ICICI Bank hikes minimum average balance requirement for savings accounts opened after August 1 | NYGazet

In metro and urban locations, the MAMB has been increased to ₹50,000 from the earlier ₹10,000. For semi-urban branches, the new requirement is ₹25,000, up from ₹5,000, while rural branches will now require a minimum balance of ₹10,000, compared to the earlier ₹2,500.

Every Indian must access our financial sector. 90% of India makes less than ₹25,000 a month. A ₹50,000 minimum balance implies a sum equal to ~94% of Indians monthly income is to be left with the bank at all times, else a fee! Implication: physical c... [2710 chars]