ICICI financial institution raises minimal steadiness bar in financial savings accounts to Rs 50,000; huge leap from Rs 10,000
Failure to keep up the required steadiness might appeal to penalties. Clients who don’t keep the minimal common steadiness will likely be levied a penalty at 6 per cent of the shortfall or Rs 500, whichever is decrease.
India’s second-largest non-public sector financial institution, ICICI Financial institution, has considerably elevated the minimal steadiness requirement for its financial savings accounts, with the brand new guidelines efficient from August 1.
Below the revised tips, account holders in metro and concrete areas should now keep a median month-to-month steadiness of Rs 50,000, up from the sooner Rs 10,000.
The revised minimal steadiness necessities are as follows:
– Rs 50,000 in metro and concrete areas
– Rs 25,000 in semi-urban areas
– Rs 10,000 in rural areas
Non-compliance to draw fines
Failure to keep up the required steadiness might appeal to penalties. Clients who don’t keep the minimal common steadiness will likely be levied a penalty at 6 per cent of the shortfall or Rs 500, whichever is decrease.
With this transfer, ICICI has change into the financial institution requiring the best minimal account steadiness (MAB) amongst home banks.
Minimal account steadiness rule for different banks
The State Financial institution of India, the nation’s largest public sector lender, eradicated the requirement for sustaining a minimal steadiness in financial savings accounts in 2020. Nonetheless, most different banks nonetheless require prospects to keep up a minimal steadiness starting from Rs 2,000 to Rs 10,000 to cowl operational bills.
For instance, HDFC Financial institution, the main non-public sector financial institution in India, mandates a minimal steadiness of Rs 10,000 for financial savings accounts in metro and concrete branches, Rs 5,000 for semi-urban branches and Rs 2,500 for rural branches.
For Axis Financial institution, the minimal steadiness norm for metro and concrete branches is Rs 12,000, whereas for semi-urban and rural branches is Rs 5000 and Rs 2500 respectively.
Earlier in April this 12 months, ICICI Financial institution slashed the rate of interest on its financial savings accounts by 0.25 per cent. This transfer got here after comparable fee cuts have been launched by HDFC Financial institution and Axis Financial institution.
