POSTED BY ReddyN ON May 29, 2013 9:56 pm COMMENTS (8)





I have applied for SBI maxgain homeloan on 3rd march 2013 (25L Loan+61k insurance) for under construction house.

House will be completed in October 2013.

 I got SMS regarding sanction on 29th March 2013.

I got the mail from RACPC AGM on April 16th 2013. They fixed my appointment on 23rd April 2013.

On that day all formalities have been completed. They disbursed 10L amount to the builder after 5 days.

In between 16th april and 23rd april, SBI people

created two accounts in my Savings account (Transaction account (i think this OD Account) + Loan account (I think for insurance)).

My EMI will starts from 10th June 2013. I have few queries regarding my loan.

Please clarify my doubts.


1.When i check the statement, they debited 1,636 Rs as interest in OD account and 17 Rs in Loan account as shown below. Please clarify on this.

  How can i avoid these interest debits? shall i transfer some amount to avoid interest?





Book Balance -10,01,636.00

Available Balance 14,98,364.00

Limit 25,00,000.00

Uncleared balance 0.00

Drawing Power 25,00,000.00

Currency INR

Rate of Interest (% p.a.) 9.95%

Lien Amount 0.00




30-Apr-2013 (30-Apr-2013) DEBIT INTEREST  1,636.00  

25-Apr-2013 (25-Apr-2013) TO TRANSFER NEFT xxxxxxxxxTRANSFER TO xxxxx 10,00,000.00




Account Number 00000032950153662



Limit 61,000.00

Drawing Power 11,924.00

Outstanding Amount 12,124.00

Rate of Interest 9.95

Currency INR

C.Y.YTD Interest 17.0

P.Y.YTD Interest 0.0


30-Apr-2013 (30-Apr-2013) PART PERIOD INTER  17.00  

26-Apr-2013 (26-Apr-2013) DEBIT TRANSFER 

TRANSFER TO 30322777921 SBI LIFE INSURANCE CO  12,107.00





Waiting for your replies.

8 replies on this article “SBI MAXGAIN”

  1. Dear Annada, on your behalf anybody can submit possession letter to the loan serving branch. No need to run to RACPC. Once possession letter is with branch, you can demand netbanking rights from your branch.



  2. Dear Annada, in all probability, there are 2 different CIF (Customer Infomration Folio) created for you by SBI. Please contact the loan serving branch for netbanking rights on Max Gain.



    1. Annada P says:

      Dear Ashal,

      Thank you very much for your reply.

      I have not received any net banking information from bank yet. I am guessing the max gain account is not activated?

      Actually I have not submitted the possession letter to bank, although I got the possession from Builder a year ago. Can you please provide me some information, is that possible to activate the max gain account visible without providing the possession letter. I am not able to submit the possession letter in hand to RACPC, as I am out of station for some months.

      Kind Regards

  3. Annada P says:

    Dear Ashal,

    I am a doubt regarding the maxgain facility. Please help by providing some information.
    I have SBI saving bank a/c, also maxgain a/c. I can not see the maxgain a/c details by logging into saving bank a/c. Is that different login required for maxgain, how to opt that.

    Kind Regards

  4. Dear Reddy, for insurance account, please check the disbursed amount for prem. If it’s 61K, park that much. If it’s less than 61K, park accordingly. Regarding OD, park only that much amount which you do not need even in extreme emergency.



    1. ReddyN says:

      Thanks a lot Ashal

  5. Dear Reddy, please deposit the amount in Insurance account to save on interest on insurance prem. Regarding the main OD account, please do note, if you deposit any amount before full disbursal, you can not withdraw it.



    1. ReddyN says:

      Thanks Ashal for your quick reply.
      Yes, I got it. Until full disbursement we can not withdraw from OD account. Is it correct ?
      How much amount do i need to put in insurance and OD accounts to save the interest deduction for my loan amount (25L loan + 61K insurance)?

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