What is the interest rate on a student savings account?

Interest rates on savings bank accounts in India can vary greatly, ranging from roughly 2.5% to 7.5% or greater, depending on the bank, account balance, and other factors. These rates can fluctuate and be influenced by a variety of factors, including market circumstances and each bank's policies. As a result, it's a good idea to check with your bank or visit their website for the most up-to-date information on interest rates for savings accounts.

How much money can I keep in my student bank account?

The total amount of money you can maintain in your student bank account is mostly determined by the bank's policies and the type of student account you hold. Student bank accounts normally have no upper restriction on the amount of money that can be kept in them, although they frequently have lower monthly transaction limits, which vary by bank. These accounts are intended to meet students' financial needs, and while they may not limit the total amount, they may limit the number of transactions you may make in a given period. Check with your bank to learn the exact terms and conditions of your student account, including transaction limitations and account balances.

Is SBI good for students?

SBI student accounts are obviously advantageous to students. Students will be able to manage their requirements and costs more effectively because the bank provides zero-balance accounts.

Is there a transaction limit on a student's bank account?

Yes, a student's bank account often has a transaction limit, but the particular limits vary depending on the bank and account type. These transaction limits often limit the number of free withdrawals, transfers, or other transactions you can perform each month. If you exceed these limits, you may face additional penalties or fees for each subsequent transaction. To understand the transaction restrictions and any associated fees on your student bank account, you should study your bank's terms and conditions or speak with a representative. These restrictions are in place to encourage responsible banking and help you manage your account more effectively.

How much money can be deposited in a savings account by students?

Students can normally deposit any amount of money they want into their savings accounts, as there is no set restriction on the sum. Some banks, however, may require a minimum amount or limit the number of free transactions, especially for student savings accounts. It is critical to review the terms and conditions of your specific savings account to ensure you are aware of any balance restrictions or transaction limits that may apply to your account type. In most situations, students can save as much money as they like in their savings accounts, making it an adaptable and handy method to manage their finances.

Best Banks for Students in India | Zero Balance Savings Account

The best banks for students in India are ICICI, HDFC, PNB as their services towards financial independence to student community is high compared to other banks. The students can check the zero balance accounts of these respective banks and other benefits.

Table of Contents

Best Banks for Students in India
Advantages of Zero Balance Savings Account for Students

Best Banks for Students in India: The list includes ICICI Campus account, Induslnd Student Saving account, and HDFC DigiSave Youth account, and HDF. When it comes to handling funds as a student in India, selecting the correct bank can make a big difference.

The top banks for students provide a variety of personalised services, including student-friendly accounts, low interest rates, accessible mobile banking apps, and special benefits that address students' specific financial needs.

Whether you're an undergraduate or pursuing higher education, finding a bank that provides the proper mix of features and services will help you manage your money while you concentrate on your studies.

Best Banks for Students in India

In India, there are several banks that offer great deals for students. However, deciding which bank to go for can sometimes get confusing. The banks compete neck to neck to establish themselves as the go-to brand in people's minds. However, as a student, there is not much that we need from our bank.

Banks are widening their reach and offering savings accounts or zero balance accounts for ease. When thinking of India's best banks, the inclination is towards the private sector rather than the public sector due to better customer satisfaction and the deals they provide. Almost every bank offers various deals that would be attractive to a student.

Let's first narrow down on the best bank for students in India, after which we will look at which features suit us the best.

ICICI Bank Campus Account
ICICI Bank Campus Power Account
PNB Student Savings Account
HDFC Zero Balance Account
HDFC DigiSave Youth Account
SBI Zero Balance Savings Account

1. ICICI Bank Campus Account

ICICI Bank is qualified as one of the best banks for students in India. It also provides additional perks as free internet banking; however, it is available only for selected institutes at the bank's discretion.

