Charge Levy on Non-Maintenance of Monthly Average Balance – Process
Customers are required to maintain a minimum monthly average balance as per the Savings account variant held with Standard Chartered Bank.
Methodology for Calculation of Monthly Average Balance
The average Monthly balance for an account is calculated as per the calendar month i.e. January, February etc. For a new account, opened in the middle of a calendar month the average balance is arrived at on the basis of number of days the account has been live in that month.
Date
Narration
Deposit
Withdrawal
Balance
1/1/2017
Opening Balance
–
–
0
1/1/2017
By clearing
1,50,000
–
1,50,000
5/1/2017
By clearing
1,00,000
–
2,50,000
20/1/2017
Cash Withdrawal
–
50,000
2,00,000
31/1/2017
–
–
–
2,00,000
Calculation of Average Balance
From
To
Balance
Number of Days
Total Balance (Balance x No. of Days)
1/1/2017
4/1/2017
1,50,000
4
6,00,000
5/1/2017
19/1/2017
2,50,000
15
37,50,000
20/1/2017
31/1/2017
2,00,000
12
24,00,000
Sum = 31
Sum = 67,50,000
Average Balance (Sum of Total Balance/Number of Days) = (67,50,000/31) = 2,17,742
In case customer fails to meet the monthly average balance criteria, they will be notified by the bank through either SMS, Email or Physical Letter to maintain sufficient balance within next 30 days. It is the responsibility of customer to keep their communication details updated with the bank to receive such notifications.
If the customer fails to maintain required balances despite the notification, charge will be levied from customer’s account.