Top Banks For Students In India

Best Banks for Students (Go-to section)

• HDFC Bank Student Savings Account
• ICICI Bank Student Savings Account
• SBI Student Plus Advantage Account
• AU Student Account
• DCB Commercial Bank Student Account

Comparison of Best Student Bank Account in India (Comparison table)

Types of Bank Accounts	Company – Logo	FORBES ADVISOR RATING	Forbes Advisor Rating	Interest Rates	Transactions from home ATMs	Transactions from other ATMs	Learn More CTA text	Learn more CTA below text	LEARN MORE
HDFC Bank Student Savings Account		3.6		3% to 3.5%	5	3	View More
ICICI Bank Student Savings Account		3.8		3.5% t0 4%	Unlimited	Unlimited	View More
SBI Student Plus Advantage Account		3.8		3.5% to 4%	Unlimited	5	View More
AU Student Account		3.9		3.5% to 5%	5 (including both)	5 (including both)	View More
DCB Commercial Bank Student Account		3.7		4% to 5%	5 (including both)	5 (including both)	View More

Features of Student Bank Account

A student bank account typically offers a range of features designed to cater to the specific needs of students. These features may include:

Zero or Low Minimum Balance Requirement: Student bank accounts often have a lower or no minimum balance requirement, making it easier for students to maintain their accounts without incurring fees.

Debit Card: Most student accounts come with a debit card, providing easy access to funds and enabling online and in-store purchases.

Online and Mobile Banking: Access to online and mobile banking platforms for convenient and quick account management, including balance checks, fund transfers, and bill payments.

ATM Access: Access to ATMs for cash withdrawals, often with reduced or no fees at the bank’s ATMs.

Interest on Deposits: Some student accounts offer nominal interest rates on deposits, helping students grow their savings.

Overdraft Facility: A limited overdraft facility may be available, offering a buffer for students in case they temporarily go into a negative balance. However, this should be used judiciously as it can incur interest charges.

Customized Limits: Some accounts allow students to customize withdrawal and purchase limits on their debit cards.

Educational Loans: Specialized accounts may offer preferential terms for educational loans, making it easier for students to finance their education.

Discounts and Offers: Student accounts may come with discounts or special offers on various services, such as textbooks, transportation, or entertainment.

Safety Features: Enhanced security features to protect against fraud and unauthorized transactions.

Text and Email Alerts: Notifications for low balances, large transactions, or other account activities to help students manage their finances effectively.

Joint Accounts: Students can open joint accounts with parents or guardians for easier fund transfers and financial support.

Scholarship and Rewards Programs: Some banks offer scholarship programs or reward points for academic achievements or using the account regularly.

Foreign Exchange Services: For international students, accounts may include foreign exchange services to facilitate currency exchange and international transactions.

Budgeting Tools: Access to budgeting tools or financial management resources to help students track their expenses and savings goals.

These features aim to provide students with financial flexibility and ease while helping them develop responsible banking habits. Students should carefully compare the offerings from different banks to select an account that best suits their needs.

Benefits of a Student Bank Account

Student bank accounts offer several benefits tailored to the financial needs and circumstances of students. These benefits can help students manage their money effectively and prepare for their future financial responsibilities. Some key benefits of student bank accounts include:

No or Low Fees: Many student accounts come with no or minimal monthly maintenance fees or account opening charges, making them cost-effective for students.

No Minimum Balance: Student accounts typically do not require a minimum account balance, reducing the financial burden on students to maintain a specific amount of money in the account.

Debit Card: Students receive a debit card, providing easy access to funds for everyday expenses, both in-store and online.

ATM Access: Access to ATMs without incurring high fees, especially at the bank’s own ATMs. This makes cash withdrawals and account inquiries convenient.

Online and Mobile Banking: Students can manage their accounts easily through online and mobile banking platforms, enabling them to check balances, transfer funds, and pay bills from anywhere.

Security Features: Student accounts often include enhanced security measures to protect against fraud, such as two-factor authentication and transaction alerts.

