Mumbai – ICICI Bank has lowered the minimum average monthly balance requirement for its new savings accounts to ₹15,000, down from the earlier ₹50,000. The change is aimed at making banking more accessible and attracting a wider customer base.
The revised threshold applies to new savings accounts opened in metro and urban branches, effective immediately. Existing account holders will continue under their current terms unless they opt for the updated account category.
According to the bank, the move aligns with its strategy to offer more flexible and affordable banking options, particularly for younger customers and first-time account holders. Industry analysts note that this could intensify competition among private lenders, many of whom are seeking to grow retail deposits.
The reduced balance requirement is expected to encourage greater account activity and improve financial inclusion, especially for customers who found the previous ₹50,000 threshold a barrier.
Customers are advised to check the bank’s official guidelines for detailed terms, including charges for falling below the minimum balance.
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