ICICI Bank lowers minimum balance limit to Rs 15,000 after massive outrage
ICICI Bank has revised the minimum monthly average balance (MAB) requirements for new savings accounts after widespread criticism over an earlier steep hike.
The updated MAB is now fixed at ₹15,000 for metro and urban customers, ₹7,500 for semi-urban customers, and ₹2,500 for rural account holders—significantly lower than the previously announced ₹50,000, ₹25,000, and ₹10,000, respectively.
"We had introduced new requirements for monthly average balance for new savings accounts opened from August 1, 2025. Following valuable feedback from our customers, we have revised these requirements to better reflect their expectations and preferences," the bank said in a statement.
The earlier hike, set to take effect on August 1, 2025, was criticised as excessively burdensome, particularly for middle-class, rural, and semi-urban customers dependent on savings accounts. Under that plan, ICICI Bank—India’s second-largest private lender—would have imposed the highest MAB in the country, surpassing rivals like HDFC Bank and State Bank of India.
Public backlash led the bank to scale down the increase, opting for a more moderate structure that seeks to balance operational costs with customer affordability.
- With inputs from agencies
