Rs 50k to Rs 15k: ICICI bank rolls back min account balance rule

MUMBAI: ICICI Bank has rolled back its rule requiring new savings accounts opened after Aug 1 to maintain a monthly average balance (MAB) of Rs 50,000 and has revised the threshold to Rs 15,000. The move follows a social media backlash against the higher balance requirement, which was criticised for making banking exclusive.

The bank said it has revised its schedule of charges and MAB requirements following customer feedback. The changes do not apply to salary accounts, senior citizens above 60 years, basic accounts/PM Jan Dhan Yojana accounts, or those opened before July 31, 2025.

Meanwhile, HDFC Bank denied reports that it has hiked MAB requirement to Rs 25,000. The bank said that the Rs 25,000 limit is for its 'savings max' account and the average monthly balance for the regular savings account continues to be Rs 10,000.

For resident Indians below 60 years, ICICI Bank's MAB is Rs 15,000 in metro and urban areas, Rs 7,500 in semi-urban locations, and Rs 2,500 in rural areas. Pensioners below 60 and students from 1,200 listed institutes are exempt from MAB. Non-maintenance will attract a charge of 6% of the shortfall or Rs 500, whichever is lower.

The bank will offer three premium programmes - Select Banking, Wealth Management and Private Banking - with higher deposit and investment thresholds, which waive MAB penalties if met. Key charges include Rs 23 per ATM withdrawal beyond five free transactions at ICICI Bank machines, and varying free limits at non-ICICI ATMs depending on location. Cash deposits and withdrawals at branches are free for up to three transactions.

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