ICICI Bank hikes min balance for savings a/cs from Rs 10k to Rs 50k

ICICI Bank has significantly increased the minimum balance requirement for new savings accounts opened after August 1st, raising it to Rs 50,000 for urban locations. This decision, a five-fold increase, contrasts with the trend of public sector banks waiving such requirements. The move has drawn criticism, with some bankers suggesting it aims to filter out low-value customers.