ICICI Bank rolls back decision on minimum account balance, slashes it to ₹15k from ₹50k
The bank had in July revised the minimum average balance requirement for select account categories from ₹ 10,000 to ₹ 50,000. The revision, which was scheduled to come into effect from September 1, has now been substantially moderated for all categories.
The bank has revised the MAB for Metro and Urban cities from earlier announced ₹ 50,000 to ₹ 15,000. For Semi-Urban cities it will now be ₹ 7,500 instead of earlier announced ₹ 25,000 and for rural areas it will be ₹ 2,500 instead of ₹ 10,000.
For pensioners (below 60 years) and student affiliated with about 1200 select institutes MAB will be Nil.
The bank will charge 6 per cent of the shortfall or ₹ 500 whichever is lower, if MAB is not met.
The bank will charge ₹ 23 per financial transaction/cash withdrawals from ATMs post 5 transactions, however all nonfinancial transactions will remain free. If a transaction is denied at other banks ATM for insufficient balance ₹ 25 will be charged for every such transaction.
Penal charges for not-honouring of cheques deposited by consumers will be between ₹ 50 to ₹ 500.
ICICI Bank has urged customers to check account category details through its website, mobile app or by visiting the nearest branch to understand the revised terms.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
an hour ago
- News18
EaseMyTrip Board approved three acquisitions to strengthen strategic presence
New Delhi [India], August 14 (ANI): EaseMyTrip, one of India's leading travel-tech platforms, has announced three strategic acquisitions to strengthen its end-to-end travel capabilities across both international and domestic markets, according to a company release. The company has:(a) approved acquisition of a 50% stake in Three Falcons Notting Hill Limited for its London's premium property, Three Falcons Hotel, through a secondary investment(b) approved acquisition of a 100% stake in AB Finance Private Limited for acquiring its premium commercial asset property in Gurugram, India at the upmarket Golf Course Road, through a secondary investment, and,(c) In-principally approved making a strategic investment in the proposed acquisitions to be done through share swap arrangement, EaseMyTrip will mark its entry into the international hospitality space with an investment in Three Falcons Hotel, a luxury boutique hotel located in the prestigious St John's Wood area of London, near Lord's cricket to cater to both business and leisure travelers, the hotel will facilitate EaseMyTrip to deliver experiential hospitality in one of the world's most influential tourism markets. The move comes at a time when the global hospitality industry, currently valued at USD 5.71 trillion, is projected to reach USD 7.23 trillion by 2029, presenting substantial growth other proposed acquisition of AB Finance will add a key asset to EaseMyTrip's domestic portfolio. Located at a prominent corporate corridor at the Golf Course Road, Sector 53, Gurugram, the commercial property is projected to support EaseMyTrip's expanding operations. It will offer the flexibility to accommodate EaseMyTrip's future business requirements, including office infrastructure expansion, as EaseMyTrip continues to scale its presence across in-principle approval to invest in VBIL, which is inter alia engaged in entertainment and real estate business activities is a strategic investment move of the Company.
