Saving money is a necessary, important idea amongst students. It is important for students to be financially independent early on to prevent facing debts in the future. This is why savings accounts are major boons. Savings accounts provide a space for students to keep their money secure, along with embracing the opportunity to earn returns, with little to no risks involved.
Karur Vysya Bank (KVB) is one of the best bank to open savings account for students in as it encourages students to plan their future in an easy, effective way. To open and maintain an account in KVB is extremely simple and easy to follow. All that a student needs to do is get in contact with the concerned authority at their respective college, who will introduce them to the bank or get in contact with an existing account holder at KVB.
Features of having a student account with Karur Vysya Bank is as follows:
An important feature of the student savings account provided by KVB is that it is a student bank account with zero balance, which means that there is no need to maintain a minimum balance in the account. Thus, you do not need to worry about paying charges for having a low balance in your account. This feature holds much more value students who now need not worry about a low balance in their student bank account. It helps them save money to meet their needs rather than using it to pay penalties for a low balance in their student account. After all, why should you be penalized for something that belongs to you?
There exists a different eligibility criterion for students above 12 years of age and students below 12 years of age. This facility helps parents secure money for their children’s future right from an early age. A student savings account can be created for students below the age of 12 years, by the respective parents. The student account can be opened jointly in the name of the student along with the name of the concerned parent. It is important to note that the account can be run solely by the parent at this time. When the student turns 12, he/ she can operate the account in their own name.
If the student is above 12 years of age, the concerned adult can open a student bank account in the name of the student itself. The concerned guardian or parent can choose to add his/ her name as a joint E or S holder of the account. A student is not eligible to avail to the student savings account by Karur Vysya Bank is he/ she is above 29 years of age.
If you have a student savings account with KVB, you can avail to using KVB ATMs according to your needs, with no charge. Along with this, you are also permitted 5 free transactions in ATMs that are under VISA and NFS cluster. As an account holder, you will receive thorough notifications about the number of debit transactions, inclusive of ATM transactions in the student account. Here, you are limited to only 90 transactions for each half of the year, for all account that are all together mapped to a single customer ID. There are repercussions if you exceed the number of transactions where you will be charged Rs. 2.25/- inclusive of GST, for each transaction after the 90th transaction.
Students who avail of Karur Vysya Bank’s student bank account with zero balance can access the chequebook and VISA debit card facility that is provided with certain limitations. It is vital to keep in mind that even if the concerned guardian/ parent and student operates the savings account when the student is below 12 years of age and above 12 years of age, respectively, the student can only gain access to a chequebook if he/ she is above 18 years of age.
Furthermore, a student can be issued a VISA Debit card under certain conditions. If the student is under the age of 12, the card will be issued under the name of the concerned parent/ guardian. If the account holder is above the age of 12, the card will be issued in his/ her name. There is no charge levied on the account holder when issuing a card. Importantly, at the end of the first year AMC charges of Rs. 75/- are levied on the account holder.
It is difficult for many students to commit to saving. But, a major bonus of depositing your money in a student savings account is that you can earn returns for it. By having a student bank account in KVB, account holders can earn up to 4% interest on their student savings account deposits.
If you have a student account in Karur Vysya Bank, cash can be remitted at base branches. Cash up to a limit of Rs. 10,000/- per month can be remitted at non- base branches. Charges are levied from time to time for remittances exceeding the maximum limit.
As an account holder, you are eligible to receive periodic e- statements of your student account according to when you require it. You are also eligible to receive creditts by a standing instruction given by your concerned guardian/ parent to the bank.
As a student, you are offered the opportunity of opening one’s own savings bank account with the Karur Vysya Bank (KVB) towards establishing your plan for a better future. The account opening & maintaining process offered by the KVB is simple & easy to follow. All that you would need to do is to enquire the existing account holder of the KVB or the particular head of the educational institution in which you study for introducing you to the respective bank.
Once you have opened a savings bank account for students in the Karur Vysya Bank (KVB), here are some of the specialized features that you can expect:
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