In context with banking, the Average daily balance is a term related to
In context with banking, the Average daily balance is a term related to__:
[D]Current and Saving Accounts
Current and Saving Accounts
The average balance in a deposit account, equals the sum of the daily account balances during an accounting period, usually a monthly or a quarterly cycle, divided by the number of days in the accounting period. Banks normally specify certain minimum average daily balance to be maintained in current and savings accounts.
Category: Banking Exams Material Section