Citing "valuable feedback" from customers, ICICI Bank made a U-turn and reduced the minimum monthly average balance (MAB) requirement from Rs 50,000 to Rs 15,000.
Recently, the minimum balance requirement was increased five times to Rs 50,000 for new savings bank accounts opened on or after August 1.
Key highlights
- ICICI Bank reverses its earlier ₹50,000 minimum balance rule, lowering the requirement to ₹15,000.
- The rollback follows widespread backlash as ICICI makes savings accounts more accessible for new customers.
"We have updated these requirements to better reflect our customers' expectations and preferences in response to their insightful feedback. We appreciate our clients' ongoing confidence and input, which enables us to provide them with better service," ICICI Bank wrote on its website.
According to the report, the MAB for semi-urban and rural areas has also been lowered to Rs 7,500 and Rs 2,500, respectively. The MAB for semi-urban and rural areas was Rs 5,000 prior to August 1.
The bank clarified that the updated MAB requirements do not apply to salary accounts, accounts for individuals with special needs, basic savings bank deposit accounts (PM Jandhan Yojana), or senior citizens or pensioners (above 60).
Also Read: Ex-ICICI CEO Chanda Kochhar Held Guilty in Rs 64 Cr Videocon Loan Bribery Scandal
Additionally, savings accounts opened prior to July 31, 2025, are not covered by them.
The minimum amount that a customer must keep in their bank account is known as MAB. The bank charges a penalty if the balance drops below the necessary amount. Customers will have to pay a penalty equal to 6% of the required MAB, or Rs 500, whichever is less, if account holders don't meet the MAB.
According to the statement, ICICI Bank's savings bank account balance generates 2.5% annual interest. The increase in MAB coincides with the rationalization or complete waiver of penalties by public sector banks.
