What are the Lien Charges in Union Bank of India?

If you receive any message from Union Bank of India saying a lien amount has been marked on your account, you might be confused. Is that money going to be credited or debited to your bank account? Or it’s a fraud message?

Well, this message is not spam. If you receive a message like this, the lien amount will gradually be deducted from your total bank balance. But why? You’ll get to know why the lien amount is charged and how you can avoid this, in this article.

What is a Lien Charge?

Lien charges can be broadly categorised into two types. Putting a lock is referred to as a lien. Thus, the bank’s money on hold is the lien amount. You can only use or withdraw that money once the lien is lifted. It is a frozen amount. The bank may place a lien on the whole amount in an account or just a portion of it.

The second category comes with a security purpose. Your bank can set a lien amount on your account when you take a credit card/loan against your fixed deposit. Unless your loan is paid or you surrender the credit card, that FD amount will be frozen. You can’t withdraw or transfer it to another account. That’s another application of the lien amount.

Now the question is, what is the lien charge in Union Bank?

How much are the Lien Charges in Union Bank of India?

You might be getting a message from the Union Bank of India that 295 rupees of Lien charge has been marked on your account. Sometimes it can also be 236, 436, 472, 354, 118, 295 or 149 rupees. These are the general lien amount charges, deducted along with GST. These deductions are made against your credit card or if the minimum account balance is not maintained.

Apart from that, other lien amounts are based on different scenarios. According to your loan amount or monthly EMIs, a lien can be marked up to a certain amount.

How do I remove Lien Charges from my Union Bank of India Account?

To lift the general lien amount, you need to make the payments regularly. This includes your loan/credit card EMI default or minimum balance violation. For other issues like due taxes and pending KYC. you need to complete them as soon as possible.

If you think there’s any technical error that’s causing a lien marking on your account, you need to contact the bank online or in person. However, the best practice is to always maintain a minimum balance and make sure your periodic payments are automated/make them before the due date to avoid any penalty.

Conclusion

Union Bank of India’s lien charges are determined by a variety of factors, including the individual services and account types involved. These prices can change regularly, thus it is critical to obtain the most recent schedule of charges straight from the bank.

The Union Bank of India’s official Fees and Services page is the best place to get the most up-to-date and accurate information about lien costs and other associated fees. Customers can make informed judgements based on the most up-to-date information available (Union Bank of India).