Financial Daily from THE HINDU group of publications
Wednesday, Apr 06, 2005
Financial Daily from THE HINDU group of publications Wednesday, Apr 06, 2005 |
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Money & Banking
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Public Sector Banks SBI launches scheme Our Bureau
THIRUVANANTHAPURAM: State Bank of India has launched a new loan scheme named SBI-Maxgain. An official spokesman said the scheme extends an option to customers to link their housing loan account with their current account and benefit from a reduction in interest burden. Initially, the bank is offering this facility to those who avail a housing loan of Rs 5 lakh and above. They must also have had a satisfactory record of operating a savings bank/current account, maintaining an average balance of Rs 10,000. Since the loan account is opened as an overdraft, the borrower will have the option to keep his surplus funds in his own account. The account can be operated through cheques, ATM or even online, while the interest will be calculated on the actual balance on date.
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