How do I earn extra interest on OD account in SBI Maxgain ?

POSTED BY meghs ON April 3, 2014 8:36 pm ONE COMMENT

Hi,

I have got a SBI Max Gain OD account. The Available balance, Limit and Drawing Power are all 62 Lacs and the book balance is 0

Each month I have to pay my builder and I transfer the amount to the MG account so that my Book Balance goes back down to 0. To avoid paying interest as much as possible. My question is, if I transfer surplus funds ahead of a pending debit, do I earn any interest on the surplus? The loan amount is 62 lacs and I send 6 lacs surplus to the OD account. Do I earn any interest on the extra 6 lacs?

Thanks

One reply on this article “How do I earn extra interest on OD account in SBI Maxgain ?”

  1. ashalanshu says:

    Dear Meghs, once you park surplus, SBI ‘ll not charge interest on the disbursed loan amount adjusted for 6L Rs. Hence you ‘ll be paying interest on disbursed loan amount – 6L Rs. This saving in interest payment you can term as income. 🙂

    Thanks

    Ashal

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