Things you don’t know about Student bank account with zero balance

Who said that students’ life is easy and tension-free? Though they might have different challenges and things to do in life, it doesn’t mean that their life is quite happening. Just like adults, students too need money (Pocket-money) for certain expenses such as purchase of books and stationary, outings, birthday parties, and what’s not. Therefore, following a good saving habit is essential for the minors too.

Hence, student bank account with zero balance criteria is an ideally option to look for. Student’s bank account works similar to that of traditional bank account; the only difference remains is that the account is opened jointly with the parents or guardians.

So, dear students, forget keeping your money under the mattress if you wish to earn biggest bonuses and privileges. Just apply for student savings account with zero balance and keep all your pocket money safe, secured, and easily accessible, while earning interest on it.

A glimpse at Student bank account:

1. Applicant’s age – Generally, there are two separate versions available for opening student or minor accounts – one for those below 10 years of age and other for those between the age bracket of 10 to 18 years. The account is operated jointly with the parent or guardian if the child is below 10 years, while those above 10 years, can operate the account individually. Once the child turns 18+, the account becomes inoperative and is converted into a regular savings account.
2. Internet banking - Though students bank account also comes with internet banking feature, though banks before enabling the facility, gets parent or guardian’s mandate to issue a login ID and password to the minor for carrying out basic banking transactions. However, not every bank or financial institutions offer online banking facility for fund transfer from minor accounts, though this is only for safety measures.
3. Debit card – Of course, students too have their own daily expenses such as stationary purchase, mobile recharge, etc. thus, some banks issue a complimentary ATM-cum-Debit card, though with a restricted daily usage limit. The card comes with SMS alert feature to keep a track of your child’s spending. Usually, banks restrict a daily limit for maximum up to Rs. 1000 to 2500, while in some cases, the maximum limit might be capped to Rs.5000, subject to parents and/or guardian’s consent.
4. Minimum balance criteria – Well, student bank account with zero balance doesn’t come with the minimum average balance criteria and thus, there are no penalties or charges involved for not maintaining the account balance.
5. KYC documents – In case a minor is below 10 years of age, date of birth proof of the minor and parent/guardian’s KYC documents are submitted. In case a minor is below 10 years of age, date of birth proof of the minor and parent/guardian’s KYC documents are submitted. 

Key reasons why zero balance saving account is a great financial tool

Well, for many savings account is probably the first interaction with the banking services. Almost everyone Indian, especially above 18 years of age, have a saving account in banks and/or financial institutions. This type of banking keeps your hard-earned funds safe and secured. Thus, you can rest assure that your funds are in safe hands, while earning good interest on the maintained bank balance.

With fastest growing digitization, people are heading more and more towards digital banking, but still, zero balance saving account hasn’t lost its preference and popularity. This is because a savings account comes packed with numerous benefits and additional privileges.

Benefits of zero balance savings account:

1. Asset protection – Money is the biggest asset of anyone’s life and is frequently required to fulfil needs and desires. Therefore, it makes sense to keep the funds safe and secured, instead of investing in some risk-worthy schemes. Compared to the investment schemes, savings account guarantees assured returns without any risk involvement in case of some unforeseen circumstances. 
2. Creates emergency corpus – No matter how well you plan your finances, unforeseen emergencies can popup any time, such as medical emergency, leaving you in a spiral of financial stress. Therefore, savings account acts as a quick financial solution to any unexpected monetary crisis. The flexibility of bank account makes you withdraw the funds if and when required. Hence, you can get your unexpected expenses covered while staying away from unwanted debts.
3. Complimentary debit card – Zero balance saving account is a host of several benefits and one such is complimentary debit card. A debit card allows quick access to funds via ATM withdrawal or online banking. In addition, the card can be upgraded to international debit card for overseas purchases and international transactions.
4. Hassle-free banking – The days are gone long back when banking was considered a hectic and daunting task, but, not any more. Today, operating a bank account is so easy and hassle-free that even a young kid can do it. No need to pay multiple visits to the bank. Just log in to https://savingaccount.in for an unmatched banking experience.
5. Saving habit – Of course, money is required at every stage of life and to keep day-to-day life perfectly balanced. Therefore, zero balance bank account is a perfect tool to promote saving habits among the individuals and passing the same habit to the young ones as well. 
6. Easy loan availability – In this inflation era, most of modern professionals own a loan or credit card for better financial management. So, if you have a bank account, it becomes super easy to get the loan. In addition, the repayment process too becomes hassle-free and convenient with auto-debit option. 

Hence, you’ve got a lot to do with a zero balance savings account.