Urban Limit Reduced from ₹50,000 to ₹15,000 for New Customers
Mumbai, August 13 (Kiran News) – Private sector lender ICICI Bank has rolled back its recently increased minimum average balance (MAB) requirement for new customers in urban areas, following widespread criticism. The bank has partially reduced the MAB limit from ₹50,000 to ₹15,000. The revision comes just days after India’s second-largest bank had raised the MAB for urban branches from ₹10,000 to ₹50,000. Even after the change, the new limit remains ₹5,000 higher than the earlier threshold.
Relief for Semi-Urban Customers
For new customers in semi-urban areas, ICICI Bank has also lowered the minimum balance requirement from ₹25,000 to ₹7,500. The MAB for existing customers in rural and semi-urban branches remains unchanged at ₹5,000. Salary account holders, Pradhan Mantri Jan Dhan account holders, and Basic Savings Bank Deposit Account holders are exempt from the rule as these accounts allow zero balance.
What Minimum Average Balance Means
The minimum average balance is the least amount a savings account holder must maintain to avoid penalty charges. The required MAB varies depending on the type of savings account and the branch’s location — whether it is metropolitan, urban, semi-urban, or rural.
SBI’s Decision on IMPS Transactions
Meanwhile, State Bank of India (SBI) has announced that from August 15, it will charge a fee on Immediate Payment Service (IMPS) transactions above ₹25,000 made online. Transfers up to ₹25,000 will remain free as before.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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