ICICI Bank cuts minimum balance after backlash. Check new rules and penalties
Those with older accounts will continue to follow the earlier rules, which in some cases mean keeping a higher amount in their accounts.PENALTY FOR FALLING SHORTIf the required balance is not maintained, ICICI Bank will charge 6% of the shortfall amount or Rs 500, whichever is lower.This penalty has also been increased compared to the earlier rate, meaning customers should be careful to track their monthly balances.A MOVE TO ADDRESS BACKLASHThe bank's decision comes after strong public criticism, particularly over the earlier increase in urban and metro MAB levels. By lowering the requirements, ICICI Bank is aiming to make account maintenance more affordable for new customers, while still encouraging regular deposits.Meanwhile, for those planning to open a new savings account with ICICI Bank, these changes will make it easier to maintain the minimum balance. However, it is still important to stay aware of the monthly average balance requirement to avoid paying penalties.(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.)- EndsMust Watch
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