Indian Bank Student Account: Process for Opening

When Studying abroad one of the crucial aspects of the journey is managing your finances. Often international students fail in managing finances and end up losing a lot of money when they use their regular accounts for transactions, some common charges are exchange rates, maintenance charges, forex markup charges, convenience fees and so on. To avoid all these charges and save a lot of money you can always use a student account and today’s blog is related to something same ie. Indian Bank student account. So sit tight and continue reading to know more about it.

About Indian Bank Student Account

Indian Bank is a government bank that is backed by the RBI and it has been one of the dominant players in the Indian Banking sector since the year of its establishment, in 1907. Indian Bank offers many banking solutions and student account is among one of them. The student account is tailored to meet the unique needs of students who are embarking on their educational journey. By offering this account, Indian Bank seeks to empower students financially by giving them an opportunity to manage their money effectively.

Also, Read- NAB INTERNATIONAL STUDENT ACCOUNT

Benefits of an Indian Bank Student Account

The are numerous benefits of having an Indian Bank student account but we will highlight some of the key benefits of having an Indian Bank Student Account, take a look at them below:

• No initial or minimum balance required- You don’t have to worry about maintaining a minimum balance in your account or paying any charges for non-maintenance of balance. You can open your student account with zero balance and enjoy banking services without any hassle.

• Receive Scholarship Funds Easily– You can receive your scholarship funds or any other educational financial aid directly in this bank account without any additional paperwork. 

• Free Debit card- There is no issuance charge for a new debit card with this account as it comes complimentary with this account. You can also enjoy unlimited withdrawals at Indian Bank ATMs and up to 3 free withdrawals at other bank ATMs in metro cities and 5 free withdrawals in non-metro cities per month.

• Insurance cover on a debit card– We all know insurance can cost a fortune sometimes and on top of that insurance is a recurring bill with a yearly frequency but with a student account and a debit card, You can get insurance coverage of Rs. 2 lakhs in case of accidental death or permanent disability.

Also, Read- LIST OF NATIONALISED BANKS IN INDIA 

Eligibility Criteria

To open a new Indian Bank student account you need to fulfil essential eligibility criteria, we have mentioned them below, kindly take a look:

• Your age should be less than 18 years. (Even if you are less than 18 years as of June 2023, whenever you turn older than 18 years your Indian Bank student account will automatically turn into a regular saving bank account)
• You should be receiving a scholarship or direct benefit transfer from the government under various schemes
• You should have valid identity proof and address proof as per KYC norms.

Documents Required

Here are some of the necessary documents that you will need to open a new Indian Bank student account:

• For Identity proof, you will need your Aadhar Card, Pan Card, Driving License, and Passport. (Any 2 of them are required)
• For address proof, you need to provide any kind of utility bill like an electricity bill or bank statement
• Passport size photo
• Scholarship or direct benefit transfer letter from the government (if any)
• School/ College ID card or offer letter

Must Read: Documents Required for Education Loan

Process of Opening an Indian Bank Student Account

The account opening process is extremely easy and straightforward, for your reference you can follow these easy steps below:

• You need to visit your nearest Indian Bank branch
• After visiting, raise your query and a bank representative will assist with your student account opening process
• Fill out the application form with all the necessary details and don’t forget to attach the important documents mentioned above
• Once done, the bank’s representative will get a biometric scan for KYC
• The further steps will be done by the bank’s representative and you will be informed when the process is successfully completed

Must Read: Understanding the Education Loan Application Process

FAQs

This was everything related to Indian Bank Student Account. Reach out to Fly Finance for all finance-related concerns to simplify your study abroad experience with zero hindrances.