ICICI Bank Charges: In a major announcement, ICICI Bank implemented a steep rise in the minimum balance requirement for its new savings bank accounts opened on or after August 1 by five times to ₹50,000.
According to ICICI Bank’s official website, in metro and urban regions, the minimum average monthly balance (MAMB) now stands at ₹50,000.
The minimum monthly average balance (MAB) for savings bank accounts till July 31, 2025 for ICICI Bank customers was ₹10,000.
Here are 5 important things to know about the ICICI Bank minimum balance on savings account.
ICICI Bank Minimum Balance: 5 things customers should know
1. The ICICI Bank minimum balance for savings account has been hiked from ₹10,000 to ₹50,000 for urban accounts. MAB (Minimum Account Balance) for semi-urban locations and rural locations have also been increased five times ₹ ₹25,000 and ₹10,000, respectively, according to information available on the ICICI Bank website.
2. The changes are applicable to ICICI Bank savings accounts opened on or after August 1. The minimum balance remains ₹5,000 for old customers in rural and semi-urban areas. For old urban customers, the minimum account balance should be maintained at ₹10,000.
3. Non-maintenance of ICICI Bank minimum balance will attract penalty. The lender will charge 6 per cent of the shortfall in required MAB, or ₹500, whichever is lower, if you stay in an urban area and cannot maintain ₹50,000 account balance.
4. Salary account holders or PM Jan Dhan account holders and basic savings bank deposit account holders are exempt from this high MAB as these are zero balance accounts. They will not be charged a penalty even if they do not maintain the minimum account balance.
5. Account holders with higher MAB will enjoy certain benefits like free NEFT fund transfer, complimentary three cash transactions per month, thereafter ₹150 per transaction. GST shall be applicable on all mentioned charges, ICICI Bank said.
The ICICI Bank minimum balance requirement comes at a time when public sector banks are pushing for rationalisation in their penalties or waiving them off completely even though minimum balance is not maintained. State owned banks like SBI, Punjab National Bank, Canara Bank, and Indian Bank have waived off their penalties if one cannot maintain minimum account balance.
