India, August 14, 2025 – In a customer-friendly move, ICICI Bank has announced a significant reduction in the minimum account balance requirement for savings accounts. This decision comes as part of the bank’s initiative to make banking more accessible, affordable, and convenient for retail customers.
What’s the New Minimum Balance Policy?
Under the revised policy:
Urban Branches: Minimum balance requirement reduced from ₹10,000 to ₹5,000.
Semi-Urban Branches: Requirement reduced from ₹7,500 to ₹3,500.
Rural Branches: Reduced from ₹5,000 to ₹2,500.
The move applies to all regular savings accounts, while premium and specialized accounts may have separate criteria.
Why ICICI Bank Made This Change
The bank cited several reasons for the reduction:
Customer Convenience: Ensures more people can maintain accounts without stress.
Financial Inclusion: Supports the government’s push for wider banking penetration in semi-urban and rural areas.
Competitive Edge: Helps ICICI Bank attract new customers amid growing competition from private and digital banks.
Encouraging Savings: Lower requirements motivate customers to start or maintain savings accounts.
Benefits for Account Holders
Avoid Penalties: Reduced risk of incurring non-maintenance charges.
Flexible Banking: Easier for students, small business owners, and salaried individuals to maintain accounts.
Better Access to Services: Customers can continue to use debit cards, online banking, and loans without worrying about penalties.
Expert Analysis
Banking experts believe this move could lead to:
Increase in savings account openings, especially in rural and semi-urban areas.
Greater adoption of digital banking, as more customers maintain active accounts.
Improved customer loyalty, as existing clients appreciate reduced fees and more flexibility.
The trend of lowering minimum balance requirements is expected to continue across the industry, benefiting millions of Indian customers.
How to Take Advantage
Customers should:
Check their account type and new minimum balance requirement.
Maintain at least the new threshold to avoid penalties.
Explore additional benefits like higher interest rates and zero-fee digital transactions.
Contact ICICI Bank customer support for personalized guidance.
FAQs – ICICI Bank Slashes Minimum Account Balance Requirement
Q1: What is the new minimum balance requirement for ICICI Bank savings accounts?
Urban branches: Reduced from ₹10,000 to ₹5,000
Semi-urban branches: Reduced from ₹7,500 to ₹3,500
Rural branches: Reduced from ₹5,000 to ₹2,500
Q2: Which accounts are affected by this change?
The reduction applies to all regular savings accounts. Premium and specialized accounts may have separate criteria.
Q3: Why did ICICI Bank lower the minimum balance requirement?
The move aims to improve financial inclusion, attract new customers, and make banking more convenient for retail clients.
Q4: Will customers avoid penalties if they maintain the new minimum balance?
Yes, maintaining the revised minimum balance ensures customers do not incur non-maintenance charges.
Q5: How does this benefit rural and semi-urban customers?
Lower thresholds make it easier for residents in rural and semi-urban areas to maintain accounts, encouraging more people to save and access banking services.
Published on : 14th August
Published by : SMITA
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