Breaking News- ICICI Bank reduces minimum balance for savings accounts to Rs 15,000 from Rs 50,000 in urban areas.
ICICI Bank has revised its savings account requirements for new customers, lowering the minimum monthly average balance (MAB) for metro and urban locations to Rs 15,000. The change applies to accounts opened from 1 August 2025 and follows feedback from customers.
Who Is Covered
The revised MAB now stands at Rs 15,000 for metro and urban accounts, Rs 7,500 for semi-urban, and Rs 2,500 for rural locations. Pensioners below 60 years and students from 1,200 selected institutions will not have a minimum balance requirement.
Who Is Exempt
Salary accounts, senior citizens’ accounts, basic savings bank deposit accounts, and accounts for people with special needs are excluded from the new rules. Accounts opened before 31 July 2025 will continue under their existing terms.
Service Charges and Penalties
If the required MAB is not maintained, a charge of 6% of the shortfall or Rs 500, whichever is lower, will be applied. Customers enrolled in premium programmes such as Select Banking, Wealth Management, or Private Banking can avoid these charges if they meet programme eligibility criteria.
Other Account Fees
ICICI Bank has outlined transaction limits and fees for ATM withdrawals, branch cash transactions, and services such as cheque returns and debit card replacements. For example, customers can make up to five free ATM transactions at non-ICICI ATMs per month, with a maximum of three in metro cities. Cash transactions at branches are free for up to three transactions or Rs 1 lakh per month.