Regarding SBI Max Gain account usage

POSTED BY Amit Tamhankar ON January 12, 2013 9:23 am COMMENTS (3)

Currently my SBI Savings a/c and SBI max gain a/c are linked to same user ID. I have requested for cheque book of both a/cs.

1) Can I add biller to SBI max gain (OD) account?
2) Can I provide OD account number for ECS debit mandate for direct debit payments of MF installments and/or insurance premiums?
3) Can I provide standing instructions from SBI max gain to SBI savings account?

Currently, my salary a/c is ICICI bank whereas my intention is to use SBI max gain account for paying premiums for Life Insurance, buying stocks through SIPs, paying MF installments of SIP.

However, SBI officers told me that SBI Max gain account being current account can not be used for giving ECS mandate or bill payment etc. It can be used only for payment by cheques and withdrawal by ATM card.

Please help me understand the correct and optimum usage of SBI max gain account.

I’ve recently transferred my loan to SBI max gain. The loan amount is approx 11.5 Lacs, the interest rate is 10%, tenure is 5 years, EMI is approx Rs 25000. I am in a position to have Rs 15000 as surplus per month and I also have already kept around Rs 3 Lacs in SBI max gain account.

Thanks,

Amit Tamhankar

 

3 replies on this article “Regarding SBI Max Gain account usage”

  1. Amit Tamhankar says:

    Thanks a lot Ashal.

    Could you please add more hints on how to use SBI max gain optimally so as to reduce the tenure as much as possible.

    As I had explained in my particular case, I have a surplus of Rs 15000 per month and based on your reply, I am feeling positive about switching my SIP MF installments and insurance premiums to SBI max gain a/c.

    Best Regards,
    Amit

    1. Dear Amit, every month, please transfer the salary from ICICI to Max Gain immediately after credit. Rest I already told you to how to use in reply to your basic query. Please do note, in case of Max Gain, the term of your home loan ‘ll remain same but it’s the outgo inters of interest which ‘ll come down.

      Thanks

      Ashal

  2. Dear Amit, I’m trying to answer your queries.

    1) Can I add biller to SBI max gain (OD) account?
    The answer is Yes.

    2) Can I provide OD account number for ECS debit mandate for direct debit payments of MF installments and/or insurance premiums?
    Again the answer is yes.

    3) Can I provide standing instructions from SBI max gain to SBI savings account?
    The answer is yes.

    Currently, my salary a/c is ICICI bank whereas my intention is to use SBI max gain account for paying premiums for Life Insurance, buying stocks through SIPs, paying MF installments of SIP.

    However, SBI officers told me that SBI Max gain account being current account can not be used for giving ECS mandate or bill payment etc. It can be used only for payment by cheques and withdrawal by ATM card.

    Please help me understand the correct and optimum usage of SBI max gain account.

    I’ve recently transferred my loan to SBI max gain. The loan amount is approx 11.5 Lacs, the interest rate is 10%, tenure is 5 years, EMI is approx Rs 25000. I am in a position to have Rs 15000 as surplus per month and I also have already kept around Rs 3 Lacs in SBI max gain account.

    whatever that SBI person has told you, is wrong. i’m using my own Max Gain for all the things you are mentioing.

    should I add more to satisfy you?

    thanks

    Ashal

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