ICICI Bank Hikes Minimum Balance Requirement for New Customers
Image Source: The New Indian Express
ICICI Bank, India’s second-largest lender, has increased the monthly minimum average balance requirement for new customers opening savings accounts in metro and urban areas to Rs 50,000 from Rs 10,000, effective August 1.
Key Details of the Change
- New Customers in Metro/Urban Areas: Must maintain a minimum average balance of Rs 50,000 to avoid penalties.
- New Customers in Semi-Urban Areas: Required to maintain Rs 25,000.
- New and Old Customers in Rural Areas: Must maintain Rs 10,000 for new customers and Rs 5,000 for old customers in rural and semi-urban areas.
- Penalty for Non-Compliance: 6% of the shortfall or Rs 500, whichever is lower.
Other Changes and Context
- Complimentary Transactions: Customers get three free cash deposits monthly; additional transactions cost Rs 150.
- Comparison with Other Banks: This hike contrasts with other banks like SBI, which scrapped minimum balance rules in 2020.
- Interest Rate Adjustment: In April 2025, ICICI Bank reduced savings account interest rates to 2.75% for deposits up to Rs 50 lakh.
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