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

Last Updated : Sept. 20, 2024, 4:05 p.m.

Students need to buy items like books and laptops, and they often use their parents' money. But now, banks are offering special savings accounts just for students to help them pay for these things. Wondering which bank offers the best savings account for student needs? This post will tell you. Keep reading to learn about the best banking options for students.

Top Banks for Opening Student Accounts

Students need a bank that is easy to use and doesn't charge many fees. Here are some top banks that offer good account options for students. These accounts help students manage their money without extra stress while they study.

ICICI Bank Campus

Students can open a Campus Power Savings Account in ICICI Bank and enjoy features such as zero balance accounts, educational loans, and other student-friendly banking services. Students can easily withdraw funds from the Campus account for college fees, tuition, living expenses, etc. There are benefits to the parents as well as they can transfer funds from the ICICI Bank account to their child’s account free of charge.

You also get free Internet banking services as a part of this student bank account. It can be used to enquire about account balance, view bank statements, and make instant bill payments and recharges.

Here are the main benefits of the Campus Power Savings Account:

• Get a complimentary credit card with this best savings account for student
• Avail collateral-free educational loans at preferential rates
• With the iMobile Pay app, transfer funds and make instant bill payments
• Get free Internet banking access
• No minimum balance requirement in the savings account
• Get complimentary air accident insurance of Rs. 50,000

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

How to open the ICICI Campus Power Savings Account?

You can visit the ICICI bank branch and request this student bank account by filling out 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 Campus account, make sure your age is between 17 to 35 years and must be a student. For the documentation, you are required to submit a college identification document like an ID card, semester result, or mark sheet along with a PAN card, and address proof.

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

Here are the main 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, and Shopping via PayZapp
• Get 1% cashback on every Rs. 100 spent on fuel, apparel, education and grocery.
• 5% cashback on shopping via PayZapp and Smartbuy.
• First-year free MoneyBack debit card with domestic shopping limit of INR 3 lakh and ATM limit of INR 25,000 per day
• Special Offers on education loan & Forex Cards for students.

Eligibility for Opening a DigiSave Account:

• Resident individuals, either as a single holder or joint account.
• Individuals aged 18 to 25 years.

How to open a DigiSave Youth Account?

• Go to the HDFC Bank's official website or download their mobile banking app.
• Navigate to the savings account section and select the DigiSave Youth Account.
• Click on "Open Instantly" or a similar option to start the application process.
• Provide your mobile number and date of birth, then verify these details using an OTP sent to your mobile.
• Enter your Aadhaar number for identity verification. You may also need to provide other KYC documents like PAN card details.
• Complete the KYC process through a video call with an HDFC Bank representative. This step involves verifying your identity and documents remotely.
• Once your application is verified and approved, your account will be opened, and you will receive your account details.

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. Also, students can earn interest rates of up to 3.75% by opening this account.

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.

Here are the main benefits of the KVB Student Savings Account

• Free debit card, internet banking, KVB Dlite Mobile banking facilities, and much more is offered to the account holder
• Get a top-up facility for your mobile phone at any KVB ATM
• Receive periodic e-statements of accounts as per your requirements.

How to Open the Student Savings Account with KVB?

• Visit the official website of KVB for student account opening online.
• Click on ‘ Apply Now ’ to open this best savings account for students.
• Fill in the details such as name, contact number, city, pincode, and more.
• Tick the checkbox and click on the ‘Submit’ button.
• Once done, the KVB representatives will contact you on your number or via email.

Union Bank of India Savings Account for Students

Students aged 10 to 25 years enrolled in regular courses are eligible to open these accounts. Once the account holder turns 25, the account will automatically convert to a standard savings account. A chequebook will be issued once the student reaches adulthood.

For students under 10 years of age, the account will be managed by a parent or guardian.

Here are the main benefits of the UBI Student Savings Account:

• Make 5 transactions (financial and non-financial) for free at Union Bank of India ATM
• At metro locations, you can conduct up to three free transactions (financial or non-financial) per month. In other regions, up to five free transactions per month are permitted
• Cash withdrawal of Rs. 25,000 per day is allowed
• Get free personal accident death insurance cover of Rs. 2 lakh along with debit card
• No fees are charged for not maintaining a monthly average balance.

How to open a Union Bank of India Student Savings Account?

• Visit the Union Bank of India’s official website.
• Find the section dedicated to student savings accounts and select the appropriate account type.
• Complete the online application form by entering your personal and educational details.
• Upload the necessary documents, such as your student ID, proof of age, and proof of residence.
• Go through all the information you have entered for accuracy and submit your application.
• Some applications might require you to visit a branch to complete the process. If so, bring all original documents for verification.

BoB BRO Savings Account

The BoB BRO Savings Account is designed for students aged between 16 to 25 years. It's easy to manage, doesn't require a minimum balance, includes a free lifetime debit card, and offers other advantages. Also, students can avail of a collateral-free educational loan of up to Rs. 40 lakhs for premier institutions and a complete waiver on processing fees.

