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4 Best banks to open savings account for students in India 2023 [Detailed Expert Guide]

Best bank to open savings account for students in India 2023: Are you a student, and want to get open your savings account, but are confused to choose the best bank account for student in India, then don't worry here I am sharing the top 4 banks, which you can choose as per your need?

4 Best Banks for students in India 2023 [Detailed Expert Guide]

Getting a saving account is no big deal today, it does not take a long time to get your first bank account within a day, or a few hours. If you choose the private bank then it will take a few hours to get your savings account, and your debit card also is activated within 24 hours.

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Let's now talk about all the best bank account for students in india one by one.

1. SBI Student Saving Account

SBI Bank is one of the best choices for all the students, who are planning to open a bank account. SBI bank is the biggest govt bank in India and offers two types of bank accounts, especially for the students, first is Phela Kadam and the second is Pheli Udaan.

You can choose any as per your need. Here I am sharing the important things about both accounts.

(i). Phela Kadam:

Phela Kadam's bank account is for minors. Parents and guardians can open a joint account with their children. This account can be operated by parents, guardians, and minors themselves. This is a zero-balance account.

Important Things:

Phela Kadam account can be opened by miners with their parents, and guardians as a joint account and can be managed by both.
This is a zero-balance account, so you don't need any money to manage it.
You will get an ATM or Debit card with this account, that can be used by minors and their parents or guardians.
You will get the net banking and mobile banking facility in this account.
This account comes with 5000 rs. daily withdraw limit and you can use 2000 rs for paying every type of bill daily too.
You will get 5000 rs. the daily limit in your net banking.
Parents will get an additional facility of accidental insurance with this account.

(ii). Pehli Udaan:

Pehli Udaan accounts are for those children who are above 10 years and can sign by themselves. They can manage their accounts single handly. This account is also a zero balance account.

Important Things:

Pehli Udaan's account can be opened individually by minors.
This account is also a zero-balance account, so you don't need any money to manage it.
You will get the ATM Debit Card under this account and you can withdraw the 5,000 Rs daily.
You will get the mobile banking facility in this account and can do 2,000 Rs transactions daily.

How to open an account?

If you are choosing the SBI Bank for opening a saving account then it is you can follow the given steps.

First, visit the nearest branch of SBI.
Find out the account opening form there. If you don't find that, you can ask for that in the bank.
Fill up the bank account opening form.
Collect valid documents like Adhar card, PAN Card, and 1 passport size photo.
And now submit the bank account opening form with the documents attached to the form.
The Bank officer will verify your details, and if your details will be found correct then your account will be opened soon.

Important documents:

Birth certificate of the minor.
Aadhar card
Guardians KYC document
Color photos passport size

2. PNB Student Saving Account

Punjab National Bank allows students to open an account. This is one of the best banks in India for its services and facilities and also good for the students. This bank opens the account of the students under the PNB Vidyarthi Savings Fund Account Scheme.

PNB students' saving account aims to benefit students studying at various recognized educational institutions. This account is a zero-balance account so there is no requirement to keep a minimum average balance in the account.

If you looking for a bank and want to open an account so this bank is the best for you. It provides many facilities and it's a trustable bank also.

Important Things:

PNB student saving account is a zero-balance saving account so there is no requirement to maintain a minimum balance in the account.
This account is valid for the student until the age of 21, above the age of 21, the bank authority will change this account into a general saving account, but in some cases, you can take the benefits of the saving up to 25 years.
Any student who is older than 10 years is eligible to apply for PNB student accounts.
The bank provides students first two chequebooks of 20 pages without any cost. Additional charges may apply for additional chequebooks.
For a minor, all the formalities are done through a legal guardian.
There are no charges for debit cards and ATM cards. However, there are some charges incurred by the account holder for the maintenance of the cards.
Punjab National Bank does not charge any additional charges.

Steps to open Punjab National Bank saving account

Procedure 1:

First, visit the nearest branch of Punjab National Bank and meet the executive with the required documents for the account opening process.
Fill up the account opening form properly, There is no need to fill up a special form to open an account.
Ensure that all the information you fill out on the application form is correct like date of birth and etc, and what is mentioned on your KYC document should be matched. Submit the application form at the counter.
The bank will verify the application form and if approved the saving account will be opened within 3-5 bank working days.

Procedure 2:

Visit the PNB homepage and click on the PNB link https://www.pnbnet.org.in/OOSA/
Now, Click here to open the online saving account without the E-Sign facility.
On the application form, PNB saving account, select the branch, choose the account type, and enter the customer name, mobile number, and customer Email ID tick the checkbox and declaration box.
Enter the security key and click on the submit button
On submission of the application form, a TCRN (Temporary Customer Reference Number) will be generated in a few minutes.
The Number will be sent on the applied mobile number and the email ID
On receiving the TCRN, the customer will then have to submit the number, application form, and requisite KYC documents for verification
Following approval, the bank will activate the account within 3-5 working days

Important documents

Valid identity proof of the student ( Aadhar card, Pan Card, etc.)
Valid address proof
Student's birth certificate
Student's Institute Identity card
Note - Do a proper signature, not a temporary signature, if your signature does not match the base of the application form bank authority will not allow you to do transactions and the bank can close your account.

3. HDFC Zero Balance saving Account

If you are looking for a Student saving Account HDFC might be one of the best banks for students in India. It provides a zero balance account with a RuPay debit card or chequebook and other facilities.

