Are you nervous and concerned about the amount of your BoB lien? You certainly shouldn’t fret. If you discover a marked lien in your Bank of Baroda account, you must grasp what that lien amount implies. It’s nothing to worry about if you don’t know how to clear the lien in the Bank of Baroda and FD account in BOB. This article will discuss everything you need to know about the lien amount in BoB.
What is lien amount in the Bank of Baroda?
The lien amount is fixed by bank officials and is locked in for a defined period of time. When Bank of Baroda freezes an amount in your account, you will be unable to transfer or use it until the bank releases the account. The bank has the authority to lock the account’s whole balance and declare it a lien. The lien may be enforced directly by the bank or by an official such as a court or tribunal.
Why does the Bank of Baroda put a lien on your account?
- The bank has proposed keeping a minimum amount in the account. Users who fail to uphold the minimum balance are subject to non-maintenance penalties. The penalty costs will be deducted automatically by the bank. However, if the account is insufficiently funded, the bank will place a lien on the penalty amount.
- If the account holder fails to make timely payments on their EMI or loan installment, the bank puts a lien on their account in the amount of the EMI or loan.
- If you placed the FD as collateral for a loan, you cannot retrieve the FD amount since the bank designated it as the lien.
- If the bank finds any suspicious activity on your account, it can be blocked and a lien can be imposed.
- If there is a problem with drafts or a cheque, the bank may place a lien on the account. The lien value will be the amount of the cheque/draft.
- A lien might also be placed on your account because of a software malfunction.
How to unlock lien amount in BoB?
The bank will not release the lien unless you satisfy the bank’s debts. You cannot withdraw the funds or issue checks because they would bounce. If you pay off all of your debts at a Bank of Baroda branch, the lien will be removed from your account. You would require to visit the branch and enquire about the complete procedure to fix this issue. You may also get help from the bank’s customer care by contacting them and enquiring about the issue. They will certainly help you but bear in mind that you won’t be able to clear the lien mark from your account until all of your account’s pending debts have been completed.
How to check lien in the Bank of Baroda?
To check your lien balance you need to visit the official website of the Bank of Baroda. After that click on the accounts menu and lien inquiry on the side menu against the appropriate account. You may then check the lien noting of the blocked amount.