New Delhi:
ICICI Bank has partially reversed its minimum average balance (MAB) requirements from Rs 50,000 to Rs 15,000 for new customers in urban areas.
The revision comes after a massive pushback from customers and days after the second-largest bank in the country raised the MAB requirement from Rs 10,000 to Rs 50,000 for new customers in urban areas.
The revised MAB requirement is still Rs 5,000 more than the earlier one.
The minimum balance that new ICICI Bank customers in semi-urban areas must maintain has also been reduced to Rs 7,500 from Rs 25,000.
The MAB remains at Rs 5,000 for old customers in rural and semi-urban areas.
ICICI Bank’s announcement on Saturday that it had raised the MAB to Rs 50,000 was in contrast to other banks that have rationalised their penalties.
India’s largest lender, State Bank of India (SBI), had scrapped the minimum balance rule in 2020.
A majority of other banks maintain significantly lower thresholds, typically between Rs 2,000 and Rs 10,000.
Users Today : 8