ICICI Bank new minimum balance rules: FAQs, charges, and key information
In other cities, up to five free transactions are allowed before the same charges apply. International ATM withdrawals will attract a fee of Rs 125 per transaction, plus a 3.5% currency conversion charge.At ICICI Bank's own ATMs, cash withdrawals are free for the first five transactions in a month, after which they will be charged at Rs 23 per transaction. Non-financial transactions at these machines remain free.DEBIT CARD AND STATEMENT FEESThe annual fee for a debit card will be Rs 300, and Rs 150 for customers in Gramin locations. Replacement cards will cost Rs 300.Printed monthly statements requested at a branch or via phone banking will cost Rs 100, though they remain free through ATMs, iMobile, or Internet banking.PENALTY FOR NOT MAINTAINING BALANCEIf a customer fails to maintain the required balance, the penalty will be 6% of the shortfall or Rs 500, whichever is lower.This fee will not apply to customers meeting certain programme criteria, such as those under Family Banking, where the combined balance must be 1.5 times the programme's threshold. Pensioners will also be exempt.Meanwhile, this move sets a new benchmark in the Indian banking sector. With such a high minimum balance requirement in metro areas, the change could influence how other banks structure their savings account rules in the future.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends
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