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As per the news, it is learnt that ICICI bank will raise the minimum AQB requirement from the existing Rs. 5,000 to Rs. 10,000 per quarter.
The company cites the reasons of increase in infrastructure and maintenance costs. To me, it seems that the reason is because the banks are no longer allowed to charge money from their customers for usage of Debit cards and ATM cards at other bank ATMs. Since they cannot charge money, they are now going the indirect way – increase the AQB part and enjoy with the customers money. Fine heavily the individuals who fail to maintain the AQB.
One of the leading banks in India, a front runner of technology and a pioneer in coming up with innovative products and help for its customers, (like the ICICI map based branch locator) the ICICI Bank is now capitalizing on its huge customer base, which are addicted to using the ATM and internet banking. Ask someone who has become habitual of using ATMs and internet banking and he will not be willing to go for paper based transactions, even if the ATMs and internet banking comes at a cost.
The penalty for non maintenance of AQB at present is 750 Rs plus service tax which stands at another 12.36%, taking the total penalty to 842.7 Rs. That’s the cost of having the privileges of technology savvy bank.
Though the news is that special accounts for salary, senior citizens and no-frills accounts may be allowed to maintain zero balance, but the news is yet to be confirmed.
It will make ICICI one of the costliest banks to maintain a savings bank account, among others. However, other banks like Axis (UTI bank) & HDFC continue to have Rs.5000 as minimum average quarterly balance.
While the PSU banks still have Rs.500 / Rs.1000 for rural/urban areas. That is the reason why I still recommend people to open SBI bank accounts.
| They too have good enough infrastructure and maintaining a good enough online banking services. | Table of Contents |
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