ICICI Bank increases minimum monthly average balance for new savings accounts to ₹50,000, a fivefold hike from earlier norms:

Effective from August 1, ICICI Bank has revised its minimum monthly average balance (MAB) requirement for newly opened savings accounts, raising it from the earlier ₹10,000 to ₹50,000 — a fivefold jump. The MAB for semi-urban and rural branches has also been raised, from ₹5,000 to ₹25,000 in semi-urban areas and from ₹2,000 to ₹10,000 in rural areas. According to the bank’s official website, customers who fail to maintain the required balance will face penal charges of 6% of the shortfall amount or ₹500, whichever is lower.