Reality of Bank Minimum Account Balance

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Many people feel that they need to maintain their minimum balance daily or else there will be penalty. But that’s not the case because it’s not Daily minimum balance it’s Monthly average balance (MAB).

Ans it simply means that the average of all monthly closing day amounts So, given a month, add all of the closing day balances and divide by the number of days in the month. If you had to calculate it, it would be

MAB = (sum of all EOD closing balances) divided by (number of days in a month)

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