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.
Table of contents
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 accounts are among 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 allowing them 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 old as of June 2023, whenever you turn older than 18 years your Indian Bank student account will automatically turn into a regular savings 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 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
No, you cannot open a joint account under this scheme. A student account is always a single-user account.
Yes, you can get a chequebook with this account. However, you will get only 20 leaves free per calendar year. For additional cheque leaves, you will have to pay charges.
Yes, you will get Internet banking and mobile banking with an Indian Bank Student account.
Students aged between 10 to 25 years can open this account, provided they are pursuing regular courses.
No, there is no minimum balance requirement for this account, making it accessible for all students.
Yes, you can link your account to various mobile wallets for convenient transactions and payments.
Students can use ATMs without incurring charges for a specified number of withdrawals per month; additional withdrawals may attract fees.
Yes, you can transfer funds online through Internet banking and mobile banking services provided with the account.
Once you exceed the age limit, you may need to convert your student account into a regular savings account.
Yes, you will receive free SMS alerts for all transactions, helping you keep track of your account activity.
The Indian Bank Student Account offers numerous advantages. Students can maintain their accounts without the pressure of keeping a minimum balance. The account comes with a free chequebook, providing students with 20 cheque leaves per calendar year, which is useful for making payments.
This was everything related to the Indian Bank Student Account. To learn more about the best bank accounts for students, education loans, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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