Wrong interest rate charged by SBI on MAX Gain account

POSTED BY rdeshpande ON February 5, 2014 3:56 pm COMMENTS (4)

I have taken 40L loan from SBI chinchwad, and I opted for MAX Gain facility.

In July, I paid one time charged to reduce the interest rates which was updated to 10.10 after this payment. After that, along with repo rate changes the rates again went increasing and by december it reached 10.4.

I have parked around 14L surplus to control the interest outflow on my loan.

on 20-Dec-13, SBI published updated interest rates on their site, which mentioned 10.25% for loan below 75 L. I enquired at my home branch and I was told that this rate is for new customers only. same answer was given by Kalewadi Phata branch manager. When I logged a complaint, I received call from Mumbai office saying these published rates are applicable for all customers (old and new), then again I enquired to my home branch, but the branch manager Mr. Pandey told me that there are different rules according to which my interest rate is correct and my complaint got closed.

Please let me know how and where to follow up on this? Am I cheated by SBI? can I check with RACPC?

4 replies on this article “Wrong interest rate charged by SBI on MAX Gain account”

  1. chhayaravindragaud says:

    For eduloan intrest is chrged on sanctioned amount 1475000 /= from 2005 sanctioned amount only 896000 . co-lateral property worth rs 1 cr in 2005. from 2009 i am enquiring about this doubt no one answered me. RACPC-1-2-CHINCHAWAD BRANCH. UPTILL MARCH 20013 I repaid 1113000 /= and stop payment as they debited from my saving account without my notice. In this aggrement I recd only in 2012 and immediately i pointed that it is wrong in figures. It is also above SBAR RATE.
    2nd edu. loan 30636965678- disbursed 4,49,000/= in Jan 2009. It is foreclosed in June 2013 with higher rate 707600 /= I was repeatedly asking Ato Z officers from chairman dgm.gm that how the intrest rate is different for same year same month follwed same day . Again everyone is mum.
    At last I went to LOCAL RATE CONTROLER office at Mumbai . I recd information that since U have heavy security this intrest is wrong.
    My question is how to punish SBI for irrepairable loss ?
    At present I send a registered parcel with 100 s of proofs and aggrements to Control Office.

  2. ashalanshu says:

    Dear Madhu, parking more money ‘ll not bring down your rate conversion fee as it ‘ll be charged on your drawing power. 0.56% of your existing DP ‘ll be your rate conversion fee.



  3. ashalanshu says:

    Dear Rdeshpande, you have not been cheapted. The answer given to you from Mumbai office was wrong. The latest published rates are indeed for new customers only. being old cutomer you are paying interest rate with 0.4% spread over base rate. As current base rate is 10%, hence your applicable interest rate is 10.4%.



    1. Madhu says:

      Hi Ashal,

      So how much will be the one time fee to reduce the interst slab ? My loan its ahoing 1.75% excess as 11.75% instated of 10.5 .
      If I can park m ore money, shall we able to reduce the one time fee?

      Thanks in advance


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