ICICI Bank stands down, cuts minimum balance after customer ‘feedback’

ICICI Bank has revised the minimum balance requirements for its customers, days after a widespread backlash.

Pensioners below 60 years of age and students of 1,200 select institutes do not have to maintain a minimum monthly average balance.(Representational Photo/Bloomberg)

India’s second largest private lender will now require its bank account holders to maintain a minimum monthly average balance of ₹15,000 as against ₹50,000 proposed just days ago, according to a new notification seen by Hindustan Times.

“We had introduced new requirements for the monthly average balance for new savings accounts opened from 1 August 2025,” the bank said in the notification released on Wednesday, “Following valuable feedback from our customers, we have revised these requirements to better reflect their expectations and preferences.”

Consequently the minimum balance requirements are:

• For metro and urban locations: ₹15,000
• For semi-urban locations: ₹7,500
• For rural locations: ₹2,500

Pensioners below 60 years of age and students of 1,200 select institutes do not have to maintain a minimum monthly average balance.