Best answer: What is the minimum balance for student account?

You need to maintain a monthly average balance of INR 5,000/- at account level or INR 5,000 at Customer ID level. If you are unable to maintain this minimum Monthly average balance at account level, Monthly service charges as mentioned below will be levied. Click here for the complete list of other service charges.

Is minimum balance required for student account?

It is a zero balance account, which means that no minimum balance is required. Free ATM withdrawals with a debit card provided by the bank. Free multicity chequebooks.

How much money can we deposit in student account?

This limit is Rs 50 lakh and more in case of current accounts.

Which bank is best for student account?

5 Best Student Savings Accounts

  • ICICI Students Savings Account.
  • Kotak Mahindra Bank’s Junior Savings Account.
  • PNB Vidyarthi Savings Account.
  • Karur Vysya Bank.
  • SBI’s Pehli Udaan and Pehla Kadam.
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Which bank has zero balance account for students?

SBI, too offers a zero balance account, which is designed to nurture the needs of students. To open an SBI students account, students need basic KYC documents like an aadhaar card, a photograph, etc. A free debit card is issued to the account holder. SBI allows four cash withdrawals from other banks’ ATMs.

What is the minimum balance for student account in SBI?

Benefits of opening an SBI Student Bank Account

Minimum Balance limit is Rs 500. In some case, it will be a Zero Balance Account. No need for submitting formal address proof as the student can provide hostel address for a point of communication. No need for submitting a PAN Card.

What is a student account?

There is nothing complicated about a student bank account. It is simply a current account designed to be used by people enrolled in higher education. You can pay money in or have any income you get paid into it, and then use the account to pay your bills or withdraw funds.

Can I deposit 1 lakh cash in my account?

All you need to do is carry the cash to the branch and fill out a deposit slip. But remember that you cannot exceed a limit when doing this. The cash deposit limit on savings accounts is ₹1 lakh. Depositing more than ₹1 lakh in a savings account may attract the attention of the IT department.

Can I deposit 3 lakh to a savings account without having a PAN card?

Till now, the limit for cash deposit without PAN was Rs 50,000 per transaction. A lot of people were depositing less than Rs 50,000 per day to escape the PAN provision. But a circular issued on Tuesday says deposits made between 9 Nov and 30 Dec 2016 will require a PAN if the combined sum exceeds Rs 2.5 lakh.

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Can I deposit 4 lakh cash in my account?

Cash deposits in bank accounts: CBDT has made it mandatory for a bank or a cooperative bank to report cash deposits aggregating to Rs 10 lakh or more during a financial year, in one or more accounts (other than a current account and time deposit) of a person.

How can a student open a bank account?

To open a student bank account, your age should be 12 years or more.

  1. Visit the bank branch.
  2. Fill up the application form.
  3. Submit the form with ID proof, address details, and passport size photographs.

Can I get ATM card before 18 in SBI?

SBI Pehla Kadam and Pehli Udaan Photo ATM Cards (For Minors only) Pehla Kadam Card is available to all minors with a joint account with the parent and guardian.

Which debit card is best for students?

Here’s a list of 5 best debit cards for students in India.

  • #1. Youth Debit Card offered by Axis Bank.
  • #2. HDFC Bank’s DigiSave Account Debit Card.
  • #3. IDBI Bank’s Being Me Debit Card.
  • #4. State Bank of India’s Pehli Udaan Debit Card.
  • #5. This debit card is another good option for students.

Can a 17 year old get a debit card in India?

# You should be 18 years and above. # In the case of minors, the parents or legal guardian of the minor can open the account on their behalf.

Which bank has lowest minimum balance?

8 Best Zero Balance Savings Account In India

  1. IDFC First Bank Pratham Savings Account. …
  2. YES Bank Smart Salary Advantage. …
  3. IndusInd Bank-Indus Online Savings Account. …
  4. DBS-DigiSavings. …
  5. Kotak Mahindra Bank-811 Digital Bank Account. …
  6. HDFC Bank – Basic Savings Bank Deposit Account. …
  7. SBI – Basic Savings Bank Deposit Account.
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Which bank is best for students under 18?

Best Savings Accounts for Minors

  • 2.1 SBI Savings Account for Minors.
  • 2.2 HDFC Bank Kids Advantage Account.
  • 2.3 ICICI Bank Young Stars Account: Savings Account for Minors.
  • 2.4 Bank of Baroda Kids Bank Account.
  • 2.5 Axis Bank Future Stars Savings Account.
  • 2.6 PNB Junior Savings Fund Account.
  • 2.7 Kotak Mahindra My Junior Account.