ICICI Bank Reverses Decision on Minimum Balance Requirement after Online Backlash

The ICICI Bank recently faced significant criticism online for revising its minimum balance requirement for new savings accounts to Rs 50,000, effectively tripling the amount. However, following a wave of protests from customers and widespread media coverage, the bank has now reduced the minimum balance requirement to Rs 15,000 for new savings accounts. The decision, which was initially set to take effect from August 1, has been withdrawn, and customers will now have more flexibility with their account balances.

Key Takeaways:

• The ICICI Bank has reduced the minimum balance requirement for new savings accounts to Rs 15,000, down from the originally proposed Rs 50,000.
• The new minimum balance requirement of Rs 15,000 applies to customers operating a savings account in Metro or urban locations.
• For semi-urban locations, the minimum balance requirement is set at Rs 7,500, while for rural locations, it is fixed at Rs 2,500.
• The bank will deduct 6% of the shortfall amount or Rs 500, whichever is lower, if the minimum balance requirement is not met.
• Pension and student savings account holders are exempt from the minimum balance requirement.

Statistics:

• The original minimum balance requirement proposed by ICICI Bank was Rs 50,000.
• The revised minimum balance requirement is Rs 15,000 for new savings accounts in Metro and urban locations.
• The minimum balance requirement for semi-urban locations is Rs 7,500, and for rural locations, it is Rs 2,500.
• The bank will deduct a maximum of Rs 500 as penalty for non-maintenance of the minimum balance requirement.

Sources:

• IE Online Media Services Pvt. Ltd., "ICICI bank revises minimum balance for new savings accounts after protest"