Here are the main benefits of bob BRO Savings Account:

• Lifetime free RuPay Platinum Debit Card with exclusive deals on top brands.
• Free access to Airport Lounges in India (2 per quarter)
• Free Personal Accident Insurance up to Rs 2 lakh
• Option for Auto Sweep Facility
• Unlimited complimentary cheque books
• No-cost SMS/Email notifications
• Up to 100% discount on Demat AMC
• Reduced Interest Rates on Education Loans with no processing fees*
• Special Credit Card offers, based on eligibility.

How to apply for a bob BRO Savings Account?

• Students can visit the nearest Bank of Baroda branch.
• They must present valid KYC documents like PAN, Aadhaar Card, an ID Card issued by a college or institution.
• Once at the branch, fill in the form with the necessary details and submit the documents for verification.
• Once verification is successful, students will receive confirmation via email or SMS.

IDFC Future FIRST Savings Account

IDFC FIRST Bank presents the Future FIRST savings account, specifically designed for students from premier or recognized educational institutions in India. This is a zero-balance account , meaning there is no requirement to maintain a minimum balance. Students can earn up to 7.25% interest per annum with this savings account.

Here are the main benefits of the IDFC Future FIRST Savings Account:

• Receive 2 complimentary airport lounge accesses every quarter.
• A personal accident cover of Rs. 35 lakh and air accident insurance of Rs. 1 crore are included.
• Dining deals are available with a debit card.
• Perform free fund transfers through IMPS, NEFT, and RTGS.

How to open an IDFC Future FIRST Savings Account?

• Go to the IDFC FIRST Bank website.
• Click on “Accounts” and then on “Savings Account.”
• You'll be taken to a page to enter your basic information.
• Fill in the requested details and select the product you want.
• After you submit all your details, the bank will verify them and open your account.
• Once your account is opened, the bank will give you all necessary documents and a debit card.

AU Students Savings Account

Understanding how to manage money and stay financially stable is important for everyone, including students who are working hard to reach their goals.

The AU Student Account helps with this by offering high interest rates, paying interest every month, and not requiring a minimum balance. This account helps students build a strong financial future.

To open an AU Student Savings Account, the student’s school or college needs to be registered with AU Bank.

Here are the main benefits of AU Student Savings Account:

• You can earn up to 7.25% p.a. on a savings account and get monthly interest payouts.
• Get complimentary access to domestic airport lounges.
• Receive a RuPay debit card and enjoy discounts across leading brands in India.
• Open high-interest FD accounts as well.

How to open an AU Students Savings Account?

• Visit the AU Bank website and navigate to the Students Savings account section.
• Fill in your details such as name, contact number, email id, and more.
• Click on ‘Apply Now.’
• Once done, the bank’s representative will contact you for verification.
• After successful verification, your account will be opened.

KBL Tarun Student Savings Account

The KBL Tarun Student Savings Account is designed for students aged 18 to 25. This zero-balance account makes it easy to manage your money from any branch. It's great for monitoring your everyday expenses, saving for school, or preparing for the future.

Starting to save early is a wise choice as it teaches you how to manage money wisely and prepare for what comes next. With this account, you're not just keeping your money safe; you're learning to make smart financial decisions.

Here are the main features of the KBL Tarun Savings Account:

• Free 25 cheque leaves per calendar year.
• Get 1 free NEFT per month.
• Avail free internet and mobile banking facilities.
• Free monthly e-statements when you register.
• Get a free debit card, demand drafts, and more.

How to apply for a KBL Tarun Student Savings Account?

• Go to the official website of Karnataka Bank and click on ‘Apply Now.’
• You will redirected to a page where you need to fill in the details such as name, mobile number, and email ID.
• Click on ‘Apply Now’ and soon the bank’s representative will contact you for verification.

Central Bank of India Cent Yuva Account

The Cent Yuva scheme by the Central Bank of India is designed for young people between 18 to 25 years old. It's a zero-balance savings account , so you don't need to worry about keeping a minimum amount in it. You also get access to online and mobile banking, along with a debit card that offers good benefits. Plus, there are special deals on educational loans, which can be really helpful if you're looking into furthering your education.

Here are the main benefits of Cent Yuva Account:

• Get free access to the Internet and mobile banking facilities.
• There is no minimum balance requirement.
• Receive personal accident insurance cover of Rs. 2 lakh.
• Avail 0.25% concession on the rate of interest on educational loans.
• Get up to 50% concession on processing fees on education loans.

How to open a Cent Yuva Account?

• Go to the nearest Central Bank of India branch.
• Complete the application form provided by the bank. Ensure all information is accurate and complete.
• Provide your documents to the bank representative for verification.
• Once your application is processed and approved, your account will be activated.
• You will receive your account details and any associated banking materials, such as a debit card.

Wrapping Up!

Opening a student bank account is an important step in taking control of your money while you're in school. These accounts usually have low or no fees, easy online banking, and special deals just for students.

To open one, you'll need to bring some documents like your ID, proof of where you live, and proof that you're a student. Each bank might ask for different things, so it's a good idea to check with the bank you choose and get all the details you need.

Having the best savings account for student makes it easier to manage your money and teaches you how to be responsible with your finances.