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.