ICICI Bank has taken a U-turn on the minimum balance. Just a few days ago, the bank had increased the minimum balance limit on savings accounts to Rs 50,000. After which the bank was facing opposition.
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The country’s second largest bank ICICI Bank has reduced the minimum balance limit after heavy opposition. The bank had recently increased the minimum balance limit in metro and urban areas from Rs 10,000 to Rs 50,000. Due to which the bank was facing opposition. Therefore, the bank has again reduced this limit. ICICI Bank’s Revised Minimum Balance LimitPrivate sector ICICI Bank has now increased the minimum average balance limit to Rs 15,000 for metro and urban areas. Apart from this, the minimum average balance has also been revised in semi-urban areas. Which has been reduced from Rs 25,000 to Rs 7,500. For rural areas, this limit has been reduced from Rs 10,000 to Rs 2,500. These changes will not apply to salary accounts.
How much will be the penalty
The revised limit of minimum balance will be applicable on accounts opened on or after August 1, 2025. The old rules will apply to accounts opened before this. If the customer is not able to maintain the minimum balance, he will have to pay a penalty of Rs 500 or 6%, whichever is less.
SBI also gave a shock to the customers
Just a week ago, the minimum balance limit was increased to Rs 50000 by ICICI Bank, after which there was an uproar across the country. Now the country’s largest public sector State Bank of India has also increased the fee on IMPS transactions. Customers who make IMPS transactions of more than Rs 25000 will now have to pay a fee. Till now this facility was free.
