EasymanTax’s Post

What is Monthly Average Balance? The monthly average balance is the minimum amount of money that the account holder has to maintain in their current account or savings account. This is the least bank balance that you need to have in your account each month to avoid being penalised by the bank. How to Calculate Monthly Average Balance? Banks use two figures to calculate this: ->Total of the closing balances in a month ->Number of days in the month. The formula is: MAB = (Sum of closing balances) / (Number of days in month) #banking #bankingindustry #bankcharges #learning

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