Penalty Charges Levied By Top Banks For Non-Maintenance Of Minimum Balance

Most banks in the country charge their customers a penalty fee for non-maintenance of monthly average balance (MAB) in their savings accounts. Monthly Average Balance (MAB) is the sum of all the end of day (EOD) closing balance divided by the number of days in that month. These penalty charges levied by lenders for keeping insufficient bank balance in regular savings account depends on multiple factors, such as the location of bank b...