Maxgain OD account

POSTED BY Nitin Verma ON April 8, 2013 12:35 pm COMMENTS (3)

Hello,

I hava housing loan with SBI (Maxgain Account). Under this I have an option of Over Draft. Total loan amount was 28 lacas which is fully disbursed. Now if I place some surplus fund into OD account, where is the interest paid on it reflected ? 

Best Regards,

Nitin

3 replies on this article “Maxgain OD account”

  1. Dear Nitin, please contact your loan serving branch & demand there for activation of transaction rights. Regarding interest, please do note by parking surplus, you are saving interest outgo & not getting any credit of interest. To know the benefit, please get your loan amortization schedule from bank & compare the actual interest outgo with the one reflected in your loan amort. schedule.

    thanks

    Ashal

  2. Nitin Verma says:

    Thanks for prompt response.
    Actually I have deposited some surplus fund to my OD account last month. Where can I check whether interest is credited for that amount or not.

    Secondly transaction right is not active for my OD account. Can you suggest how to get it activated ?

    Thanks.

  3. Dear Nitin, the interest ‘ll be debited on last day of every month from your OD acct. Before parking any surplus amount, make sure your transaction rights for this OD acct. are active, else you ‘ll not be able to transfer back your money in case of need.

    Thanks

    Ashal

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