After dealing with backlash from clients, ICICI Financial institution has rolled again a part of its earlier choice to hike the minimal common steadiness (MAB) requirement for brand new financial savings account holders in city areas. The MAB has now been diminished from Rs 50,000 to Rs 15,000.
This transformation follows widespread criticism after the financial institution — India’s second-largest — sharply elevated the MAB for brand new city clients from Rs 10,000 to Rs 50,000 simply days in the past. Whereas the revised quantity of Rs 15,000 is decrease than the sooner hike, it’s nonetheless Rs 5,000 greater than what it was beforehand. For outdated accounts, MAB will stay at Rs 10,000.
The financial institution has additionally lowered the MAB for semi-urban clients, slicing it from Rs 25,000 to Rs 7,500. For rural and semi-urban clients with older accounts, the MAB stays unchanged at Rs 5,000. In rural areas, the MAB for brand new accounts has been diminished to Rs 2,500, which is definitely decrease than the earlier requirement. For pensioners (under 60 years) and college students of 1200 choose institutes, MAB shall be nil.
These new guidelines apply solely to accounts opened on or after August 1, 2025. Current account holders will proceed to observe the sooner norms.
If a buyer fails to keep up the required MAB, ICICI Financial institution will cost a penalty of 6 per cent of the shortfall or Rs 500 — whichever is decrease, in keeping with the financial institution.
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