ICICI Minimum Balance

ICICI Bank on Wednesday said it had doubled the minimum quarterly balance to be maintained in its savings accounts to Rs. 10,000, as the infrastructure costs had increased. The revision has been made after a long gap and according to the bank is due to rise in infrastructure costs. However, this may also be a part of the company’s change in strategic focus as it would have fulfilled its targeted customer base and would have wanted to switch to accounts with higher deposits. And with rise in QAB, the penalty amount is also expected to rise proportionally, considering ICICI penchant for levying charges on non-fulfillment of bank requirements.

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