ICICI Bank’s Rs 50,000 minimum balance rule: How many people keep that much money lying in a bank?

New Delhi: For crores of Indians, the monthly struggle is about stretching every rupee to pay rent, buy groceries and keep the lights on. Now, ICICI Bank wants them to keep Rs 50,000 sitting idle in their savings account, or pay a fine.

From this month, customers in metro and urban branches must maintain a monthly average balance of Rs 50,000, semi-urban customers Rs 25,000, and rural account holders Rs 10,000. Fall short, and the bank will charge you Rs 5 for every Rs 1,000 of the shortfall, or Rs 150 a month.

The move raised eyebrows across social media with many users calling it “loot and crime in the name of public service”. 

ICICI बैंक में अकाउंट है तो मिनिमम 50 हज़ार हमेशा रखने होंगे ।

देश में अधिकतर ऐसे लोग हैं को पूरी जीवन कभी खाते में एकसाथ 50 हज़ार नहीं जुटा पाते ।

-क्या ख़ुद को सिर्फ़ बड़े लोगों का बैंक बनाएगी?
ये लूट और क्राइम है पब्लिक सर्विस के नाम पर । pic.twitter.com/KQXYhI4LXz

— Narendra Nath Mishra (@iamnarendranath) August 9, 2025

Several users pointed out that for many Indians, Rs 50,000 is more than they will ever see in one place. Others accused the bank of turning itself into “a private club for the rich.”

Public banks moving the other way

The outrage is sharper because public sector banks have been moving in the opposite direction. Last month, Punjab National Bank and Canara Bank scrapped penalties for not maintaining minimum balances, offering relief to farmers, daily-wage earners and small shopkeepers.

PNB’s Managing Director Ashok Chandra said the decision was meant to make banking more accessible.

ICICI Bank has not commented on the criticism. 

As calls grow for the RBI to step in and cap such rules, the million-dollar question is: should a basic savings account be a privilege for those who can park tens of thousands, or a safe place for every Indian to keep their hard-earned money?