ICICI Bank Raises Minimum Balance Requirement for New Customers
Starting August 1, ICICI Bank, India’s second-largest lender, has increased the monthly minimum average balance (MAB) for new savings account holders across all customer segments.
Metro & Urban (New Customers): ₹50,000 MAB
Semi-Urban (New Customers): ₹25,000 MAB
Rural (New Customers): ₹10,000 MAB
Old Customers: Metro/Urban ₹10,000, Semi-Urban/Rural ₹5,000
If the MAB is not maintained, customers will pay 6% of the shortfall or ₹500, whichever is lower.
Other changes:
Cash deposits: 3 free per month, then ₹150 per transaction (₹1 lakh monthly limit)
Cash withdrawals: 3 free per month
Third-party deposits: Limit ₹25,000 per transaction
Savings account interest rate (up to ₹50 lakh balance) is now 2.75%, reduced by 0.25% in April 2025.
This hike contrasts with other banks, like SBI, which removed the minimum balance rule in 2020, and others that keep MAB between ₹2,000 and ₹10,000.