Economic Times
an hour ago
- Economic Times
Foreign capital inflows set to rise post S&P upgrade, borrowing costs to ease
Synopsis S&P's credit rating upgrade for India is poised to accelerate foreign capital inflows, particularly into the debt market, and reduce borrowing costs for the government and corporations. The upgrade reflects confidence in India's sound fundamentals, growth momentum, and improved fiscal management. Other rating agencies are expected to follow suit, further boosting investor confidence. ANI The latest upgrade will lower borrowing costs for both the government and corporates, according to an economist. Foreign capital inflows into India are likely to accelerate following S&P's recent credit rating upgrade, which is also expected to lower borrowing costs for the country, said Sonal Badhan, Economist at Bank of Baroda (BoB)."In both the short and long term, foreign capital inflows can be expected to be impacted positively, as the upgrade reaffirms trust in India's 'sound fundamentals' and 'growth momentum'. We are likely to see higher FPI inflows this year and a decline in bond yields," BoB Economist Told ANI. According to Badhan, India's recent credit rating upgrade by S&P is set to accelerate foreign capital inflows, particularly into the debt market, and lower borrowing costs for both the government and corporates, according to an RBI's Annual Financial Account data for Q2 of FY 2024-25 (July-September 2024) indicates that the Net foreign direct investment recorded an outflow of USD 2.2 billion, compared to an outflow of USD 0.8 billion during the same quarter in FY recorded provisional FDI inflows of USD 81.04 billion in FY 2024-25, marking a 14 per cent increase from USD 71.28 billion in FY 2023-24, according to the government data. "While there will be more room for the government to borrow, we believe it is unlikely that the government will make use of it. In the union budget for FY26, the centre had committed to gradually bring its debt-GDP ratio down, thus implying its intent to keep the borrowing program range bound," she added. "In the Union Budget for FY26, the Centre had committed to gradually bring its debt-to-GDP ratio down, implying its intent to keep the borrowing programme range-bound," the economist economist further added that the impact on borrowing costs is expected to be swift after the upgradation of the rating. "This will definitely help lower the borrowing cost for both government and corporates, as the rates for corporates mimic the trend in the G-sec market. The impact will be almost immediate, as we have already seen ~8bps decline in 10Y G-sec bond yields after the decision came," she added. Badhan further added that the upgrade is also likely to encourage other rating agencies, such as Moody's and Fitch, to follow suit. "We expect other rating agencies also to follow suit, as the upgrade has been long overdue. Indian economy has consistently performed well even amidst turbulent global environment and our central government fiscal deficit ratio has also consistently remained on track of consolidation, without compromising upon the impetus required to provide growth a boost," the economist a significant boost to investor confidence, S&P Global Ratings has upgraded India's long-term unsolicited sovereign credit rating to 'BBB' from 'BBB-', while also raising the short-term rating to 'A-2' from 'A-3'.The outlook on the long-term rating remains stable, reflecting optimism around India's policy continuity, robust economic growth, and improved fiscal the rating upgrade, S&P also revised its transfer and convertibility assessment for India to 'A-' from 'BBB+', citing an improved monetary and external to S&P, the stable outlook suggests confidence in India's ability to sustain its growth trajectory, driven by high levels of infrastructure investment and a disciplined policy environment.
&w=3840&q=100)
Business Standard
3 hours ago
- Business Standard
India-US ties rooted in shared values, have weathered challenges: MEA
India and the United States (US) share a comprehensive strategic partnership anchored in shared interests, democratic values, and strong people-to-people ties, the Ministry of External Affairs (MEA) said on Thursday. During the weekly media briefing, MEA spokesperson Randhir Jaiswal said: 'This partnership has weathered several transitions and challenges, as we had said earlier, and we remain focused on the substantive agenda that the two countries have committed to, and we hope that the relationship will continue to move forward based on mutual respect and shared interests.' #WATCH | Delhi | On the India–U.S. partnership, MEA spokesperson Randhir Jaiswal says, "The United States and India share a comprehensive global strategic partnership anchored in shared interests, democratic values and robust people-to-people ties. This partnership has weathered… — ANI (@ANI) August 14, 2025 The statement comes amid rising tensions between the two nations, with the US imposing 50 per cent tariffs on Indian imports, including a 25 per cent penalty for Russian oil purchases. The levy could be reduced if India and the US reach a trade agreement, with the sixth round of negotiations scheduled for later this month. Tariff concerns linked to Russia-Ukraine conflict US Treasury Secretary Scott Bessent warned on Wednesday that Washington may further increase the 25 per cent additional tariff rate on India if US President Donald Trump's upcoming meeting with Russian counterpart Vladimir Putin in Alaska fails to make progress on Ukraine. Trump has accused India of funding Russia's war effort through purchases of discounted Russian crude. Defence cooperation remains a key pillar On defence ties, Jaiswal said the India-US defence partnership remains an important pillar of bilateral relations, underpinned by foundational defence agreements and strengthened across all domains. 'We are expecting a US Defence Policy Team to be in Delhi in mid-August. The 21st edition of the joint military exercise 'Yudh Abhyas' is also expected to take place later this month in Alaska. Both sides remain engaged to convene the 2+2 intersessional meeting at the working level towards the end of this month,' Jaiswal said.
