The Hindu Business Line : ‘ICICI Bank circular discriminatory’

A circular from ICICI Bank to its customers, informing the need to maintain a minimum quarterly average balance of Rs 10,000 in the savings account, effective from July 1, is felt to be discriminatory by the small retail investors in the city. The circular issued on April 7 informed the customers of the increase effected in the minimum quarterly average balance in the savings account from Rs 5,000 to Rs 10,000 and the need to maintain the same from July 1 onwards. Retail i nvestors registered with ICICI Direct.Com, who earlier were allowed to open 3-in-1 account for trading, banking and demat purposes, requiring a minimum balance of Rs 5,000 in their savings account, say the account, for them, has been mainly for trading and the proposed move is discriminatory. When contacted, Mr G. Balakrishnan, President, Madurai Investors Association, said that representations against the stipulation by the retail investors registered with ICICI Direct.Com have been received and forwarded to the bank with a request for a reconsideration of the move to be effected. Investors have represented to the RBI too, he added.

— Our Correspondent

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