ICICI Bank, one of India’s largest private sector banks, has announced a significant revision in its savings account rules for customers in metro and urban areas.
Effective immediately, the minimum average monthly balance (MAB) requirement for these accounts has been increased from ₹10,000 to ₹50,000.
This change represents a five-fold increase and could have a direct impact on a large segment of the bank’s urban customer base. Non-maintenance of the stipulated MAB is expected to attract higher penalties, though ICICI Bank has yet to release detailed penalty slabs.
The hike comes amid a trend of Indian banks tightening deposit requirements to maintain liquidity and offset operational costs. While this move may encourage higher account balances, it could also pose challenges for customers with limited disposable funds.
Customers are advised to review their account terms and ensure they meet the new balance requirements to avoid charges.
ICICI Bank has not indicated whether similar changes will be applied to semi-urban or rural account holders.
