Social media users have condemned ICICI Bank’s decision to raise the minimum average balance (MAB) requirement for its savings accounts as both exclusionary and unfair.
Several users accused the bank of “trying to become an elite bank,” calling the move “ridiculous” and “the worst decision of ICICI Bank.”
“Even people with a Rs 1 lakh salary per month will not have Rs 50k monthly average balance because of their EMIs, bills, loans, credit card usage etc. Every sector is just focused on looting the middle class. Poor people are just the walking dead for them and the govt,” one user wrote.
Another wrote, “Brilliant move, raise the minimum balance so you can proudly exclude the very customers a ‘savings account’ was meant for. A true CFO-level innovation in turning banking into an exclusive club for the privileged while calling it financial inclusion.”
A third user pointed out, “Majority of Indians earn below Rs 25000 monthly. So @ICICIBank wants them to keep a 2 months salary as minimum balance in their account. This is sheer loot and thuggery of middle class money by the bank. Are they facing some sort of liquidity crunch.”
Others warned that the decision could result in customer attrition. “Damn! They're gonna lose customers,” one user commented, while another questioned, “Isn't @RBI aware of this? This is just terrible... I wish to close the account but what about those of my linked account @ICICIBank.”
Under the revised structure, customers in metro and urban areas will need to maintain an average balance of Rs 50,000, a significant increase from the earlier Rs 10,000 requirement.
New customers in semi-urban areas will now be required to keep a minimum average balance of Rs 25,000, up from the previous Rs 5,000.
In rural areas, the minimum balance has been raised to Rs 10,000 from Rs 5,000.
The changes will apply only to new savings bank accounts opened after August 1, 2025.
Customers who fail to maintain the required balance will face a penalty set at 6 per cent of the shortfall or Rs 500, whichever is lower, as per the updated terms.
Banks typically impose minimum balance requirements to cover operational expenses and investments, and customers who fail to meet the stipulated balance face penalty fees.
ICICI Bank has advised account holders to check their balances and ensure compliance with the revised norms to avoid charges.
