ICICI Bank Minimum Balance: ICICI Bank changed its minimum balance requirement policy on Thursday, August 13, for savings accounts opened after August 1, following public criticism after a significant increase.
What are the revised minimum balance requirements?
ICICI Bank‘s official website states that the minimum balance for urban and metro areas has been reduced to ₹15,000 from ₹50,000.
In semi-urban regions, the bank now requires a minimum savings account balance of ₹7,500.
ICICI Bank’s minimum monthly average balance (MAB) for rural areas is ₹2,500, which is lower than the previous requirement for rural customers.
What is minimum account balance?
The minimum account balance is the lowest amount that must be kept in a savings account to prevent a penalty. Banks set specific requirements based on the account type and branch location.
Who will be impacted by the minimum balance account requirements?
The minimum balance account requirement will affect ICICI Bank savings account holders who opened their accounts after August 1, 2025. If customers do not maintain the minimum balance, the bank may levy a penalty, which has also been hiked.
What charges will apply if you don’t maintain a minimum balance in ICICI Bank?
If customers do not maintain the revised minimum account balance, they will be charged 6 per cent of the shortfall in the required MAB or ₹500, whichever is lower.
Previously, the penalty amount was ₹450, based on the difference between the minimum balance and the location of the branch, as Mint reported on June 1, 2025.
How do ICICI Bank’s requirements compare with other major banks?
Here’s a detailed comparison of the minimum account balance requirements of major banks —
State Bank of India
State Bank of India, the country’s largest public sector bank, does not require its account holders to maintain a minimum balance. SBI savings accounts and Savings Plus Bank accounts have a zero balance requirement on a monthly or quarterly basis. As stated on its official website, these accounts do not need a minimum balance, and hence, no penalties are imposed for falling below any minimum balance.
HDFC Bank
HDFC Bank, India’s largest private sector bank, requires a minimum balance for savings accounts. The website states that the minimum balance is ₹10,000 or a fixed deposit of ₹1 lakh held for at least one year and one day for urban branches.
The bank mandates a minimum balance of ₹5,000 monthly or a fixed deposit of ₹50,000 for one year and one day for semi-rural branches. In case of rural branches, the minimum balance is ₹2,500 per month; alternatively, customers can hold a fixed deposit of ₹25,000 for one year and one day.
Meanwhile, major banks such as Canara Bank and Yes Bank do not require their customers to keep a minimum balance in their savings accounts.
Backlash over ICICI Bank revised minimum account balance requirements
A few days ago, ICICI Bank had hiked the minimum average monthly balance in metro and urban regions 5 times to ₹50,000 from the previous ₹10,000. For semi-urban branches, it was revised to ₹25,000 from ₹5,000, and in rural branches, the requirement had been doubled to ₹10,000 from ₹5,000. The lender received massive criticism for this steep hike.
