Hi All,
Firstly I would like to thank everyone here for sharing their knowledge which has helped me get better control on my financials.Manish has done great job in the making….kudos..
Please help me with few doubts on maxgain.
I have taken a home loan of 19,88,000 (30 yrs) from SBI under SBI Maxgain. Following 3 accounts have been added in my online banking
1. OD A/C (Transaction Account)
Book Balance: 19,88,000
Available Balance:0
Limit: 19,88,000
Drawing Power: 19,88,000
2. SBI Suraksha A/C (Loan Account under branch RACPC)
Limit:0
Drawing Power:0
Outstanding:0
ROI: 10%
3. SBI Suraksha (Loan Account under my home branch)
Limit:73,715
Drawing Power:14,743
Outstanding:14,743
ROI: 10%
Apart from these accounts I have my normal savings account.Please help me under stand
a) difference between account 2 and 3?
b) how can I transfer my savings A/c money to OD A/c so I can save interest on maxgain product?
c) will the amount i transfer from savings to OD be available to me in case I need it?
d) what is the best way i can manage my A/c to get maximum savings out of maxgain?
Now today first installment of 17,447 have been transfered from savings to OD and 28 to SBI Suraksha A/c. The A/c looks like
1. OD A/C (Transaction Account)
Book Balance: 19,79,812
Available Balance:8,188
Limit: 19,88,000
Drawing Power: 19,88,000
2. No change
3. SBI Suraksha (Loan Account under my home branch)
Limit:73,715
Drawing Power:14,771
Outstanding:14,743
ROI: 10%
Please let me know if the Available Balance in my OD a/c signifies my principal paid or not. and how is rs 28 caclulated for SBI suraksha.
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Regards,
Lokesh