When you open an ICICI savings account, maintaining a minimum balance is an important condition. If the balance falls below the required limit, the bank may charge a penalty. These charges vary depending on the type of account and your city category.
In this article, you’ll clearly understand ICICI savings account minimum balance requirements, penalty charges, and how to avoid them.
What Is Minimum Balance in ICICI Savings Account?
Minimum balance refers to the average monthly balance (AMB) that you must maintain in your savings account. ICICI calculates the average balance based on daily closing balances for the entire month.
If your account balance goes below the required average, non-maintenance charges are applied.
ICICI Savings Account Minimum Balance by City Type
ICICI categorizes cities into metro, urban, semi-urban, and rural areas. The required minimum balance differs accordingly.
| City Category | Minimum Average Monthly Balance |
|---|---|
| Metro / Urban | ₹5,000 |
| Semi-Urban | ₹2,000 |
| Rural | ₹500 |
These limits apply to regular ICICI savings accounts.
ICICI Minimum Balance Penalty Charges
If you fail to maintain the required average balance, ICICI charges a fee based on the shortfall.
Penalty Structure (Approximate):
- Metro / Urban: Up to ₹100 per month + GST
- Semi-Urban: Up to ₹50 per month + GST
- Rural: Up to ₹25 per month + GST
Charges are deducted automatically from your account.
Zero Balance ICICI Savings Accounts
ICICI also offers zero balance savings accounts, where no minimum balance is required.
Examples include:
- Salary accounts
- Student accounts
- Special zero balance schemes
Always confirm the account type to avoid unexpected charges.
How ICICI Calculates Average Monthly Balance
ICICI adds the daily closing balance of your account for the month and divides it by the number of days in that month.
If the calculated average falls below the required limit, penalty charges apply.
How to Avoid Minimum Balance Charges
You can avoid penalties by following these tips:
- Maintain slightly more than the required balance
- Set balance alerts via SMS or mobile app
- Choose a zero balance or salary account if eligible
- Transfer small amounts before month-end if balance is low
Check Your ICICI Account Minimum Balance Requirement
You can check your applicable minimum balance through:
- ICICI NetBanking
- ICICI Mobile Banking App
- Account welcome kit or email
- ICICI customer care
Frequently Asked Questions (FAQ)
1. What happens if I don’t maintain minimum balance in ICICI savings account?
ICICI charges a monthly penalty based on your city category and account shortfall.
2. Is minimum balance same for all ICICI savings accounts?
No. It depends on account type and branch location.
3. Does ICICI charge daily or monthly penalty?
The penalty is calculated monthly based on the average monthly balance.
4. Are ICICI zero balance accounts really free?
Yes, eligible zero balance accounts do not require minimum balance maintenance.
5. Can minimum balance charges change in future?
Yes, banks may revise charges. Always check the latest terms on ICICI’s official website.
Conclusion
ICICI savings account minimum balance rules are simple once you understand the city-wise requirements. Maintaining the required average balance helps you avoid unnecessary charges and keep your account running smoothly.
If you find it difficult to maintain the balance, switching to a zero balance or salary account can be a better option.