Some of the features of the ICICI Bank Campus Account are,

Particulars	Details
Eligibility to apply	Studying a pre-approved course and be 18-27 years old
Transaction allowances	In metro cities, the first three transactions from an ATM are free.
Transaction allowances	For non-metro cities, the first five are free.
Minimum balance	INR 500
Fine for not maintaining Minimum balance	INR 100 per month
Documents to open ICICI Campus Account	Proof of identity - Passport, Driving license, Voter’s ID card, etc.
	Proof of address - Passport, Driving license, Voter’s ID card, etc.
	PAN card
	Form 16 (only if PAN card is not available)
	2 latest passport size photographs

Steps to Open ICICI Bank Campus Account

The students can follow the steps mentioned below to open their ICICI Campus Account.

Step 1: The applicant will have to fill in the application form - either at the bank branch or online.

Step 2: If the process is done online, visit the ICICI Bank homepage and click on “New customer”.

Step 3: Next, choose the savings account one wishes to open.

Step 4: The required above mentioned documents must be submitted while filing the application form.

Step 5: Fill and submit the form and the KYC documents at the ICICI Bank branch of choice.

Step 6: The bank will then verify the documents and ensure the details on KYC documents and the application form to match.

Step 7: Once the verification process is over, the account holder will now have to make an initial deposit.

Step 8: The executive will hand you a debit card and the relevant bank documents with regard to the savings account.

Also Read: ICICI Bank Education Loan

2. ICICI Bank Campus Power Account

The ICICI Campus Power assists account holders to explore financial products using their bank accounts such as the overseas accounts, education loan and its tax benefit, foreign exchange solutions, payment solutions, cards, other loans and investments.

Particulars	Details
Eligibility to apply	18 to 30 years old
Minimum balance	INR 5,000/- at account level or INR 5,000 at Customer ID level.
Documents to open ICICI Campus Power Account	Aadhar and PAN verification
	Passport verification
	Admission letter of the premium institution or foreign institution
Benefits of the ICICI Campus Power Account	Titanium Debit Card with high transaction and withdrawal limit
	Complimentary Air Accident Insurance Death coverage of Rs 50,000
	iWish RD – Goal based saving with no penalties
	iDirect Account – M52 Prime & Neo plan as per your need
	iSmart Education Loans

Note:

The ICICI Campus Power account opening is similar to that of opening a campus account, but the benefits reaped by students who are pursing their higher education with premium institutions or any foreign institutions are humongous.
The major doument submission difference it that the student's are supposed to submit their admission letter from prestigious or foreign institutions while opening the campus power account.

Also Read: ICICI GIC: Application Process, Account Activation, Refund Process and GIC Programs

3. PNB Student Savings Account

PNB student savings account aims to benefit the students studying at various recognized institutions. Some of the features of the PNB Student Savings Account are,

Particulars	Details
Eligibility to apply	10 years to 18 years old
Minimum balance	Nil
Documents to open PNB Student Savings Account	Proof of identity - Student ID, Ration card, Aadhar card etc

	2 latest passport size photographs

Steps to Open Punjab National Bank Savings Account

The students can check the steps to open a Punjab National Bank Savings Account both online and offline from the separate steps mentioned below.

How to open Punjab National Bank Savings Account

The steps given below are for the students to open a zero balance PNB savings account in offline mode.

Step 1: Visit the closest PNB with the required documents for the account opening process.

Step 2: Fill up the application form and tell the executive that you wish to open a new savings account.

Step 3: Ensure that the details mentioned in the application form and what is mentioned on your KYC documents match.

Step 4: Submit the application form at the counter.

Step 5: The bank will then verify the documents and if approved the savings account will be opened within 3-5 bank working days.

Steps to open a Punjab National Bank Savings Account Online

The steps given below are for the students to open a zero balance PNB savings account in online mode.

Step 1: Visit the PNB website: https://www.pnbnet.org.in/OOSA/

Step 2: Click to open the Online Savings Account without E-Sign facility.

Step 3: Fill in the online application form PNB Saving Account.

Step 4: Please enter the Security Key and click on the "Submit" button.

