ICICI Bank, India’s second-largest lender, has increased the monthly minimum average balance requirement for new savings account holders, effective August 1.For metro and urban locations, the minimum monthly average balance (MAB) requirement has been increased to Rs 50,000, while for semi-urban locations it is set at Rs 25,000.For rural branches, the requirement is Rs 10,000. The MAB is calculated as the simple average of day-end balances for a calendar month.The hike applies only to accounts opened on or after August 1, existing customers continue with the earlier limits of Rs 10,000 in metros/urban areas and Rs 5,000 in semi-urban/rural branches.
The bank has also updated its cash transaction policy for deposits and withdrawals across branches and through Cash Recycler Machines, reported IANS.Customers will get three complimentary cash transactions per month, after which a charge of Rs 150 per transaction will apply. For value limits, cash transactions up to Rs 1 lakh per month will be free, beyond which Rs 3.50 per Rs 1,000 or Rs 150, whichever is higher, will be charged. If both the number and value limits are exceeded in the same transaction, the higher applicable fee will be levied.
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