Student Savings Account: A bank account is essential for students in college or school because it lets them save money. This account lets students make UPI payments and shop offline and online using an ATM card. Notably, zero-balance savings accounts are also offered specifically for students. If you are a student looking for an account that does not require maintaining a minimum balance, SBI, Bank of Baroda, and Kotak Bank offer excellent options.
What is SBI’s BSBDA Account?
SBI’s Basic Savings Bank Deposit Account (BSBDA) is ideal for those who do not want to meet minimum balance requirements. Students holding this account can access standard banking facilities. It also lets you withdraw cash from ATMs and make payments at shops using a debit card.
What are the benefits of this account?
A key benefit of this SBI account is the zero-balance facility. Additionally, account holders gain access to SBI’s extensive branch and ATM network. Opening an account includes a debit card facility, and users can also utilise UPI and digital banking services.
Bank of Baroda ‘Bro’ Savings Account
Bank of Baroda’s ‘Bro’ Savings Account is designed specifically for youth and students. Opening this account gives students banking facilities and a debit card. It is an excellent option for students who wish to open a bank account to save money while pursuing their studies.
Know the benefits of this account
This Bank of Baroda account is a specialised savings account for students. It offers a zero-balance facility, eliminating the worry of maintaining a minimum balance. It also comes with a RuPay debit card and provides access to digital banking and UPI services. However, account holders should carefully read the bank’s terms and conditions before opening the account.
Kotak 811 Digital Savings Account
If you wish to open a bank account entirely digitally, the Kotak 811 option is available. It lets you open an account online, and depending on eligibility, you can complete the process using Video KYC. This account includes digital banking, UPI, and online payments. It also provides a virtual debit card facility.
What are the benefits of this account?
Opening this account grants access to digital banking facilities. It also enables UPI payments. It offers options for both virtual and physical debit cards.
What should students do to open a bank account?
Generally, you need KYC documents to open a savings account. These include an Aadhaar card, a PAN card (or Form 60, where applicable), a school or college student ID card, an enrollment or admission certificate, and passport-sized photographs. Required documents may vary by bank and account type.
What can students do with the debit card?
The debit card provided with the account allows students to withdraw cash, make payments at stores, and shop online. The card can also be used with UPI and other digital payment services. Choose an account that best suits your needs.