Overdraft Facility: Some student accounts offer a limited overdraft facility, providing a financial cushion in emergencies. However, students should use this feature wisely, as it may involve interest charges.

Interest on Savings: While interest rates may be modest, some student accounts offer interest on the money saved in the account, helping students grow their savings over time.

Educational Loans: Certain student accounts provide preferential terms for educational loans, making it more affordable for students to finance their education.

Discounts and Offers: Banks may offer discounts and special deals on various products and services, such as textbooks, transportation, or entertainment, to help students save money.

Joint Accounts: Students can open joint accounts with parents or guardians, facilitating fund transfers and shared financial responsibilities.

Text and Email Alerts: Students receive notifications for low balances, significant transactions, and other account activities to stay informed about their finances.

Financial Literacy Resources: Some banks provide financial education resources, including budgeting tools, workshops, or seminars to help students develop strong financial management skills.

Scholarship Programs: Banks may offer scholarship programs for students who meet specific academic criteria or use their accounts regularly.

Foreign Exchange Services: For international students, student accounts may include foreign exchange services, simplifying currency exchange and international transactions.

Budgeting Tools: Access to budgeting tools and resources to help students monitor their expenses and savings goals effectively.

Eligibility for Opening a Savings Account as a Student

Student bank accounts offer several benefits tailored to the financial needs and circumstances of students. These benefits can help students manage their money effectively and prepare for their future financial responsibilities. Some key benefits of student bank accounts include:

No or Low Fees: Many student accounts come with no or minimal monthly maintenance fees or account opening charges, making them cost-effective for students.

No Minimum Balance: Student accounts typically do not require a minimum account balance, reducing the financial burden on students to maintain a specific amount of money in the account.

Debit Card: Students receive a debit card, providing easy access to funds for everyday expenses, both in-store and online.

ATM Access: Access to ATMs without incurring high fees, especially at the bank’s own ATMs. This makes cash withdrawals and account inquiries convenient.

Online and Mobile Banking: Students can manage their accounts easily through online and mobile banking platforms, enabling them to check balances, transfer funds, and pay bills from anywhere.

Security Features: Student accounts often include enhanced security measures to protect against fraud, such as two-factor authentication and transaction alerts.

Overdraft Facility: Some student accounts offer a limited overdraft facility, providing a financial cushion in emergencies. However, students should use this feature wisely, as it may involve interest charges.

Interest on Savings: While interest rates may be modest, some student accounts offer interest on the money saved in the account, helping students grow their savings over time.

Educational Loans: Certain student accounts provide preferential terms for educational loans, making it more affordable for students to finance their education.

Discounts and Offers: Banks may offer discounts and special deals on various products and services, such as textbooks, transportation, or entertainment, to help students save money.

Joint Accounts: Students can open joint accounts with parents or guardians, facilitating fund transfers and shared financial responsibilities.

Text and Email Alerts: Students receive notifications for low balances, significant transactions, and other account activities to stay informed about their finances.

Financial Literacy Resources: Some banks provide financial education resources, including budgeting tools, workshops, or seminars to help students develop strong financial management skills.

Scholarship Programs: Banks may offer scholarship programs for students who meet specific academic criteria or use their accounts regularly.

Foreign Exchange Services: For international students, student accounts may include foreign exchange services, simplifying currency exchange and international transactions.

Budgeting Tools: Access to budgeting tools and resources to help students monitor their expenses and savings goals effectively.

Process for Opening a Student Bank Account

Opening a student bank account is a straightforward process, and it typically involves the following steps:

Prepare the necessary documents, which usually include:

1. Proof of identity (passport, driver’s license, or other government-issued ID)

2. Proof of address (utility bill, rental agreement, or similar document)

3. Proof of student status (college or university enrollment letter)

4. Social Security Number (or equivalent, if applicable)

Meet with a Bank Representative:
During your visit or appointment, you’ll meet with a bank representative who will guide you through the account opening process. Inform the representative that you want to open a student bank account.

