Minimum Balance Requirements - 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.

What's Hot

Intel faces uncertainty as Trump eyes bold intervention

AI policy sparks outrage as Meta faces backlash over chatbot rules

ICICI Bank Cuts Minimum Balance Requirements After Customer Backlash

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Minimum Balance Requirements

ICICI Bank Cuts Minimum Balance Requirements After Customer Backlash

Intel faces uncertainty as Trump eyes bold intervention

AI policy sparks outrage as Meta faces backlash over chatbot rules

ICICI Bank Cuts Minimum Balance Requirements After Customer Backlash

Bitcoin Surges to Record High Above $124,000 Amid US Policy Boost

Our Picks

Intel faces uncertainty as Trump eyes bold intervention

AI policy sparks outrage as Meta faces backlash over chatbot rules

ICICI Bank Cuts Minimum Balance Requirements After Customer Backlash

Most Popular

Intel faces uncertainty as Trump eyes bold intervention

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Minimum Balance Requirements