FAQs - Monthly Average Balance (MAB)
Where can I check my MAB requirement for the account?
You can check the required minimum Monthly Average Balance (MAB) and your current MAB being maintained by you in your Savings Account through the following options:
- Internet Banking: Logged in section – My View > My Relationships > Accounts > Monthly Average Balance details.
- Mobile Banking: Accounts & Deposits > Savings Account No. > More Options > Monthly Average Balance Details > Click on Submit
- Call our Customer Care to know your MAB details.
What if I am maintaining Fixed Deposit (FD) as per product requirement and no balance in the Savings Account, will I still get charged?
You will not get charged if have been maintaining the amount of the FD as per product requirement in lieu of the minimum Monthly Average Balance (MAB).
Is there a change in requirement of minimum Monthly Average Balance (“MAB”) or calculation of MAB criteria for my account?
There is no change in the MAB requirement or the calculation criteria of MAB for your account.
I opened the account for cash transactions only. I don’t want to pay charges.
You can upgrade your existing account to a Regular Savings Account with ICICI Bank wherein you will be required to maintain the minimum Monthly Average Balance (MAB) in the upgraded account. You can avail of the free transactions as per the terms and conditions applicable to your product variant. In case you do not maintain the required MAB, your account shall become subject to cash transaction charges.
what are the changes proposed to my account
With a view to promote digital transactions, ICICI Bank Limited (“ICICI Bank”) encourages customers to withdraw cash by using their Debit Card at any Banks ATM and transfer funds through NEFT/RTGS/UPI using Mobile Banking or Internet Banking at zero charges. To promote the same, ICICI Bank will be incorporating the below clause in the terms and conditions with effect from Oct 16, 2019:
In addition to the charges applicable to your Savings Account in accordance with the tariff guide/schedule of charges/terms and conditions applicable to your account, all cash transactions at ICICI Bank branches (both deposit and withdrawal) or cash deposits done at ICICI Bank’s cash recycler machines will be charged at Rs 100 (per transaction) for the first two transactions and Rs 125 (per transaction) for any subsequent transaction in case of non-maintenance of applicable minimum Monthly Average Balance (“MAB”) required to be maintained in your Savings Account.
How can I convert my account to Basic Savings and Bank Deposits Account (BSBDA)?
Please visit the nearest ICICI Bank branch. You will have to fill up the BSBDA conversion form and provide the modification request.
In case you require any further information, please call our Customer Care or visit the nearest ICICI Bank branch.
Are ATM transactions included in Branch Cash Transactions?
ATM transactions are excluded from these changes. You can continue to avail of free transactions at ATMs depending on the terms and conditions applicable to your product variant.
I have opened an Asset Linked Savings Account (ALSA) or Easy Receive Account or Woman Account, etc., I was told that I did not have to maintain any MAB in my account. Will I get charged now?
As per the terms and conditions applicable to your Savings Account, if you do not fulfil the criteria, your Savings Account shall become subject to minimum Monthly Average Balance (MAB) requirement. If you have been fulfilling the criteria or maintaining the required MAB, no charges will be levied.
You may call our Customer Care or visit the nearest branch to know about any details pertaining to your account variant.
What are the options provided to me if I do not agree to these proposed changes?
In case you do not agree with the changes to the terms and conditions, you have the option to convert your Savings Account to a Basic Savings and Bank Deposits Account (BSBDA) or close your account with us.
In case you already have a BSBDA Account with other Bank you cannot open another BSBDA Account. Further, in case you wish to open a BSBDA Account, you cannot maintain any other Savings Account with us.
I opened a Gold or Titanium or Magnum Account and was told that I could avail of free cash transaction facilities across India. Will I get charged now?
As per the terms and conditions applicable to the product variant opted by you, all cash transactions are free. This feature is available as long as you are maintaining the required minimum Monthly Average Balance (“MAB”) as per the terms and conditions applicable to the Savings Account product variant opted by you.
Who will these changes be applicable to:
All customers who do not fulfil the criteria of the terms and conditions as applicable to their account are subject to minimum Monthly Average Balance (MAB) requirement. Any customer who is not maintaining the required MAB, charges will be levied.