ICICI Bank increased the minimum savings amount to ₹ 50000; Know details

India's second-largest private sector lender ICICI Bank has raised the minimum monthly average balance (MAB) of its savings accounts by a substantial amount to Rs 50,000. This will come into effect from August 1, 2025. This will be applicable to all new accounts that are opened from August 1 onwards. This is a big change as far as the requirement of minimum amount by domestic banks is concerned.

With the new changes, urban and metropolitan branch customers will be required to hold a minimum average balance of Rs 50,000. This is well up from the existing Rs 10,000. The minimum balance in the semi-urban branches will be raised from Rs 5,000 to Rs 25,000. For rural accounts, the minimum monthly average balance will go up from Rs 2,500 to Rs 10,000.

ICICI Bank will charge a penalty of 6% of the shortfall in the required MAB or Rs 500, whichever is lower. For example, a shortfall of Rs 10,000 in a metro branch would normally attract a penalty of Rs 600, but under the new rules, this charge has been capped at Rs 500.

ICICI Bank has also changed its cash transaction rules. Customers will get three free cash deposit transactions per month. Their total amount will be up to Rs 1 lakh. Deposits beyond this will attract a fee of Rs 150 per transaction or Rs 3.50 per Rs 1,000 deposit (whichever is higher).