Mumbai
If your account is also in ICICI Bank, then there is a big news for you. The bank has made a huge increase in the minimum average amount for its savings accounts. The minimum amount kept in a savings account has been increased by 5 times. The increase in minimum balance has been done for customers from metro to village.
The minimum balance in the savings account of private sector lender ICICI Bank will now have to be maintained ₹ 50000. This rule will be considered effective from 1 August 2025. Earlier this amount was 10 thousand rupees. If you do not maintain minimum balance in your savings account, then you may have to pay a fine.
Where is it necessary to keep minimum balance?
Metro and urban areas will now have to maintain at least ₹ 50 thousand, ₹ 25 thousand in semi-urban areas and at least ₹ 10 thousand in rural area savings account. Earlier, there was a need to maintain at least Rs 10,000 in a savings account with metro and urban areas. With this decision, now the most minimum account balance (MAB) ICICI Bank in domestic banks is now.
How much is the minimum balance in the savings account of the rest of the banks?
Now after this decision, the highest minimum balance limit in the savings account of ICICI Bank has been 50 thousand rupees. At the same time, the bank’s bank SBI had removed the minimum balance limit in the year 2020, that is, this rule was eliminated. On the other hand, the rest of the banks have kept a minimum balance limit of minimum balance ranging from at least 2000 to 10 thousand rupees in a savings account to manage the operation cost.
How much is this limit in HDFC Bank
Talking about the country’s largest private sector bank, there is a mandatory to keep at least Rs 10,000 in the savings account of the Metro and Urban areas, Rs 5000 in semi -urban area banks and Rs 2500 for the branches of villages.
What will happen if the minimum balance is not there?
Banks apply a minimum balance requirement to meet their daily expenses and investments and if a customer does not maintain minimum amount (minimum amount), it is fined. The bank has asked its customers to check their account and ensure compliance.
The bank has also reduced interest
In April, ICICI Bank cut the interest rate on its savings accounts by 0.25%. This decision also came immediately after the cut in interest rates by HDFC Bank and Axis Bank. 2.75% interest will be available on the savings account of ICICI Bank. The interest rate has been cut by 0.25% on the balance of more than Rs 50 lakh, due to which it has come down to 3.25%. This change is effective from 16 April.
