Minimum account balance

After the

monthly average balance (MAB) controversy, HDFC Bank has issued a clarification saying that it has not changed its Average Monthly Balance (AMB) requirements for any of its account types. India’s second-largest private sector lender, ICICI Bank, announced in the previous week that it has hiked its minimum average balance (MAB) requirement for new savings accounts to ₹50,000 for its metro and urban branches, ₹25,000 for semi-urban and ₹10,000 for rural branches. This invited sharp criticism from customers, resulting in ICICI Bank’s partial rollback of its revised charges. Now, the bank has reduced the MAB for new accounts to ₹15,000 for metro and urban branches, ₹7,500 for semi-urban branches and ₹2,500 for rural branches. Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.