Bank Bachao Desh Bachao Manch has urged the Finance Ministry to intervene in ICICI Bank’s move to sharply raise the minimum average balance for new savings accounts.
From August 1, MAB for new accounts rose fivefold to ₹50,000 in metros, ₹25,000 in semi-urban areas, and ₹10,000 in rural areas.
The group termed the decision “unjust and regressive,” saying it undermines inclusive banking and urged immediate withdrawal.
Civil Society Forum Protests ICICI Bank’s Minimum Balance Hike in Savings Accounts, Writes to Govt
In a letter to the finance secretary, 'Bank Bachao Desh Bachao Manch' termed the private lender's decision as "unjust and regressive"
ICICI Bank Wkipedia
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A civil society organisation advocating banking stakeholders’ interests has written to the Finance Ministry, requesting its intervention into ICICI Bank’s decision to raise the minimum average balance (MAB) requirement for new savings accounts, and said such a move is detrimental to the government’s vision of inclusive banking and growth.
In a letter to the finance secretary, 'Bank Bachao Desh Bachao Manch' termed the private lender's decision as "unjust and regressive".
The bank has raised the minimum balance requirement for new savings accounts opened on or after August 1 by five times to ₹50,000.
The minimum monthly average balance (MAB) for savings bank accounts till July 31, 2025 for ICICI Bank customers was ₹10,000.
Similarly, MAB for semi-urban locations and rural locations have been increased five times to ₹25,000 and ₹10,000, respectively, according to information available on the ICICI Bank website.
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“This retrograde decision undermines the principle of inclusive banking,” the forum’s joint conveners, Biswaranjan Ray and Soumya Datta, claimed.
The civil society organisation called for the immediate withdrawal of the decision, and appealed to the government to protect depositors' interests and ensure broader financial inclusion.
Traditionally, public sector banks have lower balance requirements compared to private lenders with the requirement waived for Jan Dhan accounts.
Several public sector banks have done away with the requirement, and customers who fail to maintain the minimum prescribed balance do not need to pay a penalty.
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