Minimum Balance Rule– Maintain a minimum balance of Rs 50,000, this big bank has issued a new order

Minimum Balance Rule– India’s second largest lender ICICI Bank has increased the monthly minimum average balance requirement for all customer categories from August 1. According to the bank’s website, customers in metros and urban areas opening savings accounts on or after August 1 will have to maintain a minimum balance of Rs 50,000 to avoid penalty. If you do not maintain the minimum balance, you will have to pay a penalty.

If you do not maintain the monthly minimum average balance in your account, ICICI Bank will charge you a penalty. This penalty will be 6% of the monthly minimum average balance or Rs 500, whichever is lower.

For example, a shortage of Rs 10,000 at a metropolitan branch usually attracts a penalty of Rs 600, but under the new rules, this charge is limited to Rs 500. The minimum average balance for old customers will remain Rs 10,000. New customers in semi-urban areas will have to maintain a minimum average balance of Rs 25,000 and rural customers will have to maintain Rs 10,000. The minimum average balance for old customers in rural and semi-urban areas will remain Rs 5,000 per month.

What is the minimum balance in the savings account of other banks?

Now after this decision, the maximum minimum balance limit in ICICI Bank’s savings account has become Rs 50 thousand. At the same time, the public sector bank SBI had removed the minimum balance limit in the year 2020 itself, that is, this rule was abolished. On the other hand, other banks have kept the minimum balance limit in the savings account from Rs 2000 to Rs 10 thousand to manage the operation cost.