Step 5: On submission of the application form, a TCRN (Temporary Customer Reference Number) will be generated.

Step 6: The number will be sent to the applicant’s mobile number and email ID.

Step 7: On receiving the TCRN, the customer will then have to submit the number, application form and requisite KYC documents for verification.

Step 8: Following approval, the bank will activate the account within 3-5 working days.

Also Read: Top 25 Bank Interview Questions and Answers

4. HDFC Zero Balance Account

HDFC might be one of the best banks for students in India as it provides zero-balance savings accounts with a RuPay debit card or an international debit card. Key features of the HDFC Zero Balance Account include,

Particulars	Details
Eligibility to apply	18 years old
Minimum balance	Nil
Documents to open HDFC Zero Balance Account	Aadhar card and PAN card
	3 passport-size photographs
	Proof of address - Ration card, Aadhar card, Parent's aadhar card etc
2 latest passport size photographs
Fine for not maintaining minimum balance	INR 150 to INR 300 for metro cities.
Fine for not maintaining minimum balance	up to INR 150 for semi-urban and rural places.

Steps to open HDFC savings account online

The steps given below are for the students to open a zero balance HDFC savings account in online mode.

Step 1: Visit the official website of HDFC bank.

Step 2: Choose the 'Accounts’ -> 'Select Product Type’ section -> 'Saving account'.

Step 3: Click on 'Apply online' once done.

Step 4: Select if you are an existing customer or a new customer and after that, authenticate yourself by filling the required details.

Step 5: Verify all the details with the same with documents like PAN, Aadhaar card, or any other document required by the bank.

Step 6: After the successful verification process of your KYC documents, a welcome kit containing a debit cum ATM card, PIN, and chequebook will be provided to the account holder.

Steps to open HDFC savings account offline

The steps given below are for the students to open a zero balance HDFC savings account in offline mode.

Step 1: Visit the nearest branch of HDFC Bank along with original and copies of KYC documents.

Step 2: Fill the application form by entering all the required details.

Step 3: Attach the photocopy of all the mentioned documents and submit the form.

Step 4: An executive of the bank will verify the details provided by you in the form.

Step 5: After successful approval, your account will be activated.

Also Read: How to Prepare for Bank Exams

6. SBI Zero Balance Savings Accounts

Does SBI save a position for itself among the best banks in India? Yes. SBI, over the years, has established trust and authority in the market. Key features of the SBI Zero Balance Savings Accounts are;

Particulars	Details
Eligibility to apply	Valid KYC form must be filled with necessary documents
Minimum balance	INR 1000
Documents to open PNB Student Savings Account	ID Proof - Aadhar card and PAN card
	3 passport-size photographs

Steps to Open a Savings Account with State Bank of India (SBI)

To open a SBI savings account at any SBI Bank branch, customers will have to follow the steps mentioned below.

Step 1: Visit the SBI branch closest to you and request the bank executive for an account opening form.

Step 2: On the account opening form, applicants will have to fill in both the parts.

Form 1 - Name, address, signature, various other details and assets.
Form 2 - Customers will have to fill in this part if they do not have a PAN card.

Step 3: KYC details and the application form details must match after bank executive's approval.

Step 4: The customer will now have to make an initial deposit of Rs.1,000.

Step 5: As soon as the bank completes the verification process, the account holder will be granted a free passbook and cheque book.

Also Read: HPBOSE Question Bank for Class 9 to 12 PDF Download

Advantages of Zero Balance Savings Account for Students

A zero balance savings account is an account facility provided by banks where an account holder won't be charged even though there is no balance in their account. As per RBI guidelines, it is officially called Basic Savings Bank Deposit (BSBD). This zero balance savings account for students is an initiative started by the Indian banks to encourage more people to save.

The savings account provides a limited number of transactions monthly. However, if the limit exceeds, the bank might convert the student's account into a regular savings account. A zero-balance saving account in a bank for a student is the best option out there.

Advantages of having a zero balance savings accounts are,