How to Close Your ICICI Bank Savings Account After Minimum Balance Hike; Step-by-Step Guide, Charges & Rules

ICICI Bank recently announced a major minimum average balance (MAB) hike effective August 1, 2025. This change will apply only to newly opened accounts but has already made many customers consider closing their ICICI Bank savings account to avoid higher maintenance costs.

ICICI Bank Minimum Average Balance Hike from August 2025

From August 1, 2025, ICICI Bank's minimum balance requirement will be the highest among Indian banks:

• For Metro & Urban Branches, the minimum balance has been hiked from Rs. 10,000 to Rs. 50,000.
• For semi-urban branches, the minimum balance has been hiked from Rs. 5,000 to Rs. 25,000.
• For rural branches, the minimum balance has been hiked from Rs. 2,500 to Rs. 10,000.

These ICICI Bank new balance rules affect only accounts opened after the implementation date, meaning all accounts opened on or after August 1st, 2025, will have to comply with these rules.

How to Close an ICICI Bank Account Online

Currently, ICICI Bank does not allow full online account closure. However, you can initiate closure using the iMobile Pay app and complete verification at the branch. Steps to initiate ICICI Bank account closure online:

Step 1: Log in to the iMobile Pay app.
Step 2: Go to Account Services & select Close Account Request.
Step 3: Submit details and await branch verification instructions.

How to Close an ICICI Bank Account Offline

If you want to close your ICICI Bank savings account offline, follow these steps:

Step 1: Visit your ICICI Bank home branch.
Step 2: Collect and fill out the ICICI Bank account closure form.
Step 3: Withdraw the remaining balance and ensure a zero account balance.
Step 4: Return passbook, debit card, and chequebook.
Step 5: Submit the form and get an acknowledgement receipt.
Step 6: Wait for final ICICI Bank account closure confirmation.

ICICI Bank Account Closing Charges

If you close your ICICI Bank account within 30 days of opening, there are no charges. It's completely free. However, if you choose to close your account between 31 days and 1 year from the date of opening, you will have to pay a Rs. 500 account closure fee.

For accounts that have been active for more than 1 year, ICICI Bank again charges no fee for closure.

Documents Required

When closing your ICICI Bank savings account, keep the following documents ready to avoid delays:

• ICICI Bank account closure form
• Identity proof (Aadhaar, PAN card, or passport)
• Address proof (utility bill, rental agreement, etc.)
• Unused cheques and debit card

Tips Before Closing Your ICICI Bank Savings Account

With the ICICI Bank minimum balance hike in 2025, maintaining a savings account may become costlier for many customers. So before you plan to close your account, here are some tips you should follow:

• Stop all auto-debits like EMIs, SIPs, and bills linked to your account.
• It is very important to withdraw or transfer all funds beforehand.
• Make sure to clear any pending service charges.
• Always keep a copy of the acknowledgement receipt for records.