Average monthly balance

# Average monthly balance

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Deal Newbie
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exactly how is AMB in axis Bank is ?

6 Dimers
Deal Subedar
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Check google …You can get lot of excel files calculating MAB

It is arithmetic calculation

Deal Lieutenant
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You mean “how is AMB calculated?”

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very simple funda they total your daily balance in a month than divide it by no of day in the month
suppose in first 12 day you keep a balance of 30000 in your account and for next 18 days nill ( taking a month with 30 days such as april )
now your daily deposit will be calculated as 30000×12=360000 and than divided by 30
your AMB will be rs 12000

Entertainer
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rajeshcaicwacs259 wrote:

Check google …You can get lot of excel files calculating MAB

It is arithmetic calculation

nothing arithmetic about it. if your amb is 10k, keep 3 lacs for 1 day or 1.5 lacs for 2 days or 1 lac for 3 days, in case month is of 30 days, your amb will be maintained. just make sure if it’s 10k, total balance at end of each day is added as 3 lacs on 30th day.

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please note for all calculation mentioned by above your daily balance is last balance left when day comes to end.

Deal Subedar
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Expand
marketdimer wrote:

nothing arithmetic about it. if your amb is 10k, keep 3 lacs for 1 day or 1.5 lacs for 2 days or 1 lac for 3 days, in case month is of 30 days, your amb will be maintained. just make sure if it’s 10k, total balance at end of each day is added as 3 lacs on 30th day.

What is this algebra or geometry ?

Deal Lieutenant
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meragoyou153 wrote:

very simple funda they total your daily balance in a month than divide it by no of day in the month
suppose in first 12 day you keep a balance of 30000 in your account and for next 18 days nill ( taking a month with 30 days such as april )
now your daily deposit will be calculated as 30000×12=360000 and than divided by 30
your AMB will be rs 12000

Arithmetic is simple but there are couple of things to take care of:
1. Some banks do not count money that is transferred on Bank holiday.
That money is counted from next working day.
Like if you transfer Rs1k on 2nd Saturday that Rs1K is counted from Next Monday assuming its working day.
They indicate this by ‘ValueDate’ and ‘Txn Date’
And AMB or AQB is calculated based on ‘Value Date’ not ‘Txn Date’
DCB, HDFC and Axis follow this(my Exp)
2. HDFC does not count the funds received after NEFT hours for that day.
I was fined 2 months as I transferred Rs3lacs around 8PM and withdrew next day afternoon and yet I was charged for not maintaining min bal.
But their staff is not aware of these cut off timings,in fact, I observed, they do NOT understand even difference between AMB and Average Daily Balance. All they told me repeatedly is I must keep Rs10K everyday else I will be charged.

Better download bank statement and check for ‘ValueDate’ column for average balance calculations.

Deal Newbie
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Thank you so much ,will calculate accordingly!