Savings accounts encourage individuals to get into the habit of saving, while granting easy access to the funds as and when required. The main advantage that a savings account offers is its high liquidity and security while earning moderate interest. It is an easy-to-operate account that allows you to issue cheques and withdraw cash. With savings Bank, Your money is always within your reach.
Now, enjoy more flexibility on maintaining minimum required balance in your account, since Doha Bank has decided to change the minimum average calculation method from Monthly to Quarterly w.e.f 01st January 2020.
As per the revised method, bank will calculate the minimum average balance (required to be maintained in account) on Quarterly basis instead of monthly. This means, you get more time to restore the minimum required balance in your account.
Kindly refer the below FAQs to understand it well.
Average Quarterly Balance is the amount you are required to maintain in your account over a period of three month or one quarter.
It’s Simple! AQB is calculated by adding the Closing Day Balances and dividing the sum by the number of days in the quarter.
i.e. AQB = Sum of all the closing balances in a given quarter / Total no. of days in that quarter
Illustration: For a simple understanding, if the AQB of your account is INR. 10,000, you need to have at least INR.10, 000 in the account at the end of the day for the entire quarter. In the example below, we have taken the Jan-Mar quarter and we have decided to maintain INR. 10,000 as closing day balance for the entire span.
Note – AQB is calculated at account level, i.e. if there are more than one account in same customer name then the required average balance needs to be maintained at each account level, failing to which non-maintenance charges (as per bank’s prevailing SOC) will be levied in the account where the required average balance is not maintained.
No, only minimum average balance calculation method has changed. The minimum balance amount is unchanged i.e. INR 10,000/- and rest other terms & conditions remains same.
If an account holder fails to maintain the AQB and the balance goes below the prescribed amount, the bank will levy the non-maintenance charges as per the prevailing Schedule of charges (SOC) and it will be recovered from respective saving account. Present non-maintenance charges* are, INR 300/- plus 3% of the shortfall in the required Average quarterly balance plus applicable government taxes.
* Always refer bank’s website for latest Schedule of charges (SOC).
In such scenarios, the deficit recoverable / due amount will marked as hold in the savings account, which shall be recovered first immediately on receipt of any credit in your account.
Average Quarterly Balance (AQB) method is always better, since this gives more time (90 days instead of 30 days) to restore the minimum required balance in your account and avoid the non-maintenance penalty.
If you still have any doubts or for further clarification, kindly call our customer care number or walk-in to nearest branch. Alternatively, you may also write to us on email@example.com.