ICICI Bank
Account users of ICICI Bank will now be required to keep an average monthly balance of at least Rs 50,000 in their accounts. If the minimum average balance drops below this threshold, customers might be penalized. This regulation will go into effect on August 1, 2025.
Cities, towns, and metro areas have different minimum average balance requirements, and the bank has raised its limitations for each. The minimum threshold is now Rs 50,000 in metro and metropolitan districts, Rs 25,000 in semi-urban areas, and Rs 10,000 for accounts created in rural areas.
In every region, ICICI Bank’s MAB rise has been significant. The new MAB threshold for semi-urban branches has gone up from Rs 5,000 to Rs 25,000. According to the bank, accounts at rural branches would now need a minimum balance of Rs 10,000 instead of the previous Rs 2,500.
The minimal amount that a customer must keep in his or her bank account is known as the minimum monthly average balance (MAB). Banks charge a penalty for not maintaining the MAB if the balance in the bank account drops below the necessary amount.
The information released by the finance ministry on Tuesday follows Union Bank of India’s decision to waive penalties for failing to maintain minimum balances, a long-standing and delicate problem, along with a number of other PSBs. The finance ministry announced on Tuesday that Canara Bank, Bank of Baroda, Punjab National Bank, Indian Bank, Bank of India, and Central Bank of India are among the other PSBs that have terminated these charges for the current quarter. Since March 2020, State Bank of India, the biggest lender in the nation, has stopped imposing non-maintenance penalties.
Rules for cash transactions at ICICI Bank
According to ICICI Bank, there will be three free cash transactions per month for cash deposits, after which there will be a fee of Rs 150 each transaction. The monthly cumulative value cap for complementary services would be Rs 1 lakh. Following that, Rs 3.5 for every Rs 1,000 or Rs 150, whichever is more. The higher of the fees listed above related to the number limit or value limit will be applied if the thresholds for both the number limit and the value limit have been exceeded for the same transaction.
According to ICICI, all savings accounts are subject to the Rs 25,000 third-party cash deposit cap per transaction. For financial reasons, there will be a fee of Rs 200 each instance for checks that are returned outward (the customer deposited the check). A fee of Rs 500 will be applied for each instance of an inward check return (a check issued by the client).
