New Delhi, Aug. 14 -- ICICI Bank changed its minimum balance requirement policy on Thursday, August 13, for savings accounts opened after August 1, following public criticism after a significant increase.

ICICI Bank's official website states that the minimum balance for urban and metro areas has been reduced to Rs.15,000 from Rs.50,000.

In semi-urban regions, the bank now requires a minimum savings account balance of Rs.7,500.

ICICI Bank's minimum monthly average balance (MAB) for rural areas is Rs.2,500, which is lower than the previous requirement for rural customers.

The minimum account balance is the lowest amount that must be kept in a savings account to prevent a penalty. Banks set specific requirements based on the account type...