Complete the Application:
You’ll be given an application form to fill out. Provide your personal details, contact information, and the required documents. The bank may also require your parent’s or guardian’s information if you’re under a certain age.

Choose the Right Account:
Discuss the student account options with the bank representative to ensure you select the account that aligns with your needs. They can explain the features, benefits, and fees associated with each account type.

Navigate to the Bank’s Website:
If you do not want to physically go to the bank then you can open an account online. For that, go to the bank’s website and locate the “Open an Account” or “Apply Now” section. Ensure the webpage is secure and legitimate.

Initial Deposit:
Some banks may require an initial deposit to open the account. Ensure you have the required amount ready, whether it’s a specific sum or just a small amount to activate the account.

Debit Card and Checkbook:
If the account includes a debit card or checkbook, specify your preferences, such as whether you want a physical card or e-banking services.

Review the Terms and Conditions:
Carefully read and understand the terms and conditions of the account, including any fees, withdrawal limits, and overdraft policies.

Agreement:
Sign the account agreement and any other necessary documents to confirm your understanding of the account terms and your commitment to follow them.

Receive Account Information:
The bank will provide you with your new account details, including your account number, routing number (if applicable), and any relevant contact information.

Set Up Online and Mobile Banking:
If the bank offers online and mobile banking services, the representative can assist you in setting up these features, which will allow you to manage your account digitally.

Receive Debit Card and Checks:
If your account includes a debit card and/or checkbook, the bank will issue these items, and you’ll receive them either immediately or within a few days.

Make an Initial Deposit:
If you haven’t made an initial deposit during the account opening process, you’ll need to do so to activate the account.

Begin Using Your Account:
Once your account is active, you can start using it for everyday expenses, savings, and other financial needs.

Documents Required to Open a Student Bank Account

To open a student bank account, you typically need to provide certain documents and information to the bank. While the specific requirements may vary from one bank to another, here are the commonly requested documents:

Proof of Identity:

• Passport
• Driver’s License
• State-issued ID card
• Aadhar Card (in India)
• Other government-issued photo ID

Proof of Address:

• Utility bill (e.g., electricity, water, gas)
• Rental agreement or lease agreement
• Bank statement or passbook
• Aadhar Card (if it contains your current address)
• Voter ID

Proof of Student Status:

• College or university enrollment letter
• Student ID card
• Admission confirmation letter
• School leaving certificate
• Social Security Number (SSN) or Equivalent:

In countries like the United States, an SSN is usually required for tax purposes. In other countries, there may be an equivalent identification number.

Date of Birth Proof:

• Birth certificate
• Passport
• School leaving certificate
• Passport-Size Photographs:

Some banks may require recent passport-size photos for your account application.

Parent/Guardian Information:

If you’re under a certain age, banks may require your parent’s or guardian’s information for joint accounts or as a reference.

Initial Deposit:

• Depending on the bank and the type of student account, you may need an initial deposit to open the account. This requirement varies by bank, so check with your chosen bank for the specific amount.

Visa/Residence Permit (for International Students):

• International students may need to provide a valid visa, residence permit, or student visa to open an account.

Additional Documentation (if applicable):

Some banks may have specific requirements or additional documentation based on their policies. It’s a good idea to contact the bank or check their website for any unique requirements.
Please keep in mind that requirements can vary between banks and countries. It’s essential to contact the bank where you wish to open the student account to confirm their specific documentation requirements. Additionally, some banks offer online account opening, which may require you to upload scanned copies of these documents during the application process.

Bottom Line

In conclusion, opening a student bank account is a crucial step in managing your finances while pursuing your education. These accounts come with various benefits tailored to students, such as low or zero fees, convenient online banking options, and sometimes exclusive offers.

To open a student bank account, you’ll need to provide specific documents, including proof of identity, address, student status, and other necessary information.

Remember that the exact requirements may vary by bank and location, so it’s essential to contact your chosen bank and follow their guidelines for a smooth account opening process. Ultimately, a student bank account can help you develop financial responsibility and make managing your finances as a student much more accessible.