ICICI Bank has fixed a minimum balance of Rs 50,000 for customers in urban areas. Keeping less money will be fined. On this, RBI has said that it is the right of banks to decide minimum balance. There is no interference of RBI on this.
Minimum balance in accounts: The RBI (Reserve Bank of India) has no interference in how much minimum balance is fixed for bank savings accounts. Yes, this is true. This issue is under discussion by increasing the requirement of minimum balance in savings account by ICICI Bank to Rs 50,000. Customers have suffered a setback after hearing the reply given by the RBI governor in this matter.
RBI left banks to decide minimum balance
RBI Governor Sanjay Malhotra has said that the need for minimum balance does not fall under the RBI regulator domain. Banks decide it according to their business needs. He said, “RBI has left the work of deciding minimum balance to banks. In some banks, minimum balance is Rs 10,000, while some have Rs 2,000.”
Malhotra said that the matter is not regulated by the RBI. Therefore, each bank is free to decide its policy on the minimum balance based on its operating model and customer class.
If there is an account in ICICI Bank, then balance will have to be kept 50 thousand rupees
ICICI Bank has increased the requirement of minimum average balance for its savings accounts in all branch categories. The new rules will be effective from August 1, 2025. If you have an account in the Metro and ICICI Bank branch of urban area, then the average minimum balance will have to be kept at 50 thousand rupees. Earlier it was 10,000 thousand rupees.
If your branch is in a semi -urban area, then at least 25 thousand rupees will have to be kept in the account. Earlier this limit was 5 thousand rupees. Even if there is an account in the branch in the rural area, you will have to keep at least 10 thousand rupees in the account. Earlier this limit was 2500 rupees.
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Money has to be paid less than minimum balance
According to ICICI Bank, 6 percent of the remaining amount or 500 rupees (whichever is less) will be taken from the customers who are unable to maintain the necessary minimum balance every month. If customers meet the fixed norms, then these fees will be waived.
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In the case of family banking, the family collectively will have to maintain 1.5 times the eligibility criteria of the program. Failure to do so will apply personally to the members who do not meet their minimum balance requirement. Pensioners will get exemption from these fees.