’t have to worry too much as it will be fixed by the bank itself. You will need to visit a branch or call customer service to resolve the issue quickly.
Another important thing you should know is that you can also put a pledge on your account.
If you have a trading account, you can pledge the limit you want to trade up to. If you subscribe to an IPO, you can also mark a pledge. This will help you get enough funds after you earn a lot from your IPO.
Can the pledge amount be collected?
No, you will not be able to withdraw the amount that has been marked as lien until the person pays the debt. Until the lien is lifted, this amount cannot be withdrawn or used, and any checks that are issued from this account will be rejected.
How can the amount of the pledge be cleared?
After the bank has marked the pledge amount in sbi, you will need to pay the necessary balance to this account. After all liabilities are settled, the bank will remove the pledge from the account. After settling the pledge, you can easily use the additional funds on your account.
If you fail to pay all the liabilities that are the cause of the pledge, the amount of the pledge will be used to settle them. If you want to resolve any pledge problem you will have to go to the home branch and ask the officials to do so. You can also call your bank’s customer service to settle the pledge. If you have any other questions or questions about this topic, you can read the frequently asked questions on the official sbi website.
How to recover the amount of the pledge
Due to a minor mistake, if your bank has a lien on your account, you can visit the branch and request a solution to your queries. The bank will solve all problems and remove the pledge fee from your account.
Charging a lien in sbi or any other bank is not a good thing for any bank account holder as it will disrupt the transaction from that particular account. Moreover, if you do not deposit money from one account, it will be debited from another account in the same branch, which will help to drain it.
If you are depositing money into your account as a security deposit against any kind of permanent deposit, you should ensure that your bank account is not charged with the amount of the lien. Since the bank has the option to stop all activity on your account by pledging an amount, it is very important not to break any rules.