Keep ₹50k min balance in a/c: ICICI

The 2nd largest lender has raised 5-fold the min average monthly balance requirements

- BENN KOCHUVEEDAN@ Mumbai

THE second largest private sector lender ICICI Bank has effected a steep five-fold increase in the minimum average monthly balance requirements in new savings accounts (non-salary) opened from this month across all regions with the threshold in metros going up to ₹50,000 from ₹10,000, and in non-metros to ₹25,000 from ₹5,000 now.

The bank in a notification, however, clarified that the new requirements are applicable only on non-salary account holders. Non-maintenance of the required balance will invite a penalty of 6% of the required balance deficit or ₹500, whichever is less.