Customer Backlash - Business Outrank

ICICI Bank modified its minimum account balance (MAB) requirements after numerous customer complaints about the significant increase they had implemented. The bank introduced a new policy which required ₹50,000 as the minimum account balance for new savings accounts opened in metro and urban areas starting from August 1. The new policy received negative feedback from young customers who wanted to invest their money instead of keeping it in idle accounts. The MAB requirements for metro and urban locations now stand at ₹15,000 under the revised rules. The minimum balance requirement for semi-urban areas stands at ₹7,500 and rural areas require ₹2,500. The current MAB requirements at ₹50,000 exceed the previous levels by 50% but remain lower than the previous ₹50,000 threshold. The new requirements do not apply to salary accounts, senior citizens, pensioners, Jan Dhan accounts, people with special needs, or savings accounts opened before July 31, 2025. The bank will charge the lower amount between six percent of the MAB shortfall and ₹500 as a penalty for customers who do not meet the required balance. The revised MAB requirements at ICICI Bank match customer needs while maintaining operational requirements according to the bank. The public sector banking industry led by SBI has eliminated or decreased such fees to promote financial inclusion.

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