11 Aug 2025 : India’s second-largest private bank, ICICI, has recently made a major change related to bank accounts, which has now brought it under scrutiny. The bank has increased the minimum balance requirement, sparking criticism. Even Jay Kotak—son of prominent industrialist and banker Uday Kotak, and currently handling Conglomerate Relationships at Kotak Mahindra Bank—has criticized the decision.
Under ICICI Bank’s new rule effective from August 1, new customers opening accounts in metro and urban areas will be required to maintain an average monthly balance of ₹50,000. Failure to do so will attract a penalty. For existing customers, the limit will remain ₹10,000 as before—meaning new account holders will have to keep much larger sums than earlier. This decision has triggered dissatisfaction among customers and experts. On social media, users are accusing the bank of favoring the rich and putting extra burden on the middle class.
What Jay Kotak said
Criticizing ICICI Bank’s new rule, Jay Kotak called it wrong. He said that increasing the minimum balance limit will hit the middle class the hardest, especially those with a monthly income of ₹25,000 or less, as they will have to keep a large portion of their earnings locked in the bank just to avoid penalties.
On social media platform ‘X,’ he wrote that this rule does not reflect the country’s actual income levels. He said, “Every Indian should have equal access to financial services. In India, 90% of people earn less than ₹25,000 per month, so requiring a ₹50,000 minimum balance means around 94% of Indians would have to keep their monthly income stuck in the bank, or face penalties.”
Focus on digital banking
Jay Kotak advocated promoting digital banking and fintech platforms, saying these services are more suitable for low- and middle-income customers, as running physical bank branches is costly for banks. He emphasized that the future belongs to digital banking.
Rising criticism
The new ICICI Bank rule has sparked strong reactions on social media. Users are calling it arbitrary and demanding it be scrapped. Critics argue that such provisions will restrict the bank’s customer base to only the wealthy. Several financial experts have also questioned this move.
Summary: Customers express outrage after ICICI Bank’s alleged ₹50,000 minimum balance rule surfaces, raising concerns over accessibility, financial strain, and fairness for regular account holders.