ICICI Bank.
The ICICI Bank has made a huge increase in its minimum average monthly balance limit for new savings accounts since August 1, 2025, which has led to mixed reactions in customers. Amended rules means that metropolitan and urban account holders will now have to keep a monthly average balance of Rs 50,000 instead of Rs 10,000. For new semi-urban customers, the minimum balance limit has increased to Rs 25,000 (earlier Rs 5,000) and has increased from Rs 5,000 to Rs 10,000 for rural accounts.
The new criteria only apply to the accounts opened after August 1, so that the existing customers will remain within the scope of the old border. Those who will not be able to fulfill these conditions, they will have to pay a fine of 6 percent or 500 rupees of the outstanding amount.
The move has included ICICI Bank to join the most expensive private banks for regular savings accounts, especially when many major public banks have abolished the fine on the minimum balance to promote financial inclusion. Comparatively, HDFC and Axis Bank keep the minimum balance for urban customers at Rs 10,000.
Anger erupted on social media due to bank’s new rule
Many people have criticized this increase as discriminatory, social media users have described it as aristocratic class and urged the RBI to intervene. Critics argue that such requirements can create obstacles for moderate and low -income customers, especially when the new minimum amount for urban accounts is more than the average monthly salary in India. Some users are threatening to close their ICICI accounts in favor of banks with less rigorous policies and are accusing the bank of giving priority to rich customers.
One user wrote, “In a country where 23 crore people live below the poverty line, ICICI feels that the ‘minimum’ amount of Rs 50,000 is a masterstroke.”
Objection raised on the new rule of minimum balance
Another user wrote, “This is the largest private sector bank in India. I think it has started its bad days now. It is a kind of fraud with customers. On one hand, government banks are eliminating the fine on minimum balance, while the private sector is increasing it. It is called a loss of privatization.”
However, a user defended the move, saying, “Why ICICI Bank’s reaction to increasing the minimum balance in its savings account? They can choose their customer class and consider increasing the fee income. I am sure that the average balance would have been analyzed to save customers from losing, they are not a government bank with any social objectives. They are working for their shareholders.”