What is Lien?
- Lien is a form of security interest granted over an item of property to secure the payment of debt i.e., to secure the deposit amount in a particular account.
- Lien in simple terminology can be termed as placing a hold or blocking certain amount in an account.
- Lien can be partial or full depending on the usage.
- There are two types of Lien in general they are System Lien and User Lien.
- In DOP Finacle the menu option to mark or remove the Lien is HALM
Scenario:- Lien in general comes into the picture in DOP Scenario when the customer want to take the loan in RD or PPF account for a defined or predefined period.
Steps to be followed for marking and removing the Lien on an account.
Marking a Lien:-
HALM(Stands for Account Lien Maintenance)
- Invoke the menu HALM in the system then select the following
- Select the function as "ADD"
- Enter the account number
- Select the module type as "User Defined" as shown below
Then click on Go then the system will ask to enter the following
- New Lien amount
- From effective date(optional)
- Expiry date (optional)
- Lien Reason as shown
Then click on Submit then system will display the message Lien created successfully.
After creation of Lien, the Lien amount for a particular amount will be displayed in the menu HACCBAL as shown below
Removing\Revoking the Lien:-
- Invoke the menu HALM then select the following as mentioned.
- Select the function as "Modify"
- Enter the account number
- Select the module type as "User Defined" as shown below
Then click on Go then the system will ask to modify the Lien amount make the amount as Zero as shown in the below figure
Then click on Submit then system will display the lien amount revoked successfully.
