Patna: ICICI Bank has rolled back its recent hike in the minimum monthly average balance (MAB) requirement for new savings account holders, reducing the threshold across metro, urban, semi-urban and rural areas.
From August 1, customers in metro and urban areas will need to maintain an MAB of Rs 15,000 – down from the recently implemented Rs 50,000. For semi-urban branches, the limit has been cut from Rs 25,000 to Rs 7,500, while in rural areas it has dropped from Rs 10,000 to Rs 2,500.
The private lender said the decision was based on customer feedback. The sharp hike, introduced at the start of August, had drawn criticism for being five times higher than the earlier requirement for new customers.
The revised rules will not apply to salary account holders, senior citizens, family banking customers, pensioners, or accounts opened before July 31. However, other account holders failing to meet the MAB will face penalties of 6% of the shortfall amount or Rs 500, whichever is higher.
ICICI Bank explained that MAB refers to the fixed average amount a customer must maintain in their account each day over a month. The bank said the lower thresholds aim to provide customers with greater financial flexibility while encouraging them to keep adequate balances.
