Middle class under fire? Jay Kotak slams Rs 50,000 bank minimum balance rule, warns of impact on 90% of Indians

Jay Kotak has criticised ICICI Banks sharp hike in the minimum average balance for new savings accounts, warning it forces most middle-class Indians to lock away nearly all their monthly income to avoid penalties. From 1 August 2025, new urban and metro account holders must keep Rs 50,000, up from Rs 10,000. The Reserve Bank of India says such thresholds are a banks decision.