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