Call for RBI intervention, plan to close accounts: How netizens are reacting to ICICI Bank’s new move

New Delhi: ICICI Bank’s hike in the monthly minimum average balance (MAB) for savings accounts, effective August 1, has sparked sharp criticism on social media platforms.

Many users have expressed frustration over the steep rise from ₹10,000 to ₹50,000 for metro and urban customers, calling it an unfair burden on account holders who prefer to invest their funds rather than keep idle money in bank accounts. 

Others pointed out that most Indians earn less than ₹25,000 monthly, arguing that requiring such a high minimum balance is tantamount to exploiting middle-class savings and questioned whether the bank is facing financial difficulties. 

Several customers voiced intentions to close their ICICI Bank accounts, preferring to invest the ₹50,000 elsewhere than let it remain unused in the bank, while calling for intervention by the Finance Ministry, RBI, and Union Finance Minister. 

Additionally, many sought guidance on the procedure for closing their savings accounts, reflecting widespread dissatisfaction. 

Critics also urged the Reserve Bank of India to ban minimum balance requirements on basic savings accounts, accusing banks of constantly seeking new ways to increase revenue. 

ICICI Bank revises minimum average balance requirements

For customers opening savings accounts from August 1 onwards, those in metro and urban areas must maintain a ₹50,000 monthly average balance, sharply higher than the previous ₹10,000.

New account holders in semi-urban locations are required to keep ₹25,000 monthly, while rural new customers must maintain ₹10,000.

For existing account holders, the minimum balance requirement remains unchanged: ₹10,000 for metro and urban customers, and ₹5,000 for those in rural and semi-urban areas.

Customers failing to maintain the stipulated minimum balance will face penalties of 6 per cent of the shortfall or ₹500, whichever is lower.