Why Every Student Must Have A Bank Account

This article will speak about benefits of having a bank account for management students. These bank accounts can be easily opened and operated by management students all over India.

By opening a student’s account with any bank in India, you can gain following benefits:

Free Setup: Many private and public sector banks are offering maintenance free bank accounts for management students. This means you won’t have to maintain any minimum balance. The opening of a new account is absolutely free provided you are referred by an existing bank account holder and have a valid identity proof. If you want to gain the benefits of having a student account check out HDFC Bank, ICICI Bank, and SBI.

Easy Operations: Student accounts are easy to operate as they get free debit card, internet banking, and phone banking facilities. this allows the students to make payments in an easy manner. Your parents can also deposit money from any branches across the country. Some banks offering easy operations for students are PNB, Axis Bank, Indian Bank.

Loan Facilities: Many banks facilitate educational loans to their account holders. So if you have dreams of pursuing higher education and money is bothering you, then this is the right reason to have a student savings account. The procedures are much easy for existing account holders. If you want to raise a loan to make your dreams come true then check out Bank Bazaar for best options.

Cashless Transactions: By having a bank account students need not carry cash with them and take the pain of safeguarding liquid cash. The debit cards offered by banks like IndusInd Bank, Bank of Baroda and Kotak Mahindra Bank come handy to make any payments. Students can also pay their fee online or through cheques thereby avoiding long queue in the administration department of their college.

Avail Scholarships: Indian Government provides scholarships to deserving students. Many students fail to avail it as they don’t have a bank account. Having a student account in banks like IDBI Bank and Federal Bank helps the easy transfer of scholarship amount that can be used by students to pursue their studies smoothly.

Avail Discounts: Many banks provide discounts on transacting through their debit cards. Students can save some cash by availing such offers. Having a student account with debit cards allow you so much. You can also collect and redeem shopping points on something really useful.

Freebies: Most bank accounts are now offering freebies like insurance on the card holder. Some debit/credit cards like ICICI Bank’s Coral Credit Card also offer discounts on petrol filled on your two-wheelers. All this comes absolutely free of cost to the student account holders.

Learn to Save: Having a bank account inculcates the habit of savings in students. Students become more responsible in their spending habits and tend to save more if they have a bank account.

Earn Some Interest: While you concentrate on your studies your money is making more money by earning some good interest on its deposit.

Convert it to Saving Account: When you are done with your studies and placed in a well known multinational convert this student account to a savings account. This way you will save the time and efforts required to open a new bank account. By that time you will also have a good personal relationship with your banker which will ease your future requirements for investments, home loans, and vehicle loans.

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