ICICI Bank Cuts Minimum Account Balance to Rs 15,000 from Rs 50,000

In a major relief to its customers, ICICI Bank on Thursday announced a rollback of its recent decision to hike the minimum average monthly balance (MAB) for certain savings accounts to Rs 50,000.

- TBG NETWORK

The private sector lender has now reduced the MAB requirement to Rs 15,000. The bank had in July revised the minimum average balance requirement for select account categories from Rs 10,000 to Rs 50,000. The revision, which was scheduled to come into effect from September 1, has now been substantially moderated for all categories. The bank has revised the MAB for Metro and Urban cities from earlier announced Rs 50,000 to Rs 15,000. For Semi-Urban cities it will now be Rs 7,500 instead of earlier announced Rs 25,000 and for rural areas it will be Rs 2,500 instead of Rs 10,000. For pensioners (below 60 years) and student affiliated with about 1200 select institutes MAB will be Nil.