ICICI Bank Revises Service Charges for Domestic Savings Accounts

ICICI Bank, a private sector lender, has revised its savings account service charges. The new charges will be imposed on savings accounts that do not maintain a minimum account balance (MAB), from 1st February 2022 the new service charges are effective and are as follows.

Regular Savings account
Earlier the bank was charging 5% of the shortfall in the required MAB. Now the bank will charge 6% of the shortfall in the required MAB or Rs 500 whichever is lower. This charge is applicable on all locations and currently, the bank allows a Minimum Monthly Average Balance (MAB) requirement of Rs 10,000 on metro / urban locations, Rs 5,000 for semi-urban locations and Rs 2000 for rural locations.

Asset Linked Savings Account (ALSA) / Easy Receive Account
The existing non-maintenance of MAB charges of 5% has been revised to 6% of the shortfall in required MAB or Rs 500 whichever is lower. On ALSA, the bank is allowing a Minimum Monthly Average Balance requirement (MAB) of Rs 10,000 in metro / urban locations and Rs 5000 in semi-urban/rural locations.

Freedom Savings Account/ Advantage Women Account
The previous non-maintenance of MAB charges of 5% has been increased to 6% of the required MAB shortfall or Rs 500, whichever is lower. On these accounts, the bank allows a Minimum Monthly Average Balance requirement (MAB) of Rs 10,000 in all locations.

Chargeable Salary Account (if applicable as per product offering)
The current 5% of the shortfall in required MAB on this saving account type has been enhanced to 6% of the shortfall in required MAB or Rs 500, whichever is lower. The bank allows a Minimum Monthly Average Balance requirement (MAB) of Rs 10,000, Rs 5,000 and Rs 2,000 on salary accounts.

Broker Accounts
The existing 5% of the required MAB shortfall for this account type has been increased to 6% of the required MAB shortfall or Rs 500, whichever is lower. On broker accounts, the bank allows a Minimum Monthly Average Balance requirement (MAB) of Rs 5,000.

Young Stars
The current 5% of the required MAB shortfall for this account type has been increased to 6% of the required MAB shortfall or Rs 500, whichever is lower. On Young Stars accounts, the bank allows a Minimum Monthly Average Balance requirement (MAB) of Rs 2500.

Bank@Campus / Accounts with 500 MAB and 1000 MAB requirement
For this account type, the existing 5% of the required MAB deficit has been increased to 6% of the required MAB shortfall or Rs 500, whichever is lower.

Life Plus Senior Citizen Accounts / Illiterate Account
On this account, the bank allows a Minimum Monthly Average Balance requirement (MAB) of Rs 4500 and currently the bank charges 5% of the shortfall in the required MAB or Rs 100 whichever is lower.

Silver Savings account
The bank requires a minimum monthly average balance (MAB) of Rs 25,000 on this account, and the bank now charges 6% of the shortfall in the required MAB of this account type, or Rs 100, whichever is lower.

Gold / Magnum / Titanium Savings Account (Privilege Banking variants)
On these accounts, the customers are required to maintain a Minimum Monthly Average Balance (MAB) of Rs 50,000, Rs 100,000, Rs 125,000 and Rs 200,000. For this account type, the existing 2% of the required MAB deficit has been increased to 3% of the required MAB shortfall or Rs 500, whichever is lower.

Regular Family
On this account type, the bank is required to maintain a Minimum Monthly Average Balance (MAB) of Rs 30,000 in metro / urban locations, Rs 20,000 in semi-urban / rural locations. Failing to maintain this MAB, the bank has increased the service fee from 5% to 6% of the shortfall in the required MAB or Rs 500 whichever is lower.

Silver / Gold / Magnum / Titanium Family
On this variant, the bank has revised 2% service charge to 6% of the required MAB deficiency, or Rs 500, whichever is less on non-maintenance of MAB.

Over and above the charges, taxes at the current rates set by the government will be applied on the above said charges.