A solid financial foundation is essential for every individual, including students. Recognising the unique financial needs and aspirations of students, banks and financial institutions offer Student Savings Accounts. These specialised accounts are tailored to cater to the banking requirements of students pursuing education at various levels.
On Bajaj Markets, students can open their very own Savings Account with the help of a parent or legal guardian with ease. The returns build at an interest rate of up to 7.25% p.a., ensuring great financial growth.
Students Savings Account interest rates of up to 7.25%
Zero balance Savings Account for students
Exclusive delights and milestone benefits
Online banking facilities
Savings Accounts offer interest on the deposited amount. Since the interest rates are high, it allows students to earn passive income on their savings over time.
Savings Accounts maintain a record of financial transactions, helping students keep track of their spending and income. This record-keeping is essential for budgeting and financial planning.
Parents can deposit allowances or financial support directly into their child's Savings Account, ensuring that funds are used for educational and personal needs.
The criteria listed below can help students qualify for a Savings Account:
The student must be a resident of India
A parent or guardian must volunteer to manage the account until the student is an adult
The student must be in the process of completing a course in a school, university, or college
Here are the documents required for a Savings Account for students:
Address proof (Aadhaar Card, PAN Card, Passport, etc.)
Identity proof (Aadhaar Card, Electricity Bill, Passport, etc.)
Proof of education (ID Card, Certificates, Bonafide letter from institution, etc.)
A Student Savings Account is a specialised bank account designed for students pursuing education. It offers features and benefits tailored to the financial needs of students.
Typically, students enrolled in educational institutions, such as schools, colleges, or universities, are eligible to open Student Savings Accounts. Age eligibility may vary among banks.
Generally, banks require documents such as proof of identity, proof of address, proof of enrollment in an educational institution, and photographs. Specific document requirements may vary by bank.
While there may not be strict age restrictions, Student Savings Accounts are typically designed for students in their late teens or early twenties. Some banks may offer accounts to younger students with parental consent.
Student Savings Accounts often offer lower minimum balance requirements, no or reduced fees, and special offers on debit cards. They may also provide educational tools and resources to help students learn about banking and finance.
The age limit for converting a Student Savings Account into a regular Savings Account may vary by bank. Some banks automatically convert the account when the student reaches a certain age, while others require a request from the account holder.
Yes, most Student Savings Accounts offer online and mobile banking services, allowing students to conduct electronic transactions, pay bills, and manage their finances digitally.