SBI Magain &amp Max Suraksha and FD

POSTED BY ysmarty ON September 27, 2013 1:48 pm ONE COMMENT

LHi,

Its around 1 yr am holding SBI MG acct with loan bank suggest to take MAX suraskha as well (please explain benefits for this as well).
But at that time I was not having money so bank provided loan for the same

My questions : –
Loan Account Details

  • Description MAXGAIN SURAKSHA
  • Limit 84,000.00
  • Drawing Power 12,447.00
  • Outstanding Amount 12,447.00
  • Rate of Interest 10.8
  • C.Y.YTD Interest 787.0
  • P.Y.YTD Interest 433.0

Description SBI H L MAXGAIN AUG12

  • Book Balance -28,18,403.00
  • Available Balance 1,78,094.00
  • Limit 29,96,497.00
  • Uncleared balance 0.00
  • Drawing Power 29,96,497.00
  • Rate of Interest (% p.a.) 10.05%
  • Lien Amount 0.00

Part I
1. Now I have some some surplus amount so should I clear the Suraksha acct i.e close it?
2. I want to bring my loan amt below 20 lac so how much should i try to save per year or put as a surplus amt in th MG (in short time)?
3. can you explain the terms in Suraksha aact (CY , PY, DP , outstanding amt is for year or overall?)

Part II
4. Also the MG ROI is seems to be increased to 10.05 from 9.95.
5.  I have few FD around 2L (ROI 8.5) they will expire in next 6 months so should i close those and put the money in SBI MG?

Looking for answers.thanks in adv

One reply on this article “SBI Magain &amp Max Suraksha and FD”

  1. ashalanshu says:

    Dear Ysmarty, I’m trying to answer your queries.
    Part I
    1. Now I have some some surplus amount so should I clear the Suraksha acct i.e close it?
    Yes
    2. I want to bring my loan amt below 20 lac so how much should i try to save per year or put as a surplus amt in th MG (in short time)?
    Roughly 10L Rs.
    3. can you explain the terms in Suraksha aact (CY , PY, DP , outstanding amt is for year or overall?)
    CY – Current Year
    PY – Previous Year
    DP – Drawing Power – as on date actual loan balance

    Part II
    4. Also the MG ROI is seems to be increased to 10.05 from 9.95.
    Yes, that’s due to increase in base rate from 9.7 to 9.8% by SBI.

    5. I have few FD around 2L (ROI 8.5) they will expire in next 6 months so should i close those and put the money in SBI MG?
    As and when they mature, please put that amount into Max Gain. You can put even today.

    Thanks

    Ashal

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