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If you ever have less this amount in your account at the end of the day. You'll have failed to meet the requirements and you will have to pay the monthly fee. If you do fall down below of the minimum balance requirements during the day you may be able to avoid the fee by making a deposit on the same day.
The banks measure and enforce the minimum balance in different ways. If the account falls below the minimum balance it may be assessed fees, denied interest payments, or closed. And also Falling Below Minimum Balance Fee will be collected if account falls below the required minimum MADB for two consecutive months. Account Dormancy Fee will be collected if account is dormant and falls below the minimum MADB. A savings account is dormant if it has no client-initiated activity for two (2) years.
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Explanation:
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