The bank has called up the minimum balance for new savings accounts that will be opened up to £ 50,000 on or after 1 August. | Photocredit: Francis Mascarenhas
A social organization that argues for the interests of Bankbanken has written the Ministry of Finance and has asked for its intervention in the decision of ICICI Bank to increase the minimum average balance (MAB) for new savings accounts, and said that such a movement is harmful to the government’s view of inclusive banking and growth.
In a letter to the financial secretary, ‘Bank Bachao Desh Bachao Manch’ mentioned the decision of the private lender as “unjust and regressive”.
The bank has called up the minimum balance for new savings accounts that will be opened up to £ 50,000 on or after 1 August.
The minimum monthly average balance (MAB) for savings bank accounts until July 31, 2025 for Icici Bank clients was £ 10,000.
Similarly, MAB for semi-urban locations and national locations have been increased five times to £ 25,000 and £ 10,000 respectively, according to information available on the ICICI Bank website.
“This retrograde decision undermines the principle of inclusive banking,” claimed the joint conveners of the forum, Biswaranjan Ray and Soumya Data.
The organization of civil society called for the immediate withdrawal of the decision and appealed to the government to protect the interests of deposits and to guarantee a broader financial inclusion.
Traditionally, banks in the public sector have a lower balance sheet requirements compared to private lenders with the required apart from Jan Dhan accounts.
Various banks in the public sector have abolished the required and customers who do not maintain the minimum prescribed balance do not have to pay a fine.
Published on August 11, 2025
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