Savings Accounts for Millennials
Last Updated : March 18, 2024, 5:13 a.m.
As a millennial, you may be either enjoying the buzz of college life or embracing the challenge of corporate arena. Doesn’t matter which stage of a life you are in, a savings account remains relevant to your cause. This is due to the fact that a savings account gives you the privilege of depositing the amount to yield it only bigger a few years later.
There’s every likelihood that you could be a few months away from becoming a major, being a millennial. In that case, you can open a minor account and get it converted to a full-fledged savings account the moment you turn 18. However, those with 18 years and above can go for accounts with zero balance and star-studded services. So, what are those savings accounts a millennial can open? To find the answer, stay glued to the article.
How Should Millennials Choose a Savings Account?
The choice of a savings account should be based on the stage of life you are in. There are different savings accounts to suit the needs of people at their respective life cycle stage. Let’s find different savings bank accounts available to suit different categories of millennials.
Best Savings Accounts for Millennials About to Become Major
Those sitting in this stage of life can open the minor account now and get it converted to a regular savings account. Now, the quest should be to find the best minor account available. You can thus glance at the table below to compare different minor accounts and choose one or more out of them.
| Savings Account Name | Eligibility | Minimum Balance Required | Interest Rate (In % p.a.) | Services Offered |
|---|---|---|---|---|
| SBI PehliUdaan | Minors above the age of 10 years who can sign as the account will be opened only on their name | NIL | 2.70% |
|
| HDFC Kids Advantage Account | Parents need to have a savings account with HDFC before opening a minor account | INR 5,000 (Minimum average monthly balance) | 3.00-3.50% |
|
| ICICI Smart Star Savings Account | Account to be opened in the name of minor attaining more than 10 years but below 18 years of age. They can open as well as operate the account | As specified by the bank | 3.00-3.50% |
|
| Kotak Junior Savings Account | Account to be opened in the name of minor | Zero balance | up to 6.00% |
|
| Bank of Baroda Gen-Next Junior | Those above 10 years but below 18 years of age can get the account opened in their name provided he/she must be able to read and write any of the recognized languages | INR 500 (Quarterly average balance) | 3.50-4.00 |
|
| PNB Junior SF Account | Minor above 10 years can open the account on their name | Zero balance | 2.90% |
|
Best Savings Accounts for Millennials Enjoying Their College Life
Seeking a student account where you can deposit the money and withdraw the same for your study and other needs? Choose from the following accounts that have the best of features available.
| Account Name | Eligibility | Minimum Balance Required | Interest Rate (% p.a.) | Services Offered |
|---|---|---|---|---|
| IOB Student | Students with 16 years and above can open this account | INR 500 | 7.10% |
|
| PNB Vidyarthi Savings Fund Account Scheme | Student pursuing studies at recognized educational institutions. The account will remain in student account category till 21st year of the account holder | Zero | 3.50-4.00 |
|
| OBC SB Vidyarthi | Parents of students with a satisfactory 6 month record of savings account with the bank or Parents of students having opened a KYC-compliant savings account with the bank | Zero | 7.25-7.75% |
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| Federal Bank Yuvamitra Account | Students pursuing courses | Zero | 3.50-6.51% |
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| Corp NewGen Account | Those having completed 10 years of age and are pursuing regular courses are eligible to open this account | INR 100 | 4.00% |
|
Best Banks to Have Salary/Regular Savings Accounts
Now come to the working class of millennials that are likely to have a salary account wherein they can make most of the attractive services on offer. Self-employed, though, won’t be eligible for a salary account. For them, a regular savings account would be an option. While salary accounts do away with the requirement to maintain a balance, regular savings accounts can stipulate a specific balance to be maintained by a depositor on a monthly or quarterly basis. So, which are those banks where millennials like you should have a salary or regular savings account? Find that out in the table below.
| Banks | Eligibility | Minimum Balance Required | Interest Rate | Services Offered |
|---|---|---|---|---|
| State Bank of India (SBI) | Both salaried & self-employed | INR 1,000 - INR 3,000 | 2.70% |
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| Bank of Baroda | Both salaried & self-employed | INR 1000 | 2.75% |
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| ICICI Bank | Both salaried & self-employed | INR 5000 | 3.00% - 3.50% |
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| HDFC Bank | Both salaried & self-employed | INR 2,500 - INR 10,000 | 3.00% - 3.50% |
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| Axis Bank | Both salaried & self-employed | Zero balance | 3.00% - 3.50% |
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| Kotak Mahindra Bank | Both salaried & self-employed | Zero balance - INR 50,000 | 3.50% - 4.00% |
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Note – Salary accounts would come with a zero balance feature across the banks.
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