ICICI Bank trims hike, lowers min balance requirement to Rs 15,000 from Rs 50,000
New Delhi, Aug 13 (PTI): In a U-turn, ICICI Bank has slashed the minimum monthly average balance (MAB) requirement to Rs 15,000 from Rs 50,000, citing "valuable feedback" from customers.
The minimum balance requirement for its new savings bank accounts opened on or after August 1 was recently raised five times to Rs 50,000.
"Following valuable feedback from our customers, we have revised these requirements to better reflect their expectations and preferences. We thank our customers for their continued trust and feedback, which help us serve them better," ICICI Bank posted on its website.
Similarly, the MAB for semi-urban and rural locations has been revised downwards to Rs 7,500 and Rs 2,500 respectively, it said.
Before August 1, the MAB for semi-urban and rural was Rs 5,000.
However, the bank said the revised MAB requirements are not applicable to salary accounts, senior citizens/pensioners (above 60 years), basic savings bank deposit account/PM Jandhan Yojana, and accounts for people with special needs.
They are also not applicable to savings accounts opened before July 31, 2025.
MAB is the minimum balance that a customer is required to maintain in a bank account. If the balance falls below the required amount, the bank levies a penalty.
In case account holders fail to meet the MAB, customers will be liable to pay penal charges of 6 per cent of the shortfall in required MAB, or Rs 500, whichever is lower.
The balance in the savings bank account of ICICI Bank earns an interest of 2.5 per cent per annum, it said.
The hike in MAB comes at a time when public sector banks have rationalised their penalties or completely waived them.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Rickelton's ton in vain as SRH beat MI by 6 wickets
Mumbai (PTI): Ryan Rickelton's whirlwind unbeaten ton was overshadowed by Heinrich Klaasen's unbeaten 65 as Sunrisers Hyderabad defeated Mumbai Indians by six wickets in an IPL match here on Wednesday.
Chasing an imposing 244-run target, Travis Head (76 off 30) and Abhishek Sharma (45 off 24) shared 129 runs for the opening wicket to set the platform for SRH.
Klaasen (65 not out off 30 balls) then displayed his all-round hitting abilities to guide SRH home with the help of Nitish Kumar Reddy (21) and Salil Arora (30 not out off 10) in 18.4 overs.
Earlier, Rickelton's knock powered MI to 243 for five.
MI rode on a 93-run stand between Rickelton (123 not out off 55 balls) and Will Jacks (46 off 22) in 7.1 overs for the opening stand to power the side.
MI skipper Hardik Pandya scored a valuable 31 off 15 balls before being dismissed.
Praful Hinge (2/54), Eshan Malinga (1/29), Sakib Hasan (1/39) and Nitish Kumar Reddy (1/31) were the wicket-takers for SRH.
Brief Scores:
Mumbai Indian: 243 for 5 in 20 overs (Ryan Rickelton 123 not out; Praful Hinge 2/54).
Sunrisers Hyderabad: 249 for 4 in 18.4 overs (Travis Head 76, Heinrich Klaasen 65 not out; AM Ghazanfar 2/51).
