ICICI Bank Customers Pay Attention! Minimum Balance For Savings Account Rise by Rs 40,000; Check New Limit

In a major development for ICICI Bank customers with a savings account, they are required to maintain a higher minimum balance in their account to avoid closure and penalties. ICICI Bank, on Saturday, announced that increase the minimum account balance for savings accounts from Rs 10,000 to Rs 50,000.

ICICI Bank Minimum Account Deposit Limit

New ICICI Bank Minimum Account Deposit limit rules came into effect from 8 August. The bank has increased the minimum account deposit limit in different proportions in rural and urban areas. The minimum savings account deposit limit has been increased from Rs 10,000 to Rs 50,000 in metro cities and urban areas. Whereas, the limit has been increased from Rs 5,000 to Rs 25,000 in semi-urban areas, reported news agency ANI.

ICICI Bank Savings Account Penalty

Failure to maintain the minimum savings account balance may lead to a 6% of the shortfall as penalty on ICICI bank customers. Either they would have to pay a fine of Rs 500 for the same. The revised charges will not be applicable on a selected category of ICICI Bank customers, the bank notified in its statement.

ICICI Bank Savings Account Minimum Deposit Limit Hiked! Who are Exempted?

Pensioners are exempted from the revised minimum account balance criteria, according to ANI. Additionally, those who have opened their bank accounts and those of their family members under the Family Banking program will be exempted from the minimum account balance requirement.

ICICI Bank customers registered under the program as a whole must maintain 1.5 times the required eligibility criteria. If the collective criteria is not maintained, that the bank will apply non-maintenance charges individually to all the members who fail to meed their MAB requirement.

The significant increase in minimum balance requirements is anticipated to affect numerous customers, particularly those in rural and semi-urban regions. Individuals unable to maintain the necessary balance might incur penalty fees. This may also overburden customers of the low-income group.

This change may prompt consumers to reassess their banking options. Some might switch to banks with lower balance requirements, while others could choose basic savings accounts that do not impose such conditions.

Additional Penalties On Cheque Bounce, NACH Debit Returns

An additional penalty of Rs 500 per instance will be imposed on customers for ECS/NACH debit returns due to insufficient funds or other financial reasons. In such cases, the bank will levy a charge of Rs 500 per instance, limited to a maximum of three charges per month for the same mandate.
In case of outward cheque returns, customers may attract a fee of Rs 200 per instance if the cheque is returned due to financial reasons. In the case of inward cheque returns, the bank will levy Rs 500 per instance for financial reasons and Rs 50 for non-financial reasons.