ICICI Bank eyes family accounts

To draw all members of a family to bank with it, ICICI Bank, the country’s largest private sector lender, has introduced family banking savings accounts as part of its strategy to acquire low-cost deposits.

In the basic family banking category, customers will have to maintain a minimum quarterly average balance of Rs 50,000 across any of the accounts linked with a single family. The remaining account holders in the family will not be subject to any minimum savings account requirement. The family can consist of 2-6 members. However, any failure to maintain the minimum balance will attract a penalty of up to Rs 1,500.