When planning to study abroad or just taking a step forward to achieve your financial goals, opening a bank account is an ideal solution. This ensures financial freedom, safety, and easy access to your funds. As international students, you can achieve financial peace of mind by opening a student bank account online.
From researching to compiling documents and filling out the application form to getting the account activated, we’ve got you covered. Let’s take you through the step-by-step process of opening a student account discussed in this blog.
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How To Open a Student Bank Account?
Opening a student bank account not only provides you with financial freedom, but easy management of your money. When you are travelling abroad and making transactions, such a bank account allows you to make hassle-free withdrawals of money at discounted currency exchange rates. Here are the steps to open a student bank account.
Also Read: Having a gap after higher studies for entrance preparations or career building? Check out the details about obtaining a gap certificate for an education loan.
Research the Best Banks
The first step always begins with researching and finding out the list of banks offering student bank accounts. Check out their features and eligibility and choose the one that aligns with your needs and requirements.
Some of the Indian Banks providing student bank accounts are the State Bank of India, Axis Bank, Union Bank of India, Bank of Baroda and many others. SBI student accounts and SBI zero-balance accounts for students are great options to consider.
If you are planning to study abroad in different countries across the globe, then the following links will help you with your research-
- The USA is one of the countries that tops the list of the majority of study-abroad aspirants. These top 10 best banks in the US for international students offer a variety of features and dedicated schemes to manage funds efficiently.
- Studying abroad in New Zealand can help you choose one of the best banks in New Zealand for international students from the given 5 options.
- A Blocked Account in Germany for international students can help them prove sufficient funds to cover their stay in Germany. However, some of the best banks in Germany for students include Sparkasse, Deutsche Bank, Commerzbank, N26, Comdirect and many more.
- Ireland is another preferred study-abroad destination. If you planning to pursue higher education in the country, these best banks in Ireland for international students can help you make better financial decisions.
Check the Features
After making the list of best student accounts in the country you are planning to study abroad, filter out the student-friendly accounts with low fees, convenient features, and attractive benefits. Also, make sure to check out the ATM access near your student accommodation, online banking facilities, and other safety features.
Gather Necessary Documents
Now, you must gather all the necessary documents that are required to open a student bank account online. The documents related to proof of identification (passport), proof of enrollment in the university (offer letter/ acceptance letter), and proof of address (tenancy agreement of off-campus student accommodation or on-site accommodation) are required.
Fill the Application Form
Once the above steps are completed, the student is required to fill in the application form to open a bank account online. This is how you can do it-
- Visit the bank’s official website.
- Navigate to the page for student accounts or new account openings.
- Follow the instructions provided to open the bank account.
- Enter all the necessary information accurately and cross-check before submitting.
Upload the Required Documents
While you are filling out the application form, you may be required to upload the documents. Make sure to upload the scanned copies and submit the student bank account application form.
Also Read: Comparing education loan interest rates is one of the best practices before applying for a loan with any lender. Compare the education loan interest rates of leading banks and NBFCs to find the best-suited lender.
Verification and Approval
When the application form and documents are submitted, the bank will verify all the details regarding your identity, enrollment status in the university, and additional information. This may involve some time to confirm the approval status.
Once the application is approved, the student will receive a confirmation email from the bank and instructions on how to activate the student account. Students need to follow the same to set up online banking access, order a debit/ credit card, and visit the bank branch for final verification and process.
Activate your Student Account
This is the final step to open a student bank account online. Using your credentials (as shared by the bank), the student needs to activate their account to access banking services.
Documents Required to Open a Student Bank Account Online
When opening a student account online, the student is required to submit documents related to identification, address, and acceptance to the university. These include a passport, visa, and acceptance letter from the university. Here’s the document checklist-
- Valid ID proofs such as Passport, Voter ID or Aadhaar Card
- Proof of enrollment in the University
- Social Security Number
- Copy of Passport
- Copy of Visa
- Proof of address (your student accommodation abroad)
FAQs on Student Bank Account
A student can open a bank account online as well as offline. However, opening a student bank account online is much more convenient and hassle-free due to the flexible process and fewer opening requirements. The facility is also available 24/7.
Yes, some banks like SBI and Axis Bank allow students to open a bank account with zero balance. However, international bank accounts for students must be maintained with a minimum balance. The balance limit differs from bank to bank.
The documents related to proof of identification (passport), proof of enrollment in the university (offer letter/ acceptance letter), and proof of address (tenancy agreement of off-campus student accommodation or on-site accommodation) are required to open a student bank account.
Some of the best banks to open a student bank account in Germany are Sparkasse, Deutsche Bank, Commerzbank, N26, and Comdirect. Chase Bank College, HSBC USA, and Bank of America are the best banks in the USA for international students.
To open a bank account online, start with the list of best banks in the country you wish to open a student account. Check out the features and your eligibility. Visit the official website and fill in the application form. Upload the scanned copies of the documents required and wait for approval. Once approved, activate your student account.
This was all about how to open a student bank account online. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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