Key Features

HDFC provides four free transactions at other banks' ATMs.
HDFC offers easy banking facilities from Net banking to Mobile banking.
Phone banking is IVR-based and is hassle-free
The account holder will get an ATM cum Debit Card, free passbook services, free deposits, withdrawals facility, and even more such as chequebook, email statements, Demand Drafts, etc absolutely free.
The account holder can transfer the money by using NEFT/RTGS, IMPS, and more.

HDFC DigiSave Youth Account

HDFC DigiSave Youth Account is one of the most saving accounts, especially for students in India. It's available for students who are Resident Individuals, in India, and the age requirement to open a bank account under this scheme is 18-25 years.

Key Features

To open a DigiSaveAccount, a minimum initial deposit of Rs. 5,000 is required for Metro/ Urban branches, Rs. 2,500/- for Semi-urban / rural branches.
It is mandatory to maintain a minimum average monthly balance of Rs. 5,000 for Metro/ Urban branches, Rs.2,500 for semi-urban / rural branches.
If the required average balance is not maintained in Savings Account then you should pay the penalty of INR 150 to INR 300 for metro cities and up to INR 150 for semi-urban and rural places.

Steps to open HDFC savings account online

Procedure 1:

Check out the official website of HDFC bank, hdfcbank.com.
Choose the 'Accounts’ option from the 'Select Product Type’ section.
Choose again Saving account from the Select product.
Click on 'apply online'.
Select if you are an existing customer or a new customer and after that, authenticate yourself by filling the required details.
Enter the required information like name, contact details, address, etc.
Verify all the details with the same documents like PAN, Aadhaar card, or any other document required by the bank.
Your documents will be verified by a bank executive.
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 you.
Once your account is activated, you can register your mobile number and can use the chequebook and debit card for banking services.

Steps to open HDFC savings account offline

Procedure 2:

Visit the nearest branch of HDFC bank and meet the present executive with original and copies of KYC documents.
Fill up the application form by entering all the required details.
Once you are done with the information, submit the form at the counter.
After successful approval, your account will be activated.

4. Kotak Mahindra Bank's Junior Saving Account

Kotak 811 is a digital zero balance savings account that can be opened online by everyone (Resident Indian individuals only). Kotak 811 Digital Savings Account lets you apply for a zero balance savings account or an 811 Edge Digital savings account based on your needs, which acts as a one-stop solution for all your financial needs and day-to-day transactions.

The Kotak Mahindra Bank Junior Account is specifically designed to teach your children the benefits of saving, while also providing a host of privileges across dining, edutainment, and shopping on kids’ brands

The requirement for an account open under the scheme, Age of the child should be below 18 years(Minor) and the Minor should be a resident of India. Guardian can be resident or NR.

Key Features

Customers of the Nova variant need to maintain an average monthly balance of Rs.5,000 or it can be opened as a Zero Balance Account.
The age of the account holder should be below 18 years of age. and the Minor should be a resident of India. Guardian can be resident or NR.
The Minor is also eligible to open an account.
The bank will provide debit cards to children above the age of 10 and the withdrawals limit of the debit card is Rs. 5000 daily.
Non-maintenance of the balance in the account will incur charges, which range from Rs. 150 to Rs. 300.
Kotak Junior also comes with bundled offerings that include Junior Savings Account and Guardian Savings Account, along with Recurring Deposit RD) or Systematic Investment Plan (SIP).

Step to open an offline account.

Procedure 1:

Visit the nearest branch of the bank.
Meet the present executive with the required document.
Please carry the original documents for verification and self-attested copies for submission.
Once you are done with the information, submit the form at the counter.
After successful approval, your account will be activated.

Step to open an online account.

Procedure 2:

Visit the official website of Kotak Mahindra bank, kotak.com.
And click on the account option, which you will find inside the explore products option on the homepage. or you can directly visit the following link: "www.kotak.com/en/personal-banking/accounts.html"
There you will find the option of Junior - The Savings Account for Kids option.
There are two options first is to Apply Now, and the second is to Know More.
Now click on Apply button there, and if you want to know more about this account then you can click on the Know More button.
Once you click on Apply Now, one form will open, where you will be asked to fill up your personal details like your name, mobile, email, pin code, and city.
Then bank agent will reach you to verify your details, and will collect your documents to open your account.
If all your details would be found correct your savings account will be opened, and the bank will provide you with bank account details and Debit Card.

FAQs about the choosing the best bank for the students in India

Here wer are sharing the top most frequently asked questions that most of the students have in their mind while plan to open a saving bank account.

1. Which bank is good for students in India? | Best bank to open savings account for students in India?

Although I shared all the best banks available in India above, but still if I recommend you one bank then you can go with SBI if you choose a private bank, and if you want your account in a private bank then you can go with HDFC Bank.

2. Which bank is best for zero balance account?

If you are looking for the best for zero balance account then you can go with Kotak Mahindra Bank, which provide the 4% to 6% interest rates also.

Here I shared very limited questions and their answers, if you have more questions then let me know in the comments below. So that I can give you the answer of your question in this post.

Disclosure:

Here I shared the top 4 banks as per my knowledge and experience in this post, that may be the right choice for you too, and may not too. So before deciding to open a savings account must verify the official website of the bank, and also verify in the bank.

I suggest you to visit the official website before choosing any bank for banking account opening and verify the features and benefits there too. It is your responsibility to verify before you choose any bank.