ICICI Bank rescinds ₹50,000 minimum balance norms after backlash; here is how the stock reacted

Following the huge public backlash, ICICI Bank has backtracked from its previous ₹50,000 minimum monthly average balance (MAB) norms and revised the requirements for its new savings accounts’ customers.

As a result, shares of ICICI Bank rose as much as 1.23% from its open, during morning trade to reach a high of ₹1,429.40 on the NSE on Wednesday. The private lender’s shares opened at ₹1,412 apiece, down 0.6% from the previous close of ₹1420.80. At the time of writing (10:21 AM,) the shares were trading at ₹1428.30, up 0.30% from its previous close.

For new savings accounts opened from August 1, 2025, in metro and urban branches, the MAB has been slashed from ₹50,000 to ₹15,000. Semi-urban branches will now require a MAB of ₹7,500, down from ₹25,000, while rural branches will need just ₹2,500, compared to the earlier ₹10,000.

Pensioners below 60 years and students from 1,200 designated institutes will continue to enjoy a nil MAB facility.

The changes will not affect salary accounts, senior citizens and pensioners above 60 years, Basic Savings Bank Deposit Accounts (BSBDA), Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts, or accounts for individuals with special needs. Savings accounts opened before July 31, 2025, will also retain the existing balance requirements.

Meanwhile, the bank also shared the revised ATM service charges depending on the location and type of ATM used. For transactions at ICICI Bank’s own ATMs or Cash Recycler Machines, customers get five free financial transactions per month; beyond that, each financial transaction (cash withdrawal) costs ₹23, while non-financial transactions like balance inquiries, mini statements, and PIN changes remain free.

For non-ICICI Bank ATMs, the rules vary. At six metro cities, including Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad, the first three transactions (financial or non-financial) are free; thereafter, each financial transaction costs ₹23, and each non-financial transaction costs ₹8.5. In other locations, the first five transactions are free, followed by the same charges. Across all locations, customers can only make a total of five free transactions per month at non-ICICI ATMs, with no more than three in metro areas.