ICICI Bank lowers min steadiness requirement to fifteen,000 from 50,000

In a U-turn, ICICI Bank has slashed the minimal month-to-month common steadiness (MAB) requirement to ₹15,000 from the sooner steep hike of ₹50,000, citing “worthwhile suggestions” from clients.

The minimal steadiness requirement for its new financial savings financial institution accounts opened on or after August 1 was raised 5 instances to ₹50,000.

“Following worthwhile suggestions from our clients, we have now revised these necessities to raised mirror their expectations and preferences. We thank our clients for his or her continued belief and suggestions, which assist us serve them higher,” ICICI Bank posted on its web site.

Similarly, the MAB for semi-urban and rural areas have been revised downwards to ₹7,500 and ₹2,500 respectively, it stated.

Before August 1, the MAB for semi-urban and rural areas was ₹5,000 and ₹2,000, respectively. Even after the rollback, the financial institution has effected a 50% hike throughout all these segments.

However, the financial institution stated, the revised MAB necessities will not be relevant to wage accounts, senior residents/pensioners (above 60 years), fundamental financial savings financial institution deposit accounts/PM Jandhan Yojana, and accounts for folks with particular wants. They are additionally not relevant to financial savings accounts opened earlier than July 31, 2025.

MAB is the minimal steadiness {that a} buyer is required to keep up in a checking account. If the steadiness falls beneath the required quantity, the financial institution levies a penalty. In case account holders fail to fulfill the MAB, clients can be liable to pay penal costs of 6% of the shortfall in required MAB, or ₹500, whichever is decrease.

The steadiness within the financial savings checking account of ICICI Bank earns an curiosity of two.5% every year, it stated.

The hike in MAB comes at a time when public sector banks have rationalised their penalties or fully waived them off.

Led by the nation’s largest lender, State Bank of India (SBI), different public sector lenders like Punjab National Bank, Canara Bank, and Indian Bank, too, waived off penal costs for failing to keep up the MAB in all financial savings accounts.

Most public sector banks (PSBs) have eliminated their minimal steadiness costs typically financial savings financial institution accounts, whereas some have rationalised to advertise monetary inclusion, Minister of State for Finance Pankaj Chaudhary stated within the Lok Sabha on Monday (August 13, 2025).

The costs are eliminated/rationalised as a part of their enterprise technique with the industrial knowledge, in view of the perceived advantages which can come up when it comes to progress in deposits, amongst others, he had stated.