ICICI Bank Reduces Minimum Balance to ₹15,000
New Rule to Apply from August 1, 2025 for New Accounts
ICICI Bank has offered relief to its customers by reducing the minimum balance requirement to ₹15,000 for savings accounts in metro and urban areas. Earlier, the bank had announced a minimum balance of ₹50,000, causing concern among customers.
As per the latest update, the new balance requirements are as follows:
- Metro/Urban Areas: ₹15,000
- Semi-Urban Areas: ₹7,500
- Rural Areas: ₹2,500 (unchanged)
Customers failing to maintain the required balance may be charged a penalty. The new policy will be applicable only to accounts opened on or after August 1, 2025.
RBI Clarifies Its Role
On October 12, RBI Governor Sanjay Malhotra clarified that the RBI does not set minimum balance requirements for savings accounts. He stated that it is up to individual banks to decide such terms. This statement came in response to a journalist's question during a financial inclusion event in Gujarat.
ICICI Bank’s Previous Decision
Just four days before the rollback, ICICI Bank had issued a notice mandating the following minimum balance limits:
- Metro & Urban Areas: ₹50,000
- Semi-Urban Areas: ₹25,000
- Rural Accounts: ₹10,000
This sparked criticism from customers and media, prompting the bank to revise its decision to more affordable limits.