ICICI Bank’s new Rs 50,000 balance rule: Minimum balance norms up to individual banks, says RBI governor

The RBI has clarified that individual banks determine Minimum Average Balance (MAB) requirements for savings accounts. While some private banks like ICICI Bank are increasing MAB to ₹50,000 for new urban customers, many public sector banks are eliminating penalties for non-maintenance to improve financial accessibility. This divergence reflects banks’ independent decisions on balance requirements and fee structures.