After outrage, ICICI Bank reduces minimum balance to Rs 15,000 from Rs. 50,000 for savings accounts
After outrage, ICICI Bank has reduced its minimum average balance (MAB) requirements from Rs 50,000 to Rs 15,000 for new customers in urban areas.
The revision comes after a massive flak from customers after ICICI Bank raised the MAB requirement from Rs 10,000 to Rs 50,000 for savings accounts.
The revised MAB requirement is still Rs 5,000 more than the earlier one.
The minimum balance that new ICICI Bank customers in semi-urban areas must maintain has also been reduced to Rs 7,500 from Rs 25,000.
However, the MAB remains at Rs 5,000 for old customers in rural and semi-urban areas.
ICICI Bank's announcement on Saturday that it had raised the MAB to Rs 50,000 was in contrast to other banks that have rationalised their penalties.
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