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ICICI Bank Lowers New Savings Account Minimum Balance to ₹15,000

Partial rollback follows widespread social-media backlash, underscoring regulators’ stance that balance floors are commercial choices

Pensioners below 60 years of age and students of 1,200 select institutes do not have to maintain a minimum monthly average balance.
The minimum balance requirements are not applicable to savings accounts opened before July 31, 2025, ICICI Bank said.
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Overview

  • ICICI Bank reduced its minimum average monthly balance for new savings accounts in metro and urban branches from ₹50,000 to ₹15,000, while cutting semi-urban and rural thresholds to ₹7,500 and ₹2,500 respectively, and kept penalties at 6 per cent of any shortfall or ₹500, whichever is lower.
  • The revised rules exempt salary accounts, Basic Savings Bank Deposit Accounts under PMJDY, senior citizens and pensioners over 60, and accounts for people with special needs from the new balance requirements.
  • RBI Governor Sanjay Malhotra emphasized that minimum-balance levels fall within banks’ commercial discretion, confirming the central bank does not regulate the thresholds.
  • HDFC Bank’s similar policy raising new-account MABs to ₹25,000 for metro and urban branches remains in effect, reflecting a private-sector move toward premium customer segments.
  • Several public sector lenders, including SBI and Canara Bank, have removed or waived MAB penalties to support financial inclusion, highlighting a divide in retail-deposit strategies across India’s banking sector.