ICICI Bank Lowers Minimum Balance Requirement for Savings Accounts

Strategic Insights -

ICICI Bank has revised its Minimum Balance (MB) requirements for savings accounts, in response to customer feedback, as part of its efforts to provide more flexible and customer-centric banking services. The bank has lowered the monthly minimum average balance (MAB) requirement for urban locations to Rs 15,000 and for semi-urban locations to Rs 7,500. These changes are applicable to new savings accounts opened from August 1, 2025, and are aimed at easing the burden on customers and providing more accessible banking services.

Key Takeaways:

  • ICICI Bank has lowered the monthly minimum average balance (MAB) requirement for urban locations to Rs 15,000 and for semi-urban locations to Rs 7,500.
  • The revised MAB requirements are applicable to new savings accounts opened from August 1, 2025.
  • Existing ICICI customers are not affected by the revised MAB requirements.
  • The bank's Schedule of Charges (SOC) and MAB requirements are not applicable to Salary Accounts, Senior Citizens/Pensioners (Above 60 years), BSBDA/PMJDY, and Accounts for people with special needs.
  • MAB is calculated as the simple average of day-end balances for a calendar month, and a penalty of 6% of the shortfall or Rs 500, whichever is lower, is applied if the MAB is not met.
  • Pensioners (below 60 years) and students of 1200 select institutes are exempt from maintaining the MAB.

Statistics:

  • Monthly minimum average balance (MAB) for urban locations: Rs 15,000
  • Monthly minimum average balance (MAB) for semi-urban locations: Rs 7,500
  • MAB is calculated by dividing the closing day balances by 30 or 31 (depending on the length of the month).

Sources:

  • ICICI Bank website ()