ICICI Bank — MAB (Minimum Balance Charges)

Address: Villa # 233 Mapletown, Bandlaguda Jagir, PIN - 500086

ICICI Bank started deducting from NRO and NRE accounts approximately Rs 598.

The total amount deducted from NRE account :Rs 23, 633.34 from 2012 to Nov 2021.

The total amount deducted from NRO account is Rs 23, 872.02 from 2012 to Nov 2021.

DP charges were deducted from both the accounts NRE A/c Rs 1011.24, NRO A/C 1516.84.

MAB Charges
When we enquired why the MAB charges applied - To our surprise, ICICI Bank stated that NRIs have to maintain 5 lakhs as a minimum montly balance. It is so rediculous. I took a flight and a provided a complete details, month wise, year wise and my NRO and NRE account wise with all the details. i had to do this as ICICI Bank failed to do a propery calcualtion. I have all the mails from the branch manager.

DP Charges
We did not even open Dmat account because of password issues, the DP charges were levied. We dont understand on what basis it was done.

Decided to take a legal action.