Are you looking for a good savings account for students? Many banks offer students saving account and it comes with different features. IndusInd student savings account one such student savings account that aims to help parents plan for their child’s future better or help them to inculcate savings habit.
Indus Young Saver Account is the IndusInd Bank’s student saving account. 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.
That’s not it. It is two in one account with the benefit of both savings and investment. It gives you the freedom to transfer as much as you want in a month to a recurring deposit. This helps you to build a higher corpus as the amount in the savings amount can be transferred to the recurring deposit.
• One can open the account with a minimum deposit of Rs.11
• It comes with the benefit of both savings and recurring deposits
• The balance in the savings bank account except Rs.100 is transferred to the recurring deposit on the last day of every month.
• The tenure of the RD is 6 months to 120 months.
• Customers can also obtain personalised Gold Debit Card on the child’s name.
• Cheque book is also available on your child’s name. And it will help your child to handle and save money.
• You can also setup a standing order instructions from your regular savings account to your kid’s Young Saver Account.
While many student savings accounts have no minimum account balance, Indus Young Saver Account has an average monthly balance that needs to be maintained. Non-maintenance of the average balance will attract a penalty.
The minimum average balance is Rs.5,000. However, the minimum balance can be waived off under certain conditions. If a parent’s account is linked to the student savings account or you have a recurring deposit of Rs.2,500 per month, then you don’t have to keep a minimum average balance.
It is easy to apply for IndusInd’s Young Saver. You can either apply online or visit the bank and fill the documents.
To apply for this account, you can fill the required details here. The customer executive will get back to you for the KYC process. You also visit a bank branch and fill the form.
Here are some of the documents that are required to open a student savings account:
• An account opening form duly filled
• One passport size colour photograph
• PAN card or Form 60/61 if PAN card is not available.
• Birth certificate of the minor
• Introduction by the parent/guardian
• Any one document from each of the following groups:
• Passport or driving license or Voter’s ID or Photo Debit/Credit Card for identity Proof
• Passport or driving license or Voter’s ID or utility bill for address proof
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