ICICI Bank's Customer-Driven MAB Policy Shift

ICICI Bank has reduced the minimum monthly average balance (MAB) requirement from Rs 50,000 to Rs 15,000 after receiving feedback from customers. The bank revised the MAB for semi-urban and rural areas as well but exempted salary and other specific accounts. This change contrasts with public sector banks' policies.

In a decisive policy shift, ICICI Bank has lowered its minimum monthly average balance (MAB) requirements in response to customer feedback. The change affects new savings accounts opened after August 1, reducing the MAB from Rs 50,000 to Rs 15,000.

The decision reflects a significant move to align more closely with customer preferences, according to a statement on the bank's website. New requirements also include reduced MABs for semi-urban and rural accounts at Rs 7,500 and Rs 2,500, respectively, constituting substantial relief for customers.

These alterations, however, do not apply to salary accounts, senior citizens, or accounts opened before July 31, 2025. In contrast, public sector banks like SBI have waived penal charges entirely to promote financial inclusion, highlighting differing strategies between private and public sector banks.

(With inputs from agencies.)