ICICI Bank Reduces Minimum Balance Requirement to ₹15,000 After Customer Feedback

ICICI Bank has announced a significant revision to its savings account rules by lowering the minimum average balance (MAB) requirement after listening to feedback from customers.

Earlier this month, the bank had introduced a higher balance mandate, but the decision sparked concern among account holders. Responding swiftly, ICICI Bank confirmed that the revised requirements would take effect immediately.

Revised Minimum Balance Requirements

Under the updated structure:

• Metro and urban locations: ₹15,000 (earlier ₹50,000)
• Semi-urban locations: ₹7,500 (earlier ₹25,000)
• Rural areas: ₹2,500 (earlier ₹10,000)

If customers fail to maintain the required balance, a penalty of 6% of the shortfall or ₹500, whichever is lower, will be applied.

Customer-Centric Approach

In a statement, the bank emphasized that the revision was guided by valuable input from its customers. The move highlights ICICI Bank’s attempt to make savings accounts more accessible, affordable, and customer-friendly, especially for individuals in semi-urban and rural areas.

Broader Banking Context

This adjustment comes at a time when many banks are reviewing their balance requirements to align with customer expectations and encourage more people to open and maintain savings accounts.

Conclusion

By reducing the minimum balance requirement, ICICI Bank has shown flexibility and responsiveness to customer concerns. The new structure not only lowers the burden on account holders but also makes savings accounts more inclusive for people across different regions.

This decision is expected to provide relief to customers while reinforcing the bank’s commitment to addressing public feedback and ensuring accessible banking services.