Archive · 11 Aug 2025
ICICI Bank Raises Minimum Balance, Faces Customer Backlash
ICICI Bank has changed the rules for their savings accounts.
If you open a new account in a big city, you now need to keep an average of Rs 50,000 in it every month, or you will be penalized.
If you're already a customer, the older rules apply.
This is causing some issues because many people can't afford to keep that much money in the bank.
Critics say this can exclude people from financial services, especially those with lower incomes.
One banker's son also spoke out about the rule on social media.
ICICI Bank increased minimum balance requirements for new savings accounts in metro and urban areas.
New customers in metro and urban areas must maintain a Rs 50,000 monthly average balance.
Existing customers are still subject to the previous Rs 10,000 MAB in urban areas.
Failure to maintain the balance results in a penalty of 6% of the shortfall or Rs 500, whichever is lower.
The policy has received criticism from customers, experts and Jay Kotak.
- Who
- ICICI Bank and its customers
- What
- ICICI Bank increased the minimum balance for savings accounts.
- When
- Effective August 1
- Where
- India
- Why
- The article doesn't explicitly state the reason for the increase, but one viewpoint suggests it disadvantages low-income customers.
Customer & Expert Concerns
ICICI Bank's Position (Implied)
Affordability & Accessibility
Customer & Expert Concerns
The new minimum balance is too high for many, potentially excluding lower-income customers from banking services.
ICICI Bank's Position (Implied)
ICICI Bank has not officially released any statement.
- Bank
- ICICI Bank
- Metro/Urban MAB (new)
- Rs 50,000
- Penalty
- 6% of shortfall or Rs 500 (whichever is lower)
- Cash Deposit Limit
- 3 free deposits per month
- Fee after limit
- Rs 150 per deposit
Sources
ICICI Bank raises minimum balance from Rs 10K to Rs 50K
ICICI Bank's sharp hike in minimum balance for savings accounts can raise margins and brows
ICICI Bank ramps up minimum monthly average balance requirement for savings accounts
'90% Of India Makes Less Than Rs 25k A Month...': Jay Kotak On ICICI Bank's MAB Hike
From Zero To Rs 50,000: Minimum Balance Rules Compared Across SBI, ICICI, HDFC, And Other
ICICI Bank reports lowest attrition rate among private peers in last 3 fiscal years
ICICI Bank reports 18% attrition rate in FY25, lowest among large private lenders
ICICI Bank attrition: Private lender marks its lowest headcount drop in last three years. Here's why
ICICI Bank reports lowest attrition rate among private peers in last 3 fiscal years
'90% of India makes less than ₹25k a month': Jay Kotak on middle class hit as ICICI ups minimum balance
ICICI Faces Netizen Ire For Raising Min Balance To Rs 50,000
