Beware of ICICI Bank customers! Charged will have to be paid for keeping less money than minimum balance in the account
Second most of the country The large Private Bank ICICI Bank has increased the minimum monthly average balance (MAB) from ₹ 10,000 to ₹ 50,000 for Urban areas from ₹ 10,000 to ₹ 50,000. At the same time, the minimum balance in the semi-arban area has been increased from ₹ 5,000 to ₹ 25,000. The minimum balance in the rural area has been increased from Rs 2,500 to ₹ 10,000. This decision of the bank is being criticized a lot. However, it is very important to know that this new rule of the bank will be applicable from 1 August 2025 and that too only on new account holders.
That is, this new rule will apply to those who open an account with ICICI Bank from 1 August. There has been no change in the rule for the old account holder. That is, the amount of their minimum balance has not been increased. Now the question arises that if a person opens an urban account at ICICI Bank and he is not able to maintain a minimum balance of Rs 50,000, then how much penalty will he have to pay. Let’s know.
How much penalty will have to be paid for not keeping minimum balance
If ICICI Bank’s urban customers keep less than the minimum monthly average balance (MAB) level in a month, the bank will charge 6% or ₹ 500 (which is low) of the shortfall amount. GST will also apply to this. If a customer’s urban account should have a MAB ₹ 50,000 but it was a minimum balance of ₹ 40,000, then according to the rules of the bank, the shortage will be ₹ 10,000. It has a charge of 6% i.e. ₹ 600, but due to having a cap of ₹ 500, only ₹ 500 + GST will have to be given. Similarly, the minimum balance in the semi-arban area has been increased from ₹ 5,000 to ₹ 25,000. If a customer keeps 20 thousand rupees, then according to the rule there will be a shortage of 5000 rupees. According to 6%, 300+ GST will have to be paid.
Who will get a discount?
According to the bank, pensioners and premium banking customers will not have any charge under this rule. Banking experts say that this new rule of the bank will harm the customer as its money will remain block. He can take more returns by investing his money somewhere but now he will not be able to do so. Apart from this, behavior change can also be seen. People can close several accounts and keep a high-balance account. However, it is not that there is a lack of option in the market. Many banks have already finished minimum balance. Taking advantage of this, customers can shift to another bank.
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