ICICI Bank has made a partial revision to its minimum average balance (MAB) requirements for new customers in urban areas, reducing the threshold from the previously announced ₹50,000 to ₹15,000. This change comes in response to significant customer backlash against the earlier, much higher requirement.
Just days before this reversal, the second-largest bank in India had increased the MAB for new urban customers from ₹10,000 to ₹50,000. While the new requirement of ₹15,000 is a significant reduction from the recent hike, it is still ₹5,000 more than the previous minimum.
Also Read: ICICI Bank raises min avg balance requirement to ₹50,000
For new customers in semi-urban areas, the MAB has also been lowered to ₹7,500, a considerable drop from the ₹25,000 figure that was initially announced. For existing customers in rural and semi-urban areas, the MAB remains at ₹5,000.
ICICI Bank's initial decision to raise the MAB to ₹50,000 stood in stark contrast to the policies of many other banks. India's largest lender, State Bank of India (SBI), for instance, had completely eliminated its minimum balance rule in 2020. Most other banks in the country maintain significantly lower MAB thresholds, typically ranging between ₹2,000 and ₹10,000.
Also Read: ICICI cuts minimum balance for new savings accounts after uproar
Follow us
