If you have an account with ICICI Bank and a lien is marked on it then don’t worry. We will help you understand everything there is about lien amount.
What is lien amount in ICICI Bank?
The ICICI bank has the first right of set-off and lien. This is regardless of any other lien or levy, current or future. This could be kept or balanced on any of the user’s accounts, whether solo or joint accounts. The foregoing can be applied to any sums owed by customers deriving from ICICI bank services offered or any other services that ICICI bank may provide to clients. The account holder can call the bank to find out why the funds are frozen and who has a lien on them. The ICICI bank will then reveal the contact information of the individual who sought the lien. The bank manager will give these details. The account holder should next contact the creditor or lawyer to address the situation.
How do you remove a lien from your ICICI bank account?
Find the lien:
- Find the lien, as well as the specific responsible party. They have already dealt with the specific creditor, or other steps have been done. The account holder may have gotten notification of the court hearing or a letter of judgment against the account bearer. The account holder might call the bank on their behalf and inquire as to why the funds have been frozen and who has a lien on them. The ICICI bank would then reveal the name and contact information of the individual who sought the lien. The bank manager will give this information. The account holder should next contact the creditor or attorney to address the situation.
- Gather information on the funds tied to the lien. It is possible that some cash in the bank account was not frozen by the bank. Social security and veteran’s benefits, as well as other government funds or pensions, are examples of these. The bank will require paperwork in order to release funds that should not have been blocked. The bank may require documentation if the money isn’t frozen, or if a direct transfer is made, they will be able to identify it instantly from the source. The demand for such items would then be unfrozen immediately.
Vacate the ruling:
- Then you would be required to vacate the ruling. Through the aforementioned method, the account holder may be able to get the bank lien removed. For example, if the account holder got a court summons following the case and is unable to appear in court due to a health concern, there may be grounds to have the lien dismissed. Account holders can schedule a hearing by calling the court at the number shown on the summons. Following that, individuals might bring in legal counsel to protect their rights.
Lien marked on the FD in ICICI
- On issuing of the Instant Credit Card, ICICI Bank shall place a lien on the full amount of the fixed deposit amount put by the Cardholder, including interest collected, until the cancellation of the Instant Credit Card or the expiry of the fixed deposit, as applicable
- When an overdraft facility is used, a lien is placed on the deposit. Banks can set a minimum and maximum overdraft limit. Typically, the maximum amount is a percentage of the fixed deposit. Overdrafts are often available at somewhat higher interest rates than fixed deposits.