Lien Current Account is ideal for registered businesses that require activating Lien rights on funds maintained in the Current Account, for smooth operation of the entity with guarantee fund schemes.

This is a special type of Current Account where withdrawal of funds in the Current Account is regulated to ensure such funds are utilized for the intended purpose as agreed by the customer with a third party.

Initially, introduced for construction contractors registered with the Construction Guarantee Fund (CGF), enabling smooth financial operations while complying with CGF requirements.

 

Features

  • No initial deposit required
  • No minimum balance requirement
  • Withdrawals and transfers allowed only with prior written approval from Guaranteed entity
  • Free SMS alerts for account holders
  • Over-the-counter cash withdrawals are not allowed
  • Cheque books are not issued
  • No overdraft facilities
  • No debit card, internet banking, or digital transaction facilities
  • Monthly account statements
Charges & Commission
  • Based on the fund transfer value and the account type
  • Ranged from 0.75% to 1% [ Min - Rs. 1,000/- , Max - Rs. 150,000/-
Eligibility
  • Accounts can be opened by 
    - Sole Proprietors 
    - Partnerships
    - Limited Liability Companies
  • Should be registered with the Construction Guarantee Fund (CGF)
  • Offered for existing or new customers
How to apply
  • Visit your nearest BOC branch
  • Submit the completed Lien Current Account application
  • Provide the CGF request letter to open the account
  • Submit required business and compliance documents
  • Account will be opened after verification and CGF confirmation
Required Documents

Documents required to open an account

  • Lien Current Account opening application 
  • CGF’s request letter to Bank to open the Lien account 
  • Other related documents based on the type of the business entity
    (Ex: Business registration certificate / Company registration / Board resolution to open the A/C / Authorize signatories)

 

Fund Release Requirements

  • To release funds from the account:
     - Written request from the account holder
     - Written approval/confirmation from CGF
Terms & Conditions
  • The account shall be operated only through the account opening branch during business hours.
  • Interest shall not be paid on the balances of the Lien Current Account. 
  • Cheque books are not issued for Lien account.
  • Overdraft facilities will not be considered for this account.
  • Deposits to the account are limited to project-related payments made by project owners or clients over the counter or cheques or through accepted digital modes.
  • Debits from the account are limited to Lien Holder approved transfers to Savings or Current account under the same ownership and Bank charges or commissions.
  • Funds will only be released upon a written request by the customer together with written approval from the Lien Holder. (Irrelevant entries posted will be reversed by the Bank directly, if any)
  • The Bank will not be liable for delays or rejections if Lien Holder approval is not received.
  • The account shall be opened and maintained strictly on a “one account per Customer” basis.
  • In the event of disputes concerning account operation, the Bank shall act solely on the written instructions of the Lien Holder.
  • In the event of a guarantee claim related to a specific project, the funds in the account related to that specific project shall be transferred back to the Lien Holder.
  • The Bank will furnish account statements to the Accountholder via email and to the Lien Holder by post monthly. The Accountholder/Lien Holder should carefully check the entries and any error or discrepancy should be brought to the notice of the Bank within 14 days on receipt of the statement.
  • The Bank will change commissions, fees and charges as and when necessary in operating the account as published in the Bank’s website
  • The relevant branch should be immediately informed in the event of any change including ownership /authorized signatory/ies, postal address, email address and contact number etc. with the prior approval of Lien Holder.
  • The account shall be closed upon project completion with Lien Holder confirmation, death of a sole proprietor, termination of a partnership, or liquidation of a company, and any remaining funds shall be transferred to the Lien Holder.
  • Accounts which do not record customer originated debit transactions for a period of 730 days (02years) or more are considered as Dormant Current Accounts.
  • It is advisable to contact your nearest BOC branch or our Call Centre on 1975 for the latest information and prevailing terms and conditions.