ICICI bank hikes monthly minimum balance from Rs 10,000 to 50,000 for new customers effective August 1
PTC News Desk: ICICI Bank, India’s second-largest lender, has increased the monthly minimum average balance requirement for all customer categories, effective August 1.
As per the bank’s latest website update, customers in metro and urban areas who opened savings accounts on or after August 1 must maintain a monthly average balance of ₹50,000 to avoid penalties. For existing customers, the requirement remains ₹10,000.
For new account holders in semi-urban branches, the minimum balance is set at ₹25,000, while in rural branches it is ₹10,000. Existing customers in rural and semi-urban areas continue to have a ₹5,000 monthly average balance requirement.
Failure to maintain the minimum balance will result in a penalty of 6% of the shortfall amount or ₹500, whichever is lower.
ICICI Bank, India’s second-largest private lender, has increased the monthly minimum average balance requirement for all customer segments, effective August 1.
As per the bank’s latest update, new savings account holders in metro and urban branches must now maintain a ₹50,000 monthly average balance to avoid penalties, while existing customers in these areas continue with the ₹10,000 requirement. In semi-urban branches, new customers must keep ₹25,000, and in rural branches, ₹10,000. For older customers in rural and semi-urban areas, the minimum remains ₹5,000.
Customers failing to meet the balance requirement will face a penalty of 6% of the shortfall or ₹500, whichever is lower.
The bank now offers three free cash deposits per month, after which ₹150 will be charged per transaction, with a monthly deposit limit of ₹1 lakh. It also allows three free cash withdrawals monthly, while third-party cash deposits are capped at ₹25,000 per transaction for all savings accounts.
In April 2025, ICICI Bank reduced its savings account interest rate by 0.25%, bringing returns on deposits up to ₹50 lakh to 2.75%. The move to raise minimum balances contrasts with other banks that have eased their penalty structures.
- With inputs from agencies
