Mumbai : ICICI Bank has sharply increased the minimum monthly average balance (MAB) for new savings accounts in metro and urban areas from ₹10,000 to ₹50,000, effective August 1.
The revision applies only to new customers, leaving existing account holders unaffected. For rural branches, the MAB has been set at ₹10,000, while semi-urban branches are expected to have intermediate requirements.
Alongside the balance hike, the bank has also revised related terms, including cash transaction limits, service charges, and ATM usage fees.
Banking experts say the steep increase could discourage lower-income individuals from opening new accounts, while favoring wealthier customers. In contrast, many public sector banks have been moving towards reducing or removing minimum balance requirements.
