ICICI slashes minimal stability for brand spanking new financial savings accounts to Rs 15,000 from Rs 50,000 after outrage
ICICI Financial institution’s announcement final week had raised the MAB to Rs 50,000, which was in distinction to different banks which have rationalised their penalties.
The ICICI Financial institution on Wednesday slashed the minimal stability for brand spanking new financial savings accounts to Rs 15,000 from Rs 50,000 following vital buyer pushback towards an earlier steep hike that had sparked widespread outrage.
New MAB thresholds set at Rs 15,000
The financial institution has now set the MAB thresholds at Rs 15,000 for purchasers in metro and concrete areas, Rs 7,500 for semi-urban clients, and Rs 2,500 for rural account holders. The financial institution clients should observe that the revised limits exchange the beforehand introduced increased figures of Rs 50,000 for metro and concrete areas, Rs 25,000 for semi-urban areas, and Rs 10,000 for rural accounts.
“We had launched new necessities for month-to-month common stability for brand spanking new financial savings accounts opened from August 1, 2025. Following invaluable suggestions from our clients, we now have revised these necessities to raised mirror their expectations and preferences,” the financial institution mentioned in a press release.
ICICI Financial institution raised MAB to Rs 50,000 final week
ICICI Financial institution’s announcement final week had raised the MAB to Rs 50,000, which was in distinction to different banks which have rationalised their penalties.
The sooner hike, which might have been efficient from August 1, 2025, was seen as excessively excessive, particularly for middle-class, rural, and semi-urban clients who rely closely on common financial savings accounts. As per the plan, ICICI Financial institution, India’s second-largest non-public lender, would have change into the home financial institution with the very best MAB requirement, far exceeding friends similar to HDFC Financial institution and State Financial institution of India.
Many feared that extreme MAB would drive them to wrestle to keep up accounts
Nonetheless, many financial institution clients feared that the extreme MAB would drive many to wrestle to keep up their accounts with out incurring penalties or dropping advantages, particularly in semi-urban and rural areas.
In response to the concern of the financial institution clients, the ICICI Financial institution scaled again the hike to extra affordable ranges, retaining a stability construction that goals to stability operational wants with buyer accessibility.
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