ICICI Bank Adjusts Minimum Account Balance Policy

Following a significant backlash on social media, ICICI Bank has decided to lower the monthly average balance (MAB) requirement for new savings accounts from Rs 50,000 to Rs 15,000. This revision, effective for accounts opened after August 1, aims to make banking more accessible to a broader audience.

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Exemptions and Charges

The new MAB requirements do not apply to salary accounts, senior citizens above 60 years, basic accounts, or those opened before July 31, 2025. Failure to maintain the minimum balance will result in a charge of 6% of the shortfall or Rs 500, whichever is lower.

Comparative Analysis with HDFC Bank

In contrast, HDFC Bank has clarified that the Rs 25,000 limit is specific to its 'savings max' account, with the regular savings account maintaining an MAB of Rs 10,000.

Premium Banking Programs

ICICI Bank also introduces three premium programs—Select Banking, Wealth Management, and Private Banking—offering waivers on MAB penalties for eligible customers, alongside benefits like free ATM transactions and cash deposits.