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Following backlash from citizens, ICICI Bank has reduced minimum balance charges in savings account. Recently, ICICI Bank had increased minimum balance limit in savings account to Rs.50,000. People started criticizing the bank for increasing the limit so much.
Following huge criticism, now ICICI Bank has decreased the minimum balance limit to Rs.15,000. If customers don’t maintain minimum balance, then they will have to pay penalty of upto 6% of the shortfall in required MAB or ₹500 whichever is lower.
ICICI Bank New Minimum Balance in Savings Account
| Branch Type | Earlier MAB | New MAB (Now Cancelled) | New MAB (Active) |
|---|---|---|---|
| Metro & Urban | ₹10,000 | ₹50,000 | ₹15,000 |
| Semi-Urban | ₹5,000 | ₹25,000 | ₹7,500 |
| Rural | ₹2,500 | ₹10,000 | ₹2,500 |
In contrast, major Public Sector Banks in India have removed minimum balance requirement. Now, Customers in SBI, PNB don’t need to maintain minimum balance.
ICICI Bank New Service Charges
Eligibility
Resident Indian below 60 years
Minimum monthly average balance (MAB) (MAB is the simple average of day-end balances for a calendar month)
- Metro and Urban locations – ₹ 15,000
- Semi-urban locations – ₹ 7,500
- Rural locations – ₹ 2,500
- Pensioners (Below 60 Years) and Students of 1200 select institutes – Nil MAB
This SOC is applicable to
- Savings Account, Account for Pensioners (Below 60 Years) and Minors
- Programme: Select Banking, Wealth Management and Private Banking
- Savings Account integrated with Demat & Trading Account (3-in-1 Account)
Service Charges
Transactions at ICICI Bank ATMs / Cash Recycler Machines (cash withdrawals)
₹ 23 per financial transaction, post 5 transactions. All non-financial transactions are free. (Financial transaction includes – Cash Withdrawal; Non-Financial transactions include – Balance Inquiry, Mini statement & Pin change).
ATM Charges at Non-ICICI Bank ATMs
- At 6 metro locations (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad): First 3 transactions are free (inclusive of financial and non-financial transactions).
Post that ₹ 23 per financial transaction & ₹ 8.5 per non-financial transaction are applicable. - Other than 6 metro locations: First 5 transactions are free (inclusive of financial and non-financial transactions) Post that, ₹ 23 per financial transaction and ₹ 8.5 per non-financial transaction.
- Maximum of 5 transactions free in a month, across locations, with a cap of 3 transactions at 6 metro locations.
Cash Transaction Charges (Deposits and withdrawals across branches and deposits in Cash Recycler Machines considered.)
Cash Deposits at Branches and Cash Recycler Machines
- Number Limit – Complimentary 3 cash transaction per month, thereafter ₹ 150 per transaction
- Value Limit – Complimentary up to ₹ 1 lakh per month cumulative. Thereafter, ₹ 3.5 per ₹ 1,000 or ₹ 150 whichever is higher.
If the threshold of both number and value limit have crossed for the same transaction, higher of the charges mentioned above pertaining to number limit or value limit will apply.
Third party cash deposit limit of ₹ 25,000 per transaction applicable for all Savings Accounts.
Cash Withdrawal at Branches
- Number Limit – Complimentary 3 cash transaction per month, thereafter ₹ 150 per transaction
- Value Limit – Complimentary up to ₹ 1 lakh per month cumulative. Thereafter, ₹ 3.5 per ₹ 1,000 or ₹ 150, whichever is higher.
If the threshold of both number and value limit have crossed for the same transaction, higher of the charges mentioned above pertaining to number limit or value limit will apply.
Third party cash withdrawal limit of ₹ 25,000 per transaction applicable for all Savings Accounts.
Cash deposit charges – Cash Acceptor/ Recycler machines
₹ 50 per transaction during non-working hours, i.e. 4:30pm to 9am and holidays, for the deposits exceeding Rs 10,000 per month either as a single transaction or multiple transactions. These charges are applicable over and above the charges of cash transactions.
ATM Charges Outside India
ATM withdrawal at other bank (outside India) – ₹ 125/transaction + 3.5% currency conversion charge. Non-financial ₹ 25/transaction
Issue of DD drawn on ICICI Bank by cheque/ transfer
₹ 2/1000; Subject to a minimum of ₹ 50 and maximum of ₹ 15,000
Debit Card Annual Fees
₹ 300 p.a. For Gramin locations – ₹ 150 p.a.
Replacement card Fees
₹ 300 per instance
Value Added SMS
15 paisa per SMS
Upper limit of ₹ 100 per quarter
IMPS Outward
Nil for online channel
RTGS Outward
- Online Channel: Nil
- Branch: ₹ 2 lakhs to ₹ 5 lakhs: ₹ 20 per txn;
Above ₹ 5 lakhs: ₹ 45 per txn
NEFT Outward
- Online Channel: Nil
- Branch – Up to ₹ 10k – ₹ 2.25 per txn
- Above ₹ 10k – 1 lakh – ₹ 4.75 per txn
- Above ₹ 1 lakh – 2 lakhs – ₹ 14.75 per txn
- Above ₹ 2 lakhs – 10 lakhs – ₹ 24.75 per txn
Issue of Statement (Green charge)
₹ 100 for each month’s statement per instance printed at Branch / Phone Banking; Nil at ATM / iMobile / Internet Banking
Charges for non-maintenance of minimum monthly average balance (NMMAB)
MAB is the simple average of day-end balances for a calendar month.
6% of the shortfall in required MAB or ₹ 500 whichever is lower.
Non maintenance charges will be waived off if customer meets the enrolled programme criteria**
In case of Family Banking, the customer must collectively maintain 1.5 times programme eligibility criteria. If family banking threshold criteria are not met, the non-maintenance charges will be applicable to family members who do not maintain individual MAB.
*Programme Criteria are mentioned below
#Nil charges for Pensioners and Students.
ECS / NACH Debit Returns
₹ 500 per instance for financial reasons. Maximum recovery will be applicable for 3 instances per month for the same mandate
Cheque return outward (cheque deposited by customer)
₹ 200 per instance for financial reasons
Cheque return inward (cheque issued by customer)
₹ 500 per instance for financial reasons.
₹ 50 for non-financial reasons except for signature verification.
Decline of transaction at other bank ATMs or point of sale (POS) due to insufficient balance in the account
₹ 25 per transaction
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