A Student’s saving account is helpful in aiding students to save money according to their needs and work towards their own financial independence in a step- by- step, effective manner.
This can be achieved through simple steps like opening a Student Savings Account.
Student Savings Accounts can help these youngsters attain financial stability step-by-step-right from obtaining their first-ever debit card to learning important concepts about budgeting–these steps can help the young students take necessary measures towards achieving financial independence in an effective & guided manner.
The most important key to financial success is how aware you are when you spend money. It may not always be easy for one to save their money. Many of us are caught up in living beyond our budget as opposed to what we can afford. It is vital that students learn financial literacy so that they can have a financially happy life and not being burdened with debts.
One way to inculcate good financial habits among students is to open a students saving bank account.
A students saving account is helpful in aiding students to save money and carry out transactions in an effective manner:
Here are some of the benefits of student savings account:
Tax benefits: The interest you earn on your deposit in a student bank account is not taxable in India unlike interest earned on a normal savings account
Wide access: Student account holders get an international debit cum ATM card meant to provide convenient access in most of the countries. Money could be withdrawn in nearly all major currencies. However, there is a hefty charge for every withdrawal you make.
Easy Movement of Funds: A student saving account being an NRE account is fully repatriable. Repatriability of funds means that it is capable of being withdrawn from an account in a foreign country and then deposited in any other country in a totally different currency. In simple words, a student could withdraw money from his account and deposit it into an account in any other country.
Listed below are banks in India that provide the finest facilities for the best student saving plan for students, along with the best interest rates:
1. Kotak Mahindra Bank
Kotak Mahindra Bank is one of the best banks to open a savings account for students. It is extremely important for students to have a savings account as it will aid them during the course of the education. Kotak 811 zero balance savings account provided by Kotak Mahindra Bank allows you to open student bank account online, from the confines of their home. You can access the Kotak 811 online savings account with the help of the Kotak Mobile Banking app on Kotak’s website.
Virtual Debit Card for the ease of online transactions
‘Scan and Pay’ facility for entertainment, grocery shopping and payment of bills and much more!
2. ICICI Bank
ICICI Bank@Campus is a students savings account offered by ICICI Bank to students studying at some select institutions. In this account, students can carry out transactions online. The ICICI Bank@Campus savings account is an online savings account which can be accessed with ease from a computer or a mobile phone.
Features of the ICICI Bank@Campus online savings account is as follows:
Easy access to Internet & mobile banking
Free personalized cheque book
Free Ncash Debit card offered by ICICI Bank
Seamless transfer of funds directly from the student’s account to any other account
Free supplementary credit card (given you have the ICICI Bank Credit Card)
Annual statement of the account’s activities
3. Karur Vysya Bank
As a student, you are eligible to open a savings bank account in Karur Vysya Bank (KVB). You can avail of this service by getting in contact with an existing account holder of KVBbank, or can enquire about opening a savings bank account in KVB bank with the concerned head of your educational institution.
Features of opening a savings bank account with KVB are:
No charge for using KVB ATMs all across the country, along with 5 free transactions of other bank ATMs.
Best facility for recharging your mobile number at any KVB ATM
Provisions for periodic e-statements of your account activities
Students can receive additional credits through a proper standing instruction issued by the parents to the KVB bank.
4. Axis Bank
Axis Bank has provided the Axis Bank YOUth Savings Account to meet the energetic, educational requirements of the youth today. The Axis Bank YOUth Savings Account functions as a student account for the youth, which encourages them to save money.
The Benefits of a student savings account with Axis Bank is as below:
Earn upto 3.5% interest on daily balances
Easy access to funds
A Customizable Debit card laden with deals
eDGE Loyalty rewards
Card Design is customizable
5. Digibank by DBS
Digibank by DBS allows a student to open a digiSavings account anywhere, at any time with Internet and mobile phone or computer. It is a digital student savings account which can be created in a matter of seconds
Features of an online student account like digiSavings account are:
Gain access to a ‘Visa Tap to Pay’ enabled digibank debit cards which will let you make easy and quick transactions, saves time and is convenient.
Earn upto 7% interest on savings
Receive a cashback of upto 10% on shopping from online merchants.
6. Standard Chartered Bank
Standard Chartered Bank has provided the Aasan zero balance account which is a technology driven digital account and thus very accessible, especially amongst the youth.
Benefits of the Aasan zero balance account are:
It is a zero balance account, which means that no minimum balance is required.
Free ATM withdrawals with a debit card provided by the bank
Free multicity chequebooks
Unlimited access to any Standard Chartered Bank branch, with no additional charges required.
7. State Bank of India
State Bank of India (SBI) has provided Pehla Kadam and Pehli Udaan, two savings account for minors that credits and encourages the importance of saving money.
Features of Pehla Kdam and Pehli Udaan are:
Free Internet Banking
Free Mobile Banking
Availability of Chequebook facility
Photo ATM- cum- Debit card
8. Federal Bank
Federal Bank offers Yuvamitra, a student savings account, well- equipped to meet the needs to students. Yuvamitra is a student account that is specially endowed to meet the futuristic requirements of students.
Features of a student savings account like Yuvamitra include:
No minimum balance required.
Facilities for Internet Banking, Mobile Banking and Mobile Alerts
20 cheque leaves annually
Daily cash withdrawals up to Rs. 50,000
Daily POS transactions up to Rs. 50,000
9. Indus Young Saver Account
Indus Young Saver Account is the student savings account from IndusInd Bank. Through this savings account, parents can teach their kids to manage money and form savings habit.
This student savings account can be opened in the minor’s name or as an ‘under guardian’ account where the parents take care of the savings account.
A personalised debit card is also available with this student savings account.
