Private sector bank ICICI has rolled back its earlier decision. The bank had introduced a rule requiring a minimum balance of ₹50,000 in savings accounts, which drew widespread criticism. Responding to the backlash, ICICI has revised its minimum balance requirements.
- For Metro/Urban account holders, the new monthly average balance requirement is ₹15,000.
- In Semi-Urban areas, it has been revised to ₹7,500.
- For Rural customers, the previous rule of ₹2,500 minimum balance remains unchanged.
ICICI had recently shocked customers by announcing the ₹50,000 minimum balance rule for savings accounts, applicable only to accounts opened after August 1. However, the increase was steep:
- Metro/Urban customers saw the requirement jump from ₹10,000 to ₹50,000.
- Semi-Urban customers faced a hike from ₹5,000 to ₹25,000.
- Rural customers were expected to maintain ₹10,000 instead of ₹2,500.
The Reserve Bank of India (RBI) does not typically intervene in banks’ minimum balance policies. But due to heavy public criticism, ICICI revised its decision. While public sector banks have completely removed penalties for not maintaining minimum balances, ICICI’s aggressive move caused panic even among existing customers. Many were ready to close their accounts, prompting the bank to reverse its decision.
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