India’s second-largest bank, ICICI Bank, has made big changes to its savings account. Following customer criticism, ICICI Bank has revised its minimum balance rule. ₹50000 to ₹15000 for urban customers. This minimum balance is still more than 5000 from the previous one.
Now, if you open a savings account with ICICI Bank after 1 August 2025 in metro cities, you need to keep a ₹15000 balance instead of ₹50000. Also, in semi-urban areas, customers need to keep ₹7500, and in rural areas, it’s ₹2500. If you don’t keep the minimum balance, the bank will charge a penalty. This penalty is 6% of the amount you are short, or ₹500, whichever is less.
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This new rule is only for customers who opened an account after 1 August 2025. For the older account holders, the previous rule will apply. Still, there are some exceptions to accounts such as students, pensioners, and special categories.
India’s largest lender, State Bank of India, had already scrapped the minimum balance rule during the COVID-19 pandemic in 2020. India’s majority banks have a minimum balance requirement of ₹2500 to ₹10000.
