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ICICI Bank Reduces Minimum Average Balance for New Savings Accounts After Backlash - The Statesman
ICICI Bank lowered the minimum average balance for new accounts from Rs 50,000 to Rs 15,000 in metro and urban areas after customer backlash, aligning closer to public sector banks' policies.
- On Wednesday, ICICI Bank partially rolled back its MAB from Rs 50,000 to Rs 15,000 for new savings accounts in metro and urban areas.
- Earlier this month, ICICI Bank increased the MAB to Rs 50,000 effective August 1, 2025, prompting public outrage and customer pushback.
- Alongside the rollback, the bank clarified accounts not meeting the minimum balance of Rs 15,000 in metro and urban segments will incur a penalty of 6% of the shortfall or Rs 500, whichever is lower.
- Existing account holders retain a Rs 10,000 MAB, and exemptions include salary, senior citizens over 60, Jan Dhan, and special needs accounts, with benefits like free NEFT and three free ATM transactions.
- Reserve Bank of India Governor Sanjay Malhotra affirmed banks decide MAB limits as most public sector banks have waived requirements in recent months.
18 Articles
18 Articles
ICICI Bank takes a U-turn, reduces the minimum balance limit to ₹50,000
ICICI Bank Minimum Balance: Bank Rolls Back Minimum Average Balance Requirement to INR 15,000 for New Savings Accounts and Urban Customers After Backlash | 📰 LatestLY
Facing widespread outrage, private lender ICICI Bank on Wednesday partially reversed its minimum average balance (MAB) requirements from Rs 50,000 to Rs 15,000 for new customers in Metro and urban areas. 📰 ICICI Bank Minimum Balance: Bank Rolls Back Minimum Average Balance Requirement to INR 15,000 for New Savings Accounts and Urban Customers After Backlash.
ICICI slashes minimum balance for new savings accounts to Rs 15,000 from Rs 50,000 after outrage
The ICICI Bank on Wednesday slashed the minimum balance for new savings accounts to Rs 15,000 from Rs 50,000 following significant customer pushback against an earlier steep hike that had sparked widespread outrage. New MAB thresholds set at Rs 15,000 The bank has now set the MAB thresholds at Rs 15,000 for customers in metro and urban areas, Rs 7,500 for semi-urban customers, and Rs 2,500 for rural account holders. The bank customers must note …
ICICI reverses Rs 50K minimum balance, now Rs 15K for urban areas
New Delhi: Facing widespread outrage, private lender ICICI Bank on Wednesday partially reversed its minimum average balance (MAB) requirements from Rs 50,000 to Rs 15,000 for new customers in Metro and urban areas. The revision came after a pushback from customers and days after the second-largest bank in the country raised the MAB requirement from Rs 10,000 to Rs 50,000 for new customers in urban cities. The minimum balance that new ICICI Bank …
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