ICICI Bank Revises Minimum Balance and Service Charges
ICICI Bank has announced new rules for savings bank accounts, which will take effect on August 1, 2025. These changes primarily affect new customers and include an increase in the minimum average monthly balance (MAMB) and revised fees for cash transactions and ATM usage.
Key Changes for New Savings Accounts (Opened on or after August 1, 2025)
1. Increased Minimum Balance Requirements:
- Metro & Urban Branches: The MAMB will increase fivefold, from ₹10,000 to ₹50,000.
- Semi-Urban Branches: The MAMB will rise from ₹5,000 to ₹25,000.
- Rural Branches: The MAMB will be raised from ₹2,500 to ₹10,000.
2. Revised Cash Transaction Limits and Fees:
- Free Transactions: You will get three free cash transactions (deposits and withdrawals) per month at branches and cash recycler machines.
- Charges Beyond Limit: After the first three transactions, a fee of ₹150 per transaction will be applied.
- Monthly Value Limit: There is a free value limit of ₹1 lakh per month. Transactions exceeding this amount will be charged ₹3.5 per ₹1,000 or ₹150, whichever is higher.
- Non-Working Hour Deposits: A new ₹50 fee will be charged for deposits made through cash acceptor or recycler machines during non-working hours (4:30 p.m. to 9 a.m.) or on holidays if the total monthly deposit exceeds ₹10,000.
3. ATM Usage Charges (for Non-ICICI Bank ATMs in major cities):
In six metro locations (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad), the following charges apply after your first three transactions in a month:
- ₹23 per financial transaction.
- ₹8.5 per non-financial transaction.
Who is NOT Affected?
- Existing Customers: If your account was opened before August 1, 2025, these changes do not apply to you.
- Salary Account Holders: These are typically zero-balance accounts and will not be affected.
- Basic Savings Bank Deposit Account (BSBDA) Holders: These accounts, mandated by the RBI, have a zero minimum balance and are also exempt from the new rules.
For more details, you can visit the official ICICI Bank website or contact your local branch.