Student Account in SBI Bank helps students manage their finances, take control of their future and incorporate wise planning. It can be opened by Indian students in India or those who plan to study abroad. A student account in SBI allows them with their financial transactions while living abroad.
Students who are below 18 years of age can open a savings account for a minor in SBI. In this blog, you can check everything related to the SBI student account such as a detailed overview, how to open the account, which documents will be required, etc.
Table of contents
- SBI Student Account Overview
- SBI Student Account for Minors
- How to Open an SBI Student Account?
- Eligibility Criteria for Opening SBI Student Account
- What is a Zero Balance Account in SBI?
- Benefits of SBI Student Account
- Comparison of SBI Student Account with Other Student Accounts
- FAQs on SBI Student Account
SBI Student Account Overview
The SBI student account can be opened by Indian students who also plan to study abroad. Students can easily manage their finances and make international transfers via SBI. One such way of doing this is by opening an SBI student account. The account provides them with features like internet banking, SMS alerts, mobile banking, applying for SBI YONO education loan and many more. Here are some more features of the SBI student account-
- There is no lower limit on the monthly average balance.
- There is no limit on the maximum balance.
- An interest rate of 2.70% is provided.
- The facility of transfer of account through internet banking channel is allowed.
- Issuance of passbook.
SBI Student Account for Minors
Students who are below 18 years of age can open the account for minors under the Pehla Kadam and Pehli Udaan scheme. This SBI student account will help children to learn the importance of savings and experiment with the buying ‘power of the money’. No minimum balance is required. Both of them provide facilities for internet banking and mobile banking. It provides interest rates up to 2.70%.
- Minors of any age can open an SBI student savings account for minors under Pehla Kadam. However, individuals must be above 10 years to open an account under the Pehli Udaan scheme.
- A maximum balance of INR 5 lakhs is allowed with an aggregate deposit limit of INR 10 lakhs.
Overview of SBI Student Account for Minors:
| Category | Savings Account for Minors |
| Minimum Balance | 0 INR |
| Interest Rate | 2.70% p.a. |
Also Read: Credit Cards enable students to make smooth and quick transactions. Know more about SBI Student Credit Cards in our blog.
How to Open an SBI Student Account?
You can either apply for an SBI student account via online or offline mode. Your college can also help you open a student bank account in SBI. However, keep in mind that you cannot make mistakes during the application process for the student account.
Apply Via Branch
As mentioned above, applying for an SBI student account offline or by branch is possible. Here are some of the most important things you need to keep in mind while opening an account via the branch.
- Visit the branch that is nearest to your location
- Contact the bank representative and let them know that you want to open an account
- Pay close attention to the application form and fill in the information mentioned
- Attach the necessary documents as well as your passport-sized photographs
- Submit the form and your documents to the bank officials.
As a student, you can use your college room address while filling out the temporary address part. Upon verification, SBI will approve your application and you will receive a kit containing the ATM card and a Cheque book.
Must Read: SBI Forex cards can be used by a student who is planning to study abroad. Know all about the rates, issuing branches, benefits and withdrawals in our blog on SBI Forex Cards.
Apply Online
This is undoubtedly one of the most convenient processes for opening an SBI student account. If you want to open an account online, here are some crucial steps you need to keep in mind:
- Visit the official website of SBI
- Complete the bank account form
- After completion, make sure you take a print-out of the completed application form
- Submit necessary documents such as identity proof, passport-sized photographs, passport, college identity cards, and other documents
- Submit the application form and your documents to the nearest SBI branch
- The bank officials will go through your application and post verification, you will be able to leverage the benefits of the account. You will also receive a welcome kit.
Apply Through College
If you want your college to help you open an SBI student account, here are a couple of steps that you need to follow:
- If the college where you’ve admission to complete your study is a client of SBI, you will face no problems opening the account.
- Collect the application form and fill it out carefully
- Attest the important documents along with your photographs
- Submit the form to the appropriate college authorities
- The college will be responsible for submitting your account application form and approving the bank account.
Eligibility Criteria for Opening SBI Student Account
This is one of the most important things you need to know while opening an SBI student account. It doesn’t matter whether you want to open a bank account online, offline, or through college, the eligibility criteria will be the same always.
