ICICI Bank Raises Minimum Monthly Balance for Savings Accounts

ICICI Bank has increased the minimum monthly average balance requirement for savings accounts effective August 1. Customers in metro and urban areas must now maintain ₹50,000, up from ₹10,000 earlier. 

For semi-urban account holders, the requirement has risen to ₹25,000 from ₹5,000, while rural customers must maintain ₹10,000 compared with ₹5,000 earlier. Penalty for non-compliance will be 6% of the shortfall or ₹500.

In the June quarter, the bank’s net profit rose 15.5% on year to ₹127.68 billion, supported by a 22% growth in other income to ₹85.05 billion.