ICICI Bank minimum balance in savings account hiked to Rs.10,000

ICICI Bank minimum balance
Sumedh [CC BY 3.0], via Wikimedia Commons

Found a letter from ICICI Bank waiting for me as I came home today. It was to inform that from 01-Jul-08, they would be revising the minimum quarterly average balance (QAB) from Rs.5,000 to Rs.10,000 for savings accounts.

The letter requests me to “enhance my relationship” with them by maintaining the required QAB of Rs.10,000, saying they’ve increased their number of branches from 750 to 1350 and ATMs from 3335 to 3850, else I could also choose to close the account within 60 days of receipt of the letter without any closure charges. Gosh, how generous of them! :p

So far, only foreign banks expected customers to keep a minimum quarterly balance of Rs.10,000 – Rs.25,000, whereas all other Indian banks in the private sector require a minimum balance of Rs.5,000 (at least for now).

What also amazed me is the section towards the end of the letter, which seeks to inform me about “Special ICICI Bank Savings Account Privileges”

  • Vast network of conveniently located branches and ATMs
  • Extended banking hours 8 am to 8 pm
  • Anywhere Banking
  • 24X7 Electronic Banking on Internet, Mobile and Call centre
  • Help in Financial Planning with a range of investment products like mutual funds, insurance etc

And they believe customers should maintain a QAB of Rs.10,000 for this ?

Sorry, I beg to differ, and an account closure seems the logical course of action for me. What about you ?