This work analyses the dynamical properties of periodically-driven band models. Focusing on the case of Bose-Einstein condensates, and using a meanfield approach to treat inter-particle collisions, we identify the origin of dynamical instabilities arising due to the interplay between the external drive and interactions... We present a widely-applicable generic numerical method to extract instability rates, and link parametric instabilities to uncontrolled energy absorption at short times. Based on the existence of parametric resonances, we then develop an analytical approach within Bogoliubov theory, which quantitatively captures the instability rates of the system, and provides an intuitive picture of the relevant physical processes, including an understanding of how transverse modes affect the formation of parametric instabilities. Importantly, our calculations demonstrate an agreement between the instability rates determined from numerical simulations, and those predicted by theory. To determine the validity regime of the meanfield analysis, we compare the latter to the weakly-coupled conserving approximation. The tools developed and the results obtained in this work are directly relevant to present-day ultracold-atom experiments based on shaken optical lattices, and are expected to provide an insightful guidance in the quest for Floquet engineering. (read more)