ICICI Financial institution MAB hike: ICICI Financial institution, the nation’s second-largest non-public lender, has sharply elevated the minimal month-to-month common stability (MAB) from Rs 10,000 to Rs 50,000 for all accounts opened in metro and concrete areas beginning August 2025.
The hike in MAB by ICICI Financial institution has been steep in all of the areas. For semi-urban branches, the brand new MAB requirement has elevated to Rs 25,000 from Rs 5,000 earlier. Within the case of rural branches, accounts would require a minimal stability of Rs 10,000, in comparison with the sooner Rs 2,500, in accordance with the financial institution.
The minimal month-to-month common stability (MAB) is the minimal stability {that a} buyer is required to take care of in his/her checking account. If the stability within the checking account falls beneath the required quantity, then banks levy a penalty for failing to take care of the MAB.
ICICI Financial institution has stated if the minimal stability standards isn’t met by the client, there can be a penalty of 6 per cent of the shortfall in required MAB or Rs 500 whichever is decrease.
ICICI Financial institution is the primary financial institution to go for a steep hike in MAB.
The finance ministry final week knowledgeable the Parliament that public sector banks (PSBs) collected virtually Rs 9,000 crore as penalties as clients failed to take care of the MAB over a five-year interval.
In accordance with knowledge shared by Minister of State for Finance Pankaj Chaudhary in response to a query within the Rajya Sabha, state-owned lenders collected Rs 8,932.98 crore as penal prices on non-maintenance of minimal Common Month-to-month Steadiness within the 5 years beginning 2020-21 and as much as 2024-25.
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The information shared by the finance ministry on Tuesday comes days after Union Financial institution of India joined a number of different PSBs in waiving off penalties on non-maintenance of minimal balances, a difficulty that has been a delicate one for a while. Different PSBs which have ended these prices from the continuing quarter embody Canara Financial institution, Financial institution of Baroda, Punjab Nationwide Financial institution, Indian Financial institution, Financial institution of India, and Central Financial institution of India, the finance ministry stated on Tuesday. The nation’s largest lender, State Financial institution of India, has not levied non-maintenance penalties since March 2020.
ICICI Financial institution money transaction guidelines
In the meantime, on money deposits, ICICI Financial institution stated there can be complimentary 3 money transactions per thirty days, and thereafter Rs 150 per transaction can be levied. The worth restrict for complimentary can be as much as Rs 1 lakh per thirty days cumulative. Thereafter, Rs 3.5 per Rs 1,000 or Rs 150 whichever is greater. If the brink of each quantity and worth restrict have crossed for a similar transaction, greater of the fees talked about above pertaining to quantity restrict or worth restrict will apply.
ICICI stated the third get together money deposit restrict of Rs 25,000 per transaction is relevant for all financial savings accounts. For cheque return outward (cheque deposited by buyer), Rs 200 per occasion can be levied for monetary causes. For cheque return inward (cheque issued by buyer), Rs 500 per occasion can be levied.
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