ICICI Bank slammed for raising minimum account balance for savings accounts to ₹50,000: ‘Blow to middle class'

Hindustan Times

3 days ago

ICICI Bank is facing flak from a section of the internet for its decision to raise the minimum balance requirement for savings accounts. Customers with savings accounts in metro and urban areas will be expected to maintain a minimum average monthly balance of ₹50,000, up from the earlier ₹10,000. ICICI Bank faces flak from a section of the internet for its new minimum balance requirements.(Abeer Khan/Bloomberg)
The minimum average balance requirement for account holders in semi-urban areas now stands at ₹25,000, up from ₹5,000. Meanwhile, the minimum balance for rural areas has been increased from ₹2,500 to ₹10,000.
This hike will be applicable to new savings accounts opened on or after August 1, 2025. (Also read: ICICI Bank raises minimum balance for savings accounts from ₹10,000 to 50,000)
'Worst decision'
YouTuber Anuj Prajapati called it the 'worst decision' by ICICI Bank, and he wasn't alone in criticising the move.
A lot of people vented their frustration on social media, calling it a decision that would further emburden the middle class.
'Even people with ₹1 Lakh salary per month will not have ₹50k monthly average balance because of their EMIs, bills, loans, credit card usage etc. Every sector is just focused on looting the middle class. Poor people are just the walking dead for them and the government,' wrote one X user.
'ICICI Bank just made saving accounts a luxury item,' another said.
Shama Mohamed of the Indian National Congress called it 'Another blow to the middle class'. 'Now people will be penalised for not maintaining this huge amount,' she wrote.
HT.com has reached out to ICICI Bank for a statement. This copy will be updated on receiving a response.
A number of people also pointed out that those who had ₹50,000 to spare every month would hardly want their money in a savings account which pays little interest. 'In 2025, urban youth don't want their money to rot in accounts earning 3% interest. They want to invest, grow, and build wealth — not just keep banks rich,' a user said.
'A minimum balance of ₹50,000 in a country where 90% Indians earn less than ₹27,000 a month. For the rich, by the rich, of the rich!' an X user opined.
Some people defended ICICI, saying that a private bank is allowed to set its own rules and regulations. The supporters also pointed out that the minimum balance hike would not affect existing customers.
Also read: ICICI Bank minimum balance: Check penalty rates for non-compliance