ICICI Bank Revises Minimum Balance: Relief for Customers Nationwide

ICICI Bank has rolled back its decision to hike the minimum average monthly balance for savings accounts. The revised requirement is now Rs 15,000 for metro cities, Rs 7,500 for semi-urban areas, and Rs 2,500 for rural regions, providing a major relief to its customers.

In a significant move benefiting millions, ICICI Bank has announced a rollback of its contentious decision to increase the minimum average monthly balance (MAB) for savings accounts to Rs 50,000. The private lender has now adjusted the MAB requirement to a more accessible Rs 15,000.

The bank's recent decision aimed at customers in metro and urban areas will see the MAB requirement reduced from the proposed Rs 50,000 to a relief-inducing Rs 15,000. Semi-urban account holders will see a drop from Rs 25,000 to Rs 7,500, while rural customers will only need to maintain Rs 2,500, down from Rs 10,000.

While the savings in MAB are welcomed, ICICI Bank will levy 6 percent of the shortfall or Rs 500, whichever is lower, if these are not met. Additionally, there will be a charge of Rs 23 for transactions exceeding five at ATMs. Customers are urged to review their account details for the updated terms.