SBI Home Loan 2

About SBI Maxgain scheme

What is it?
If you have some money, you can transfer it to your bank loan account. Interest will not be calculated on that amount. You can take out this money anytime you need it.

How is it useful?
In savings bank you get 4%-6% interest. FDs will give you ~9% (but have locking period). If you keep in SBI Maxgain, then you get ~10% interest (same as bank home loan rate).

When to not to use it?
If you can invest in other places where you get more than 11%, then dont put money in this account

What to do?
After house registration, we need to go to RACPC and get a form. This form will tell that house registration is done and now our bank account can be converted to OD account (Maxgain account).

Take this form and give it to the Bank (not RACPC). The bank will convert your account to OD account. You will receive a cheque book (blue color for current account).
If you need online access, you can get it. But make sure you are comfortable as huge amount of money is saved.

More to add later!