From August 1, ICICI Bank has increased the minimum monthly average balance (MAB) that new savings account holders need to maintain.
- Metro & Urban Branches: Now ₹50,000 (earlier ₹10,000)
- Semi-Urban Branches: Now ₹25,000 (earlier ₹5,000)
- Rural Branches: Now ₹10,000 (earlier ₹2,500)
The MAB is calculated by taking the average of your end-of-day balance over the month.
Important:
- These changes apply only to accounts opened on or after August 1.
- Existing customers will follow the old rules — ₹10,000 for metro/urban and ₹5,000 for semi-urban/rural branches.
If you don’t maintain the required balance, the bank will charge 6% of the shortfall or ₹500 (whichever is lower). The penalty will be waived if you meet the bank’s enrolled program criteria.
Read more: SBI Q1 Results: Profit Up 12% to ₹19,160 Crore, Loans & Deposits Grow Strongly
Other Changes:
- Cash Transactions: Only 3 free transactions per month at branches or Cash Recycler Machines. After that, ₹150 per transaction.
- ECS/NACH Debit Return (due to insufficient funds): ₹500 per instance, maximum 3 charges per month for the same mandate.
- Outward Cheque Return: ₹200 per instance (financial reasons).
- Inward Cheque Return: ₹500 (financial reasons), ₹50 (non-financial reasons, except signature mismatch).
- Declined ATM/POS Transactions (due to low balance): ₹25 per instance.
These changes could lead some customers to explore banks with lower balance requirements or basic savings accounts without such rules.
