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ICICI Bank raises minimum average balance for new savings accounts to Rs 50,000 in metro cities

ICICI Bank has raised its monthly minimum average balance requirement for new customers to Rs50,000 in metro cities and revised limits in semi-urban and rural areas from August 1.

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ICICI Bank minimum balance update

India’s second-largest private lender ICICI Bank has revised its monthly minimum average balance (MAB) requirement for new savings account holders, with significant hikes in metro and urban areas. The updated rule came into effect from August 1, according to the bank’s official website.

Metro and urban customers to maintain higher balance

Under the revised structure, customers in metro and urban locations opening savings accounts on or after August 1 will need to maintain a monthly average balance of Rs 50,000 to avoid penalties. For older customers in these locations, the MAB requirement remains unchanged at Rs 10,000.

In semi-urban areas, new account holders must maintain an MAB of Rs 25,000, while rural customers need Rs 10,000. Existing customers in semi-urban and rural locations will continue with the earlier limits of Rs 5,000 per month.

Penalties and transaction limits

Those failing to maintain the required balance will face a penalty of 6% of the shortfall or Rs 500, whichever is lower. The bank also allows only three free cash deposits into savings accounts each month, after which a fee of Rs 150 per transaction will apply. The total free deposit limit is capped at Rs 1 lakh per month.

Similarly, the number of free cash withdrawals per month remains at three. Third-party cash deposits are restricted to Rs 25,000 per transaction for all savings accounts.

Interest rate cut in april 2025

In April this year, ICICI Bank reduced its savings account interest rate by 0.25%, with deposits up to Rs 50 lakh now earning 2.75% annual interest.

Industry comparison

The hike in MAB by ICICI Bank comes at a time when several banks have reduced penalties and eased requirements. Notably, the State Bank of India (SBI) had removed the minimum balance rule entirely in 2020. Most other banks in the country keep their MAB thresholds between Rs 2,000 and Rs 10,000.

India News

ED arrests AAP Goa co-incharge Deepak Singla, Atishi alleges political targeting

AAP leader Deepak Singla was arrested by the Enforcement Directorate following searches linked to an alleged bank fraud case, triggering sharp political reactions from the party leadership.

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The Enforcement Directorate (ED) on Monday arrested Aam Aadmi Party leader Deepak Singla after carrying out searches at multiple locations in Delhi and Goa in connection with an alleged bank fraud-linked money laundering case.

Singla, who serves as the AAP’s Goa co-incharge, was questioned for several hours before being taken into custody by the agency. Officials said the searches were conducted by the ED’s Delhi Zonal Office-2.

The development comes months before the Goa Assembly elections scheduled next year and has triggered a strong reaction from the AAP leadership.

AAP national convenor Arvind Kejriwal claimed that Singla was being targeted for political reasons and alleged that he was arrested because he refused to join the BJP.

Reacting to the ED action, Atishi accused the BJP of using central agencies against opposition parties in poll-bound states. She alleged that the raids were aimed at intimidating party workers and accessing the party’s organisational data in Goa.

Senior AAP leader Manish Sisodia also criticised the Centre and alleged misuse of institutions such as the ED and CBI against opposition leaders.

According to reports, this is not the first time Deepak Singla has faced scrutiny from the ED. In 2024, the agency had also conducted searches at his residence in connection with the same alleged money laundering investigation.

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India News

10 killed in head-on collision between van and truck on sisaiya–lakhimpur highway

At least 10 people were killed after a van and truck collided head-on on the Sisaiya–Lakhimpur highway in Uttar Pradesh.

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At least 10 people were killed after a van and a truck collided head-on on the Sisaiya–Lakhimpur National Highway in Uttar Pradesh’s Lakhimpur Kheri district.

The impact of the collision was severe, leading to multiple fatalities on the spot, according to initial reports from the accident site.

Following the crash, local authorities and emergency teams reached the location and initiated rescue operations. The injured were shifted for medical treatment, while efforts were made to clear the damaged vehicles from the highway.

Police have taken cognizance of the incident and further investigation into the cause of the collision is underway.

This incident adds to the growing number of serious road accidents reported on highways in Uttar Pradesh, raising concerns over traffic safety and enforcement in high-speed zones.

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Cricket news

IPL 2026 playoff race heats up as Sunrisers Hyderabad lead qualification odds at 75%

Sunrisers Hyderabad lead the IPL 2026 playoff race with the highest qualification probability, while Chennai Super Kings, Rajasthan Royals and Punjab Kings remain locked in a close contest for the final spot.

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SRH

The IPL 2026 playoff race has intensified further, with the latest qualification projections showing a clear edge for Sunrisers Hyderabad, while the battle for the final knockout spot remains wide open among multiple contenders.

According to updated playoff probability estimates following recent matches, Sunrisers Hyderabad hold the strongest position among all teams still in contention, with a 75% chance of qualifying for the top four. Their consistent performances have kept them comfortably ahead in the mid-table scramble.

At the same time, the race behind them has become increasingly tight, with several teams separated only by small percentage margins and net run rate factors beginning to play a decisive role.

CSK, RR and PBKS in close fight for fourth spot

The most competitive battle is currently for the fourth playoff position, where three major franchises remain in contention.

Chennai Super Kings are placed at around 35.5% qualification probability, keeping their campaign alive but under pressure after inconsistent results in recent matches.

Close behind them are Rajasthan Royals, who continue to hover in a similar range with nearly identical chances, making every remaining fixture crucial for their campaign.

Meanwhile, Punjab Kings have seen their prospects weaken further, slipping to around 31% despite still being in the playoff mix. Their position in the points table remains vulnerable as they struggle to build momentum in the final stretch of the league stage.

Other contenders and overall standings

Elsewhere, teams like Gujarat Titans continue to maintain a strong hold on qualification scenarios with a high probability of finishing in the top four, despite occasional setbacks.

Royal Challengers Bengaluru have already secured qualification status, strengthening their position at the top end of the table.

The mid-table remains highly competitive, while Delhi Capitals and Kolkata Knight Riders continue to fight mathematically but face tougher paths due to lower probabilities and net run rate challenges.

What the numbers mean going forward

With only a few league matches remaining, the playoff cutoff is expected to settle around the 16-point mark, making every remaining fixture critical. Net run rate is also likely to become a key deciding factor if multiple teams finish on similar points.

Sunrisers Hyderabad remain in the strongest position, while the battle between Chennai Super Kings, Rajasthan Royals and Punjab Kings is expected to go down to the final set of league matches.

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