How Is Axis Bank Aqb Calculated?

What is Aqb charges in Bank of India?

Charges for Non-Maintaining Average Quarterly Balance 500/- per quarter if AQB goes below Rs.

5000/- in Urban, Rs.

500/- per quarter if AQB goes below Rs.

2000/- in Semi Urban and Rs..

What is minimum balance in SBI?

Currently, SBI savings bank account customers need to maintain an average monthly balance of Rs 3,000 in metro, Rs 2,000 in Semi urban and Rs 1,000 in rural areas. Further, the bank used to levy a penalty of Rs 5 to Rs 15 + taxes on non-maintenance of average monthly balance as stated above.

Which bank is best in India?

Top Commercial Banks in IndiaTop 10 Commercial Banks in India are:State Bank of India (SBI) … ICICI Bank (Industrial Credit and Investment Corporation of India) … HDFC Bank. … Axis Bank. … Kotak Mahindra Bank. … IndusInd Bank. … Bank of Baroda.More items…

Which bank is better HDFC or Axis?

But, in terms of interest rates, HDFC is a better option as its highest rate is 8%. Whereas, Axis Bank Home Loan Interest rates are can go upto 8.55%….People Also Look For.Home Loan Interest Rates December 2020Axis Bank7.75% – 8.55%Bank of Baroda6.85% – 8.25%Citibank7.13% – 8.03%HDFC6.90% – 7.65%9 more rows

What is minimum balance in HDFC Bank?

For savings account in metro cities, HDFC Bank may charge you as much as 600 rupees for not maintaining the minimum balance. With service Tax and other cess, the amount is more than Rs 600. The minimum balance limit in case of HDFC Bank is Rs 10,000 for urban branches and Rs 5,000 for semi-urban branches.

Which bank has lowest minimum balance?

ICICI Basic Savings Account.HDFC BSBDA Small Savings Account.SBI Basic Savings Bank Account.Axis Bank Small Basic Savings Account.Indus Small Savings Account.Standard Chartered Bank’s Basic Banking Account.RBL Bank’s Abacus Digital Savings Account.IDFC Bank Pratham-savings account (BSBDA)

How Axis Bank calculate minimum balance?

EOD balance is Rs 11,000. From July 18 to July 31, sum of EOD balances will be Rs (11000*13) = Rs 1,43,000….ICICI Bank.EligibilityResident Indian, >18yrsMinimum monthly average balance (MAB)*Metro and Urban locations – Rs.10,000 Semi-urban locations – Rs.5,000 Rural locations – Rs.2,000 Gramin locations – Rs.1,0001 more row•Aug 6, 2018

What is average quarterly balance in Axis Bank?

Axis Bank:Monthly Average BalanceRs 10,000If Monthly Average Balance is not maintainedRs. 10 per Rs.100 of the shortfall from Average Monthly Balance Requirement or ₹ 500, (plus GST) whichever is lower with a minimum charge of ₹ 100Dec 9, 2018

How do I calculate my last 6 months salary?

Now, MAB is calculated by adding up all the EOD balances of the month and then dividing the sum with total number of days in the concerned month. For example: Let us assume that Mr. Patil has Rs 5,000 on 1st June, 2017. Then he deposits Rs 15,000 on 6th June and withdraws Rs 10,000 on 21st June.

What is minimum monthly balance?

Monthly Average Balance (MAB), also known as the minimum average balance is nothing but the minimum amount you are required to maintain in your Savings Account every month. The figure is calculated at the end of each month and failure to maintain this minimum average balance will result in penalties.

What is meant by Qab charges?

Quarterly Average Balance (QAB) If QAB is Rs 10,000 it means that on an average the account holder needs to maintain Rs 10,000 daily.Note he does not maintain Rs 10,000 balance every single day, but on an average. Under QAB the bank computes the average balance on a quarterly basis, i.e. once every 3 month.

What is the average monthly balance?

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. … Most of the leading banks in the country charge customers for non-maintenance of monthly average balance (MAB) in their savings accounts.

What happens if I don’t maintain minimum balance in Axis Bank?

If customers fail to maintain this balance, they will have to pay a penalty of up to Rs 75 – every month! Source – PTI. Most banks require their customers to maintain a minimum balance in their account. They charge their account holders for the non-maintenance of minimum average balance (MAB).

How is Aqb calculated?

Average Quarterly Balance is abbreviated as AQB. It is the sum of the end of day balance in the account for each day in the quarter, divided by the number of days in the quarter. … AQB differs for various banks and various accounts.

What is Aqb charges in bank?

Minimum. Average Quarterly Balance (AQB) of Rs. 100/- Rs. 60/- per quarter at all centres.

What is minimum balance in BOI?

It aims at maximizing the earnings for the customer, without jeopardizing liquidity. Minimum balance in SB portion is Rs. 50,000/- and minimum balance in Term Deposit Portion is Rs. 10,000/-.

Which Axis bank account is best?

Prime Savings AccountUnlimited (free) cheque books, without any charge.Unlimited (free) Demand Draft (DD), without any charge.A Secure Plus Debit Card, at a zero issuance fee.Daily withdrawal limit of Rs 50,000 at ATMs.Daily limit of Rs 75,000 on shopping transactions.Earn Axis eDGE Reward points.More items…•

Does Axis Bank charge for debit card?

Goods and Services Tax will be applicable on all the above mentioned fees & charges….Online Rewards Debit Card Fees and Charges.Issuance Fees- Primary/JointRs. 500 + TaxesAnnual FeesRs. 500 + TaxesATM Withdrawal Limit (Per Day)Rs. 50,000Purchases Limit per dayRs. 5,00,000Lost Card LiabilityRs. 1 Lakh4 more rows