'Mere loot of citizens': Icici Bank's minimum balance rule of £ 50,000 causes social media

From 1 August 2025, ICICI Bank has increased its minimum average monthly balance requirement for new savings accounts, causing mixed reactions among customers. The revised rules mean that metro and urban account holders now have to maintain a monthly average balance of £ 50,000, higher than the earlier £ 10,000. For new semi-urban customers, the minimum balance increases to £ 25,000 (formerly £ 5,000), and for rural accounts it rises to £ 10,000 (from £ 5,000). The new criteria only apply to accounts opened after August 1, leaving existing customers under the previous limits. Those who cannot meet these requirements will face a 6% of the deficit, or £ 500-which is lower, will face. This move places ICICI Bank among the most expensive private banks for regular savings accounts, especially as many leading public banks have eliminated the minimum balance fines to increase financial inclusion. Comparatively, HDFC and Axis bank continue with a minimum balance of £ 10,000 for urban customers. Many people have criticized the hike as discriminatory, with social media users calling it elitist and requesting the RBI to intervene. Critics argue that such requirements can create barriers to middle income and lower-income customers, especially if the new minimum for urban accounts exceeds the average monthly salary in India. Some users threaten to close their ICICI accounts in favor of banks with less strict policy and accuse the bank of prioritizing wealthy customers. A user wrote: “In a country where 23 crore people live under the poverty line, Icici £ 50,000 thinks is a ‘minimum’. Master strips!” “This is the largest private sector bank in India. I think the bad times have started now. It’s a kind of fraud with the customers. On the one hand, the government banks eliminate the minimum balance punishment while the private sector increases it. It is called the disadvantage of privatization. What you think about it,” another user wrote. However, a user has defended the step, “Why this setback against ICICI Bank increases their savings account minimum balance? They can choose their customer segment and look to increase fee income. I am sure there was an analysis to on average that they do not lose customers. They are not a government bank that has a social purpose.”