- The applicant should be an Indian citizen
- The applicant should be 18 years or older while opening the bank account
- The applicant should not be over 30 years old
- The applicant should be admitted to a prestigious foreign university
Required Documents
To open an SBI student account (not for minors), the students must submit the following documents. These help the banks verify your details like identity, address, and KYC compliance. Here are the important documents required while opening a student account in SBI:
- Aadhar card
- Address proof
- Application form
- Passport
- Voter Card
- Identity card of college
- Passport size photographs
Documents Required to Open an SBI Student Account
To open an SBI Student Account, you’ll need the following documents:
- Identity Proof: Aadhaar card, passport, voter ID, etc.
- Address Proof: Aadhaar card, electricity bill, or passport.
- Student ID: College or university ID card or admission letter.
- Passport Size Photographs: 2-3 recent photographs.
- Proof of Age: Birth certificate or school leaving certificate.
What is a Zero Balance Account in SBI?
An SBI Zero Balance Account is a savings account that does not require customers to maintain a minimum balance. Once the account is opened, users can deposit any amount as they wish, without any lower or upper limits imposed. This account is ideal for those who prefer flexibility, allowing them to operate the account even with a zero balance, unlike standard savings accounts that require a set minimum balance.
SBI provides several types of zero-balance accounts, ensuring customers can manage their finances with ease. These accounts include:
- Basic Savings Bank Deposit Account
- SBI Savings Bank Account
- Savings Account for Minors
- SBI Insta Plus Savings Bank Account
- Savings Plus Account
- Basic Savings Bank Deposit Small Account
Benefits of SBI Student Account
Check out a few essential benefits of opening the SBI student account which might help you in taking decision if you should open the account in SBI or not:
- Accessibility: SBI is India’s largest bank, making access to branches and ATMs convenient across the country.
- Zero Balance Requirement: No financial pressure to maintain a balance.
- Easy Account Opening: Quick process with minimum documentation.
- Special Offers: SBI frequently provides discounts on books, travel, and online courses.
- Parental Monitoring: Parents can monitor and control the account usage.
- Education Loan: Simplified education loan process through SBI.
Comparison of SBI Student Account with Other Student Accounts
Check out the comparison between SBI student account with the other banks which can be a good option to open the account in. We have listed comparison based on a few aspects such as minimum balance, scholarships, banking options, etc:
| Features | SBI Student Account | HDFC Student Account | ICICI Student Account |
|---|---|---|---|
| Minimum Balance | Zero | ₹500 | Zero |
| Debit Card | Free | Free | Free |
| Mobile Banking | Available | Available | Available |
| Net Banking | Available | Available | Available |
| Education Loan | Easy process through SBI | Available but not linked | Available but not linked |
| Scholarship Crediting | Yes | No | Yes |
Also Read: If you are wondering about opening a bank account and confused as to what is needed, read our blog in What Do You Need to Open a Bank Account?
FAQs on SBI Student Account
An SBI Student Account is a specialized savings account designed for students, offering benefits like zero balance requirements and easy access to banking services.
Yes, the SBI student account is exclusively for individuals who are Indian citizens and plan to study abroad. A student account in SBI allows them to do their financial transactions while living abroad. Students below 18 years of age can open a Savings account for minors.
You can open the account online, offline at a branch, or through your college if it is partnered with SBI. Required documents include ID proof and college admission proof.
The SBI Student Account typically has no minimum balance requirement, making it convenient for students managing limited finances.
Yes, the SBI Student Account provides access to internet banking and mobile banking for easy fund transfers and account management.
The transaction limit for the student account is INR 5,000 per day.
No, students can open a zero-balance student account where no additional fees are required to be paid by the students.
SBI student account is undoubtedly beneficial for the students. As the bank offers zero-balance accounts, students will be able to manage their needs and expenses properly.
Generally, the age limit is 18-30 years for the SBI Student Account, but students under 18 can open a Minor Savings Account.
Yes, you can request a checkbook at the time of account opening or later.
You will receive a debit card automatically when you open the SBI student account.
This is everything you need to know about the SBI student account. Hope you found this article informative. To know more about education loans, the best bank accounts for students, forex and banking experience for global students or forex, reach out to our experts at 1800572126 to help ease your study abroad experience.
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