ICICI Increases Monthly Balance Requirement To Rs 50,000 For New Saving Account Holders, Effective From Aug 1

ICICI Bank has announced an increase in the monthly minimum average balance requirement for all new customers who opened their savings accounts on or after August 1, 2025. The balance requirement has now increased to Rs 50,000 monthly for the customers at metro and urban locations.

In a notification released by the bank, it stated that Customers at metro and urban locations who opened their savings accounts on or after August 1 must maintain a 50,000 monthly average balance to avoid penalties.

Minimum Average Balance For Older Customers Remains Rs 10,000

The minimum average balance for older customers remains Rs 10,000, read the notification.

The notification added that new customers in semi-urban locations will be required to maintain a minimum average balance of Rs 25,000, and rural customers will be required to maintain Rs 10,000.

However, the minimum average balance remains at Rs 5,000 a month for old customers in rural and semi-urban areas.

The bank said that customers who failed to maintain the minimum average balance will be levied a penalty of 6 per cent of the shortfall or Rs 500, whichever is lower.

SBI Scrapped The Minimum Balance Rule In 2020

As per the Mint report, the cumulative value limit is Rs 1 lakh per month. In April 2025, ICICI Bank reduced the interest rate on its savings accounts by 0.25 per cent, and savings bank accounts with deposits up to Rs 50 lakh will now earn 2.75 per cent interest.

Notably, the State Bank of India (SBI) had scrapped the minimum balance rule in 2020.

ALSO READ: Don’t Get Hooked: Income Tax Department Flags Dangerous New Tax Refund Phishing Scam