What are the charges levied by banks on non-maintenance of monthly average balance?
Answer
Answer
Most banks these days require their customers to maintain a particular average balance in their savings accounts. The duration of this average balance calculation can be either monthly or quarterly.
If a customer doesn’t comply with the monthly/quarterly average balance (MAB) rules, then he/she will be charged a penalty.
If a customer has a priority bank account then his/her MAB requirements would be significantly higher than a normal savings bank account.
Her
e are the charges levied by a few banks:
Image courtesy: Financial Express
Please note, the data stated above is at the sole discretion of the banks and can be changed whenever the bank deems fit.