ICICI Bank’s recent adjustment to its savings account policies has stirred controversy. Effective August 1, 2025, the bank has implemented a substantial increase in the minimum average monthly balance required for new accounts. The change mandates that urban account holders maintain ₹50,000, significantly higher than the previous ₹10,000. Semi-urban customers will now face a ₹25,000 minimum, while rural customers must maintain ₹10,000. This policy applies only to new accounts opened from the specified date onward, leaving existing account holders subject to the original terms. Non-compliance with these new rules will incur a penalty, calculated as either 6% of the shortfall or ₹500, whichever amount is less.
This adjustment places ICICI Bank among the most expensive private sector banks in terms of minimum balance requirements, particularly when compared to several public sector banks that have reduced or eliminated such fees to encourage broader financial inclusion. Competitors like HDFC and Axis Bank maintain a ₹10,000 minimum for urban clients. The change has led to a wave of negative reactions on social media. Many users have criticized the increase, stating it’s discriminatory. Social media users believe that such high balance requirements can hinder middle and low-income clients. The decision has prompted calls for intervention from the Reserve Bank of India (RBI). Some users are considering switching to banks with more flexible policies. One social media user posted, “In a country where a large number of people live below the poverty line, ICICI is trying to maintain a minimum amount of ₹50,000.” Another user wrote, “This is the largest private sector bank in India. I think its bad days have started now. This is a type of fraud on customers.” One user defended ICICI’s move and said, “They are working for their shareholders.”