ICICI Bank cuts minimum balance requirement from ₹50,000 to ₹15,000, making banking easier for customers. Learn more about this important update.
ICICI Bank minimum balance rules: Private sector ICICI Bank on Wednesday announced a major change in its minimum balance rules. The minimum balance requirement of ₹50,000 for customers opening new accounts in metropolitan and urban areas has been eliminated by the bank. These customers now have a minimum balance of ₹15,000 set.
The customers’ feedback led to a revision in the decision.
Similarly, ₹7,500 and ₹2,500, respectively, have been set as the minimum balance for new clients in semi-urban and rural locations. Customers’ and the industry’s responses to the bank’s proposal last week to raise the minimum average monthly balance from ₹10,000 to ₹50,000 prompted this revision. On social media, numerous customers had voiced their dissatisfaction.
The minimum balance requirement is not being met by this account.
ICICI bank has made it clear that accounts for salaries, senior citizens and pensioners, Jan Dhan accounts, basic savings bank deposits, and special needs accounts will not be impacted by this change. In addition, students at 1,200 specific institutions and pensioners under 60 will not be subject to the minimum balance requirement.
If the minimum balance is not maintained, there will be penalties.
According to the new regulations, accounts that fall short of the required amount will be penalized ₹500 or 6% of the shortfall, whichever is less. These adjustments were made, according to the bank, to “better reflect client expectations and preferences.”
The minimum amount was raised to 50,000 from 10,000.
A savings account’s minimum average monthly balance (MAMB) used to be Rs 10,000. For urban clients, the bank recently raised it to Rs 50,000. The minimum for semi-urban branches was raised from Rs 5,000 to Rs 25,000. The minimum was raised from Rs 5,000 to Rs 10,000 for rural branches. However, all three of these have now been significantly reduced.
Read More | HDFC Bank Changes Rules for New Accounts—₹25,000 Minimum Balance Set
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