India, Aug. 9 -- The ICICI Bank, in a major move, significantly increased the minimum balance requirement for savings accounts across all its branches.

The minimum average balance required has been increased from the earlier amount of Rs.10,000 to Rs.50,000 for account holders residing in metro and urban areas, ANI reported.

The minimum average balance requirement for account holders in semi-urban areas now stands at Rs.25,000, up from Rs.5,000. Meanwhile, the minimum balance for rural areas has been increased from Rs.2,500 to Rs.10,000.

Customers who are unable to maintain the minimum average balance required might be subjected to penalty charges, thus adding to the financial constraints of low-income account holders, ANI reported.

T...