Average Daily Balance or ADB is the sum of the daily end-of-day balances in the account for the relevant time period - which may be for the month, quarter, year or any other time period for the deposit (varies for different products) divided by the number of days in that period. For example, the formula for computing Monthly ADB is as follows:
ADB = (Day 1 ending balance + … + Day 30/31 ending balance)Number of days in the month (i.e. 30/31 days)
Interest earned shall be credited quarterly for Savings (except for MoneyPlus Savings Account where interest is credited monthly) and Current Account provided that the account has not been closed prior to schedule of interest crediting.