ICICI Financial institution withdraws ₹50,000 minimal steadiness requirement after backlash
ICICI Financial institution Ltd. has revised decrease the minimal steadiness necessities for its clients, days after a hike triggered widespread backlash.
India’s second largest personal lender will now require its metro and concrete checking account holders to take care of a minimal month-to-month common steadiness of ₹15,000 as in opposition to ₹50,000 proposed simply days in the past, in accordance with a brand new notification seen by Hindustan Instances.
“We had launched new necessities for the month-to-month common steadiness for brand new financial savings accounts opened from 1 August 2025,” the lender stated within the notification launched on Wednesday. “Following precious suggestions from our clients, we now have revised these necessities to raised replicate their expectations and preferences.”
Consequently the minimal steadiness necessities are:
- For metro and concrete areas: ₹15,000
- For semi-urban areas: ₹7,500
- For rural areas: ₹2,500
Pensioners under 60 years of age and college students of 1,200 choose institutes wouldn’t have to take care of a minimal month-to-month common steadiness.
On 9 August, ICICI Financial institution raised the minimal common month-to-month steadiness for metro and concrete clients to ₹50,000 from ₹10,000 earlier.
The revised minimal steadiness necessities have been:
- For metro and concrete areas: ₹50,000 from ₹10,000 earlier
- For semi-urban areas: ₹25,000 from ₹5,000 earlier
- For rural areas: ₹10,000 from ₹2,500 earlier
Clients, who aren’t in a position to preserve these minimal steadiness necessities, would face penalty fees of ₹500 or 6% of the shortfall, whichever is decrease, ICICI Financial institution had stated.
“It’s a blow to the middle-class,” Shama Mohamed of the Indian Nationwide Congress stated. “Now individuals shall be penalised for not sustaining this big quantity.
“Even individuals with a ₹1 lakh wage per 30 days won’t have ₹50,000 month-to-month common steadiness due to their EMIs, payments, loans, bank card utilization, and many others.,” wrote an X consumer. “Each sector is simply targeted on looting the middle-class. Poor persons are simply the strolling lifeless for them and the federal government.”
To make certain, those that have ₹50,000 to spare each month received’t hold the quantity parked in a financial savings checking account to earn a paltry curiosity. “In 2025, city youth don’t need their cash to rot in accounts incomes 3% curiosity. They wish to make investments, develop, and construct wealth—not simply hold banks wealthy,” stated one more X consumer.
On Wednesday, ICICI Financial institution shares fell 0.07% to ₹1,421.15 apiece on the BSE even because the benchmark BSE Sensex ended the day 0.38% larger at 80,539.91 factors.
