What is MAB charges in ICICI bank?

The minimal amount that you must have in your ICICI Bank savings account each month is called the Monthly Average Balance (MAB), sometimes referred to as the minimum average balance. MAB charges in ICICI bank or penalties will be applied if this minimum average balance is not maintained; the amount is determined at the end of every month.

What are the ICICI Bank MAB Charges?

These charges as per accounts are as follows,

Charges	Regular Salary Account	Standard Salary Account
MAB	Rs. 10,000	Rs. 5000
Charges for non-maintenance	Rs. 100 + 5% of the shortfall in required MAB	Rs. 100 + 5% of the shortfall in required MAB

The following options allow you to view the minimum Monthly Average Balance (or "MAB") that must be maintained in your account as well as your current MAB:

• Online Banking: Logged in section > Bank Accounts > Accounts > Monthly Average Balance details

• Mobile Banking: FD/RD & Accounts > Select Savings Account Number. Additional Choices > Details of the Monthly Average Balance > Press the Submit button.

• Alternative Option: Mobile Banking > Statement > More Options > Monthly Average Balance details > Click on Submit

• Apart from these options you can also call ICICI Bank customer support. 

I hope this information helps you!

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Before understanding, what are MAB charges in ICICI bank, let me highlight that customers must maintain a minimum Monthly Average Balance (MAB) in their savings accounts in order to avoid penalties from the majority of the banks. The Monthly Average Balance is calculated by multiplying the total End of Day (EOD) closing balance by the number of days in the given month.

What are the ICICI Bank minimum balance maintain charges?

• Metro and Urban locations:

Rs.10,000

• Semi-urban locations:

Rs.5,000

• Rural locations:

Rs.2,000

• Gramin locations:

Rs.1,000

Free cash transactions will be charged at a rate of Rs. 100 for the first two cash transactions and Rs. 125 for each additional transaction for accounts that do not maintain the requisite MAB. In addition to the non-maintenance of MAB charges listed in the terms and conditions that apply to the account, this fee will be assessed.

The ICICI minimum balance penalty charges are associated with failing to maintain a minimum monthly average balance. This is equal to 6% of the required MAB deficit or Rs. 500, whichever is less.

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I am annoyed that a bank account holder needs to remember so many details. From bank opening charges, and closure charges to MAB charges ICICI bank. So many aspects to focus on. To get the most out of your bank account, you should know details about the same. 

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What is MAB charges in ICICI bank?

MAB or Monthly Average Balance is the minimum balance that each account holder needs to have in his savings account. This amount is calculated at the end of each month. If you don't keep the minimum balance, you will be penalised by the bank. 

  Here is the formula banks use to calculate MAB :

Monthly Average Balance = Sum of closing balance for all days in a month (Day 1 + Day 2 + Day 3 +...... + Day 30) Divided by Number of Days in a month (30). The MAB amount is different for different banks. To know your necessary MAB, contact your bank. 

If you are still confused about MAB charges in ICICI bank means, keep reading.

MAB required in an account is different for urban locations, semi-urban and rural locations. Take a look at the table to know the figures. 

Metro/ Urban locations -  

MAB maintained in the account	Charges to be levied
Rs. 5,000 =< MAB < Rs. 10,000	Rs. 250 per month
MAB < Rs. 5,000	Rs. 350 per month

 

Semi Urban locations -

MAB maintained in the account	Charges to be levied
Rs. 2,500 =< MAB < Rs. 5,000	Rs. 250 per month
MAB < Rs. 2,500	Rs. 350 per month

 

Rural locations -

MAB maintained in the account	Charges to be levied
Rs. 1,000 =< MAB < Rs. 2,000	Rs. 250 per month
MAB < Rs. 2,000	Rs. 350 per month

This is all from my end on MAB charges ICICI bank

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Before writing about MAB charges ICICI bank, I would like to begin with the definition of MAB. The full form of MAB is Monthly Average Balance (MAB). This is known as the minimum average amount balance which is the minimum amount needed to maintain the savings in your bank account every month. The figure is calculated each month and if you fail to maintain the average balance you will be charged a penalty fee. This is MAB charges ICICI bank means in simple terms. Pay You Water/Electricity/Piped Gas Bills via NoBroker and Get Assured Cashback! Get home loans at the lowest interest rate from NoBroker and avoid hefty paperwork

What does MAB Charges in ICICI Bank Means?

The minimum monthly balance required to maintain the savings account is  Rs.10,000/- in metro and urban locations, Rs. 5,000/- in semi-urban and Rs. 2,000/- in rural locations. Metro/ Urban locations -

MAB maintained in the account	Charges to be levied
Rs. 5,000 =< MAB < Rs. 10,000	Rs. 250 per month
MAB < Rs. 5,000	Rs. 350 per month

Semi Urban locations -

MAB maintained in the account	Charges to be levied
Rs. 2,500 =< MAB < Rs. 5,000	Rs. 250 per month
MAB < Rs. 2,500	Rs. 350 per month

Rural locations -

MAB maintained in the account	Charges to be levied
Rs. 1,000 =< MAB < Rs. 2,000	Rs. 250 per month
MAB < Rs. 2,000	Rs. 350 per month

This was all about MAB charges ICICI bank. I hope you find this informative. Read more: How to close ICICI bank NRI account online? ICICI Bank ATM Withdrawal Limit?