- By Aditya Jha
- Wed, 13 Aug 2025 08:54 PM (IST)
- Source:JND
ICICI Bank on Wednesday revised its minimum average balance (MAB) requirements for new customers in urban areas from Rs 50,000 to Rs 15,000. The decision from one of the top banks of India came after facing backlash from the customers after it increased the MAB requirements from Rs 10,000 to Rs 15,000 for new customers in metro cities. Apart from this, the bank announced to slash the MAB for semi-urban to Rs 7,500 from Rs 25,000 and for rural to Rs 2,500 from Rs 10,000.
Revised requirements after receiving feedback: ICICI
- ICICI stated that it introduced new requirements after receiving feedback from the customers. “We had introduced new requirements for the monthly average balance for new savings accounts opened from 1 August 2025,” the bank stated in its notification. “Following valuable feedback from our customers, we have revised these requirements to better reflect their expectations and preferences,” it added.
- The bank also clarified that students of 1,200 select institutes and pensioners below 60 years of age do not have to maintain the minimum amount.
Earlier on August 11, a civil society organisation advocating banking stakeholders' interests has written to the Finance Ministry, requesting its intervention into ICICI Bank's decision to raise the minimum average balance (MAB) requirement for new savings accounts, and said such a move is detrimental to the government's vision of inclusive banking and growth.
In a letter to the finance secretary, 'Bank Bachao Desh Bachao Manch' termed the private lender's decision as "unjust and regressive". “This retrograde decision undermines the principle of inclusive banking,” the forum's joint conveners, Biswaranjan Ray and Soumya Datta, claimed.
Traditionally, public sector banks have lower balance requirements compared to private lenders with the requirement waived for Jan Dhan accounts.