**ICICI Bank Reduces Minimum Average Monthly Balance Requirement**
In a significant update for its customers, ICICI Bank has announced a rollback of its recent decision to increase the minimum average monthly balance (MAB) for specific savings accounts to ₹50,000. The private sector bank has now lowered the MAB requirement to ₹15,000. This change comes after the bank had initially revised the MAB for select account categories from ₹10,000 to ₹50,000 in July, with the new rates set to take effect on September 1.
The revised MAB requirements are as follows: for Metro and Urban areas, the MAB has been adjusted from ₹50,000 to ₹15,000; for Semi-Urban areas, it will now be ₹7,500 instead of the previously announced ₹25,000; and for Rural areas, the requirement has been reduced to ₹2,500 from ₹10,000. Additionally, pensioners under 60 years of age and students affiliated with approximately 1,200 select institutions will have no MAB requirement.
If customers fail to meet the MAB, the bank will impose a charge of 6% of the shortfall or ₹500, whichever is lower. Furthermore, after five financial transactions or cash withdrawals from ATMs, a fee of ₹23 will be applied for each additional transaction, while all non-financial transactions will remain free of charge. In cases where a transaction is denied at another bank’s ATM due to insufficient balance, a fee of ₹25 will be charged for each occurrence. Penalties for dishonored cheques will range from ₹50 to ₹500.
ICICI Bank encourages its customers to verify their account category details through its mobile app, website, or by visiting the nearest branch to understand the updated terms. As India’s second-largest private sector lender by assets, ICICI Bank serves over 35 million savings account customers nationwide.
**FAQ**
**What is the new minimum average monthly balance for ICICI Bank savings accounts?**
The new minimum average monthly balance for ICICI Bank savings accounts is ₹15,000 for Metro and Urban areas, ₹7,500 for Semi-Urban areas, and ₹2,500 for Rural areas.