Mumbai (Maharashtra) [India] August 14 (ANI): In a major relief to its customers, ICICI Bank on Thursday announced a rollback of its recent decision to hike the minimum average monthly balance (MAB) for certain savings accounts to ₹50,000. The private sector lender has now reduced the MAB requirement to ₹15,000.
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.
ICICI bank is India’s second-largest private sector lender by assets and serves over 35 million savings account customers across the country. (ANI)
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