New ICICI financial institution prospects should preserve Rs 50,000 in metros—Right here’s what occurs for those who do not

ICICI Financial institution Replace: India’s second-largest lender, ICICI Financial institution, has elevated the month-to-month minimal common steadiness requirement for brand new financial savings account holders throughout all buyer segments.

Clients in metro and concrete places who opened their financial savings accounts on or after August 1 will now have to take care of a month-to-month common steadiness of Rs 50,000 to keep away from penalties, in keeping with the financial institution’s newest notification.

For current prospects in these places, the minimal common steadiness stays unchanged at Rs 10,000. New prospects in semi-urban areas can be required to take care of a minimal common steadiness of Rs 25,000, whereas these in rural areas should preserve Rs 10,000. The minimal common steadiness for older prospects in rural and semi-urban places continues to be Rs 5,000 monthly.

Additionally Learn: AU Small Finance Financial institution will get in-principle RBI nod to turn into a common financial institution 

Penalty for non-compliance

Clients failing to take care of the required month-to-month steadiness will face a penalty of 6 per cent of the shortfall or Rs 500, whichever is decrease.

The financial institution now affords three complimentary money deposits right into a financial savings account monthly. Past this, prospects can be charged Rs 150 per transaction, with a cumulative free deposit restrict of Rs 1 lakh monthly.

Additionally Learn:From sooner payouts to strict timelines, RBI proposes hassle-free settlement of deceased financial institution accounts 

Different account phrases stay unchanged

In April 2025, ICICI Financial institution decreased the rate of interest on financial savings accounts by 0.25 per cent, with accounts holding as much as Rs 50 lakh now incomes 2.75 per cent curiosity.

The variety of complimentary money withdrawal transactions monthly stays at three. For third-party money deposits, a restrict of Rs 25,000 per transaction applies to all financial savings accounts.

The hike in minimal common steadiness necessities stands in distinction to strikes by different banks, a lot of which have lowered penalties. The State Financial institution of India (SBI), for instance, scrapped the minimal steadiness rule in 2020. Most different banks proceed to take care of considerably decrease thresholds, usually between Rs 2,000 and Rs 10,000.