Business

IIE DIGITAL DESK : ICICI Bank has revised its minimum average balance (MAB) policy for new savings account holders in urban areas, reducing the requirement from ₹50,000 to ₹15,000. This change, effective from August 1, 2025, follows significant customer feedback and aims to make banking services more accessible. 

Previously, the bank had increased the MAB for new urban accounts from ₹10,000 to ₹50,000, a move that faced considerable criticism due to the high financial threshold. In response, ICICI Bank has adjusted the MAB to ₹15,000, acknowledging the concerns raised by its customer base.

For semi-urban customers, the MAB has been reduced from ₹25,000 to ₹7,500. In rural areas, the MAB for new accounts has been decreased to ₹2,500, which is lower than the previous requirement. Additionally, pensioners below 60 years and students from 1,200 select institutes are exempt from maintaining an MAB. 

Existing account holders will continue to follow the earlier norms, with the MAB for older accounts remaining at ₹10,000. The bank has also clarified that if a customer fails to maintain the required MAB, a penalty of 6% of the shortfall or ₹500, whichever is lower, will be charged.

This policy adjustment reflects ICICI Bank's responsiveness to customer feedback and its commitment to providing accessible banking services to a broader segment of the population.