Following customer backlash, ICICI Bank rolls back higher monthly average balance diktat

ICICI Bank had hiked its MAB requirement for new depositors in metro & urban and semi-urban locations by up to five times
| Photo Credit:
Bloomberg

After facing major public and customer backlash, private sector major ICICI Bank has rolled back (check revised balance requirement in table) its move to steeply hike the minimum monthly average balance (MAB) requirement for new savings bank (SB) deposit customers with effect from August 1, 2025.

“We had introduced new requirements for the monthly average balance (MAB) for new savings accounts opened from August 1, 2025. Following valuable feedback from our customers, we have revised these requirements to better reflect their expectations and preferences. We thank our customers for their continued trust and feedback, which help us serve them better,” the bank said in a statement.

The MAB requirements, ICICI Bank clarified, are not applicable to salary accounts, senior citizens, pensioners, basic savings bank deposit account (BSBDA)/ Pradhan Mantri Jan Dhan (PMJD) accounts, and accounts for people with special needs.

Financial inclusion

The lender had earlier hiked its MAB requirement for new depositors in metro & urban and semi-urban locations by up to five times to ₹50,000 and ₹25,000, respectively. For customers in rural locations, the MAB was raised four times to ₹10,000.

According to sources, the lender’s employees — especially relationship managers — were facing negative customer feedback with regard to the hike in MAB ceilings. The bank also faced major public backlash on social media and other public forums for the move, which was seen as catering only towards the premium segment of customers, de-railing the financial inclusion mandate to lenders.

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Published on August 13, 2025