1. What is IDFC Average Monthly Balance?

The Average Monthly Balance (AMB) for IDFC Bank accounts is the average of daily closing balances in a calendar month. It's calculated by summing up all daily balances and dividing by the number of days in the month.

2. How Does the Calculator Work?

The calculator uses the AMB formula:

Where:

• \( \sum Daily\ Balances \) — Sum of all daily account balances
• \( Days \) — Number of days in the calculation period

Explanation: This calculation helps determine if you've maintained the required minimum balance in your IDFC Bank account for the month.

3. Importance of AMB Calculation

Details: Maintaining the required AMB is crucial to avoid penalty charges and enjoy uninterrupted banking services with IDFC Bank. Different account types have different AMB requirements.

4. Using the Calculator

Tips: Enter the total sum of daily balances in your preferred currency and the number of days in the calculation period. Ensure all values are positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: What happens if I don't maintain the required AMB?
A: IDFC Bank may charge a non-maintenance penalty fee, which varies based on your account type and the extent of shortfall.

Q2: How is AMB calculated for partial months?
A: For accounts opened mid-month, AMB is calculated from the account opening date to the end of the month.

Q3: What are typical AMB requirements for IDFC accounts?
A: Requirements vary by account type - savings accounts typically require ₹10,000-₹25,000 AMB, while premium accounts may require higher amounts.

Q4: Are weekends and holidays included in AMB calculation?
A: Yes, AMB includes all calendar days in the month, including weekends and bank holidays.

Q5: Can I check my AMB online?
A: Yes, you can check your AMB through IDFC Bank's internet banking or mobile banking app under account statements.