Mumbai: ICICI Bank has rolled back its recent decision to increase the minimum balance requirement for savings accounts after facing widespread criticism. The bank had initially planned to raise the minimum balance, which drew strong reactions from customers questioning the necessity of such high limits.
Under the revised guidelines, account holders in metro and urban areas are required to maintain a monthly balance of Rs 15,000, semi-urban account holders Rs 7,500, and rural account holders Rs 2,500. The earlier proposal had set the minimum balance for new accounts opened after August 1 at Rs 50,000 in metro and urban areas, Rs 25,000 in semi-urban areas, and ₹10,000 in rural areas—up from the previous limits of Rs 10,000, Rs 5,000, and Rs 2,500 respectively. The move drew criticism from customers and public figures alike, and the RBI remained silent on the issue. In response, ICICI has reverted to its previous minimum balance norms for savings accounts.
ICICI Bank revises minimum monthly average balance for Savings accounts for metro and urban locations to ₹15,000, semi-urban to ₹7,500 and rural to ₹2,500#ICICIBank #SavingsAccounts pic.twitter.com/nu0Nqr9Bwf
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