Which is the Best Bank for Students to Open an Account?

Last Updated : July 25, 2020, 5:04 p.m.

Students, like others, also have some needs to fulfill, like buying books, laptops, and even accessories. Often they rely on their parent’s money for all these. But given the growing customization, banks are widening their reach by offering savings accounts for students and helping them meet their various needs. But do you know the best bank for students? No! This post will tell you that. Let’s read further.

ICICI Bank Campus

Students can open a Bank@Campus Account in ICICI Bank and avail of services such as Free internet banking. And for any query, they can use the phone banking service for free. With a free ICICI Bank Ncash debit card, you can withdraw funds from your student account for college fees, tuition, living expenses, etc. There are benefits to the parents as well as they can transfer funds from ICICI Bank account to their child’s account free of charge.

Above, you saw free internet banking services as a part of this student bank account. Now, for what purpose can internet banking be used? They can be used for any of the following-

• Enquire account balance
• View bank statement
• Transfer funds
• Pay utility bills such as mobile, electricity and telephone bills
• Request for a cheque book and demand drafts
• Stop cheque payments
• Report lost debit or credit cards
• Open Fixed and Recurring Deposits accounts
• Invest in mutual funds

Bank@Campus savings account is offered to the students from select institutes only at the discretion of ICICI Bank.

How to open the Bank@Campus Account?

You can visit the ICICI bank branch and request for this student bank account by filling an application form.

• Mention details in the form, like your name, current address, permanent address, phone number, date of birth, nationality, residential status, etc.
• College and course particulars mentioning the course duration as well
• Parents or guardian name, address, phone number, nationality, residential status
• Passport size photograph and signature

Before you apply for the Bank@Campus account, make sure your age is between 18 to 27 years and must be a student. For the documentation, you are required to submit a college identification document like ID card, semester result, or mark sheet.

To avail of the ICICI Bank student bank account benefits, students need to maintain a minimum balance of INR 500. Otherwise, INR 100 would be charged per month on account of non-maintenance. All in all, this can be called the best bank for students. But the list includes some more.

PNB Student Savings Account

A savings account for the minor can be opened at Punjab National Bank through his/her parent or legal guardian. Minors above the age of 10 years are allowed to open and operate their savings accounts independently if they provide valid age proof. This best bank for student accounts will be opened on KYC guidelines. You just need to provide the ID and address proof to open the student bank account at PNB. It is a zero balance account, so there will be no maintenance charge. But when the account holder reaches the age of 18 years, the account will be converted to a general savings account.

IndusInd Student Savings Account

Specially designed for children, IndusInd Bank provides the Indus Young Saver savings account. It works as a great tool that teaches your kids to manage money wisely and also builds their saving habits. A customized debit card for your child is provided by IndusInd Bank, which can also be called the best bank for students. Also, a customized cheque book is provided having your kid’s name on it.

Titanium Debit Card: The account holder can apply for a debit card for ATM transactions, bill payments, etc. You can get 1,000 annual reward points on your monthly payments when you use the debit card. INR 50,000 ATM limit is set to your debit card. However, you can’t use the card for transactions above INR 1 lakh at the point of sale (POS). IndusInd Bank provides lost card liability cover of up to INR 1 lakh and purchase protection of INR 50,000.

How to Open a Savings Account?

To open a student bank account, your age should be 12 years or more.

• Visit the bank branch
• Fill up the application form
• Submit the form with ID proof, address details, and passport size photographs.

HDFC Bank’s DigiSave Youth Account

Can HDFC be called the best bank for students? Maybe, YES! Resident Indian individuals solely or jointly can open a savings account. You should be 18 to 25 years old to open a student bank account at HDFC Bank. To open a DigiSave Youth Account, a minimum initial deposit of INR 5,000 is required for residents of Metro or Urban cities, and INR 2,500 for Semi-urban or rural applicants. You need to maintain a minimum average monthly balance of INR 5,000 or 2,500 as per your respective HDFC branch. Otherwise, the following non-maintenance charges will be levied on your savings account.

• Metro & Urban INR 150 to 300 per month
• Semi-urban & Rural up to INR 150 per month

Benefits of HDFC Bank DigiSave Youth Account

• Exclusive discounts and offers on HDFC online shopping portal SmartBuy
• Amazing offers every month on Mobile Recharges, Travel, Movies, Shopping via PayZapp
• Special activation offer on the first transaction of INR 250 or more on PayZapp
• INR 250 off on movies if you maintain the account balance
• 5% cashback up to INR 100 every month if you use standing instruction for your bill payments.
• Free Millennia debit card with domestic shopping limit of INR 3.5 lakh and ATM limit of INR 50,000 per day
• Special Offers on education loan & Forex Cards for students

Axis Bank Youth Savings Account

Axis Bank is also the best bank for students by helping them manage their funds without any hassle. You get multiple deals and discounts with this Axis Bank savings account. The bank will offer you a debit card that comes with an ATM limit of INR 40,000 per day and a shopping limit of INR 1 lakh. You will also get lost card liability and purchase protection cover worth up to INR 50,000. Also, you can use the interest banking and phone banking facility to transfer funds and manage the savings account.

Karur Vysya Bank Student Saving Account

Students now have an opportunity to open a savings account with Karur Vysya Bank, which also fights to gain the label of best bank for students. The account opening process is simple, you just need to provide the KYC proof and address details. Either the account can be opened solely or jointly with the parent.

• For students aged 12 years or above, the account can be managed by the student itself.
• For students aged below 12, the account will be maintained by the parent.

Free debit card, internet banking, KVB Dlite Mobile banking facilities and much more is offered to the account holder. The number of transactions you make using your KVB debit card, including the ATM transactions in the account, will be limited to 90 transactions for each quarter. Otherwise, a service charge of INR 2.25 + GST will be levied for each transaction over the transaction limit. Individuals with a maximum age of up to 29 years can open the Karur Vysya Bank student savings account.