Best Savings Account for Students in India in 2026: A Comprehensive List

A savings account is a simple, liquid, and secure way to keep your money on hand. It can assist you in achieving your financial objectives, such as saving for retirement, a new automobile, or a down payment on a home. Instead of keeping your money on hand, where it could be lost or stolen, a savings bank account provides a secure place to save it. Nowadays, students need budgeting tips and manage their budgets most productively and efficiently. Moreover, you can also earn interest on savings from your bank accounts. However, the interest rate depends on the funds in your bank account and the number of days the amount is in the account. 

The earlier the investment, the better the savings. On their educational journey, students need to adopt financial saving habits and learn tips on saving money and avoiding student debts. In this blog, we will cover some best savings accounts for students and other meaningful information for your easy reference.

Must Read: Instant Loans to Study Abroad for Students

List of Best Savings Accounts for Students 

Some of the best savings accounts for students in India are:

IndusInd Bank 

The Indus Delite Savings Account and the Indus Exclusive Savings Account are only two of the many specialised savings accounts offered by IndusInd Bank. On both accounts, these wonderful savings and deals are available. One of the latter’s main traits is a dedicated relationship manager.

Interest Rate

4.00% – 6.00% per annum

RBL Bank Savings Account

One of the top private banks in India, RBL Bank offers a variety of financial services, with their savings account being one of the most well-liked. You can open a basic savings account even with no money in it and receive higher interest rates ranging from 4.50% to 6.25%. However, the interest rates will fluctuate based on your account’s balance. Look at the table below where we have highlighted key information about it to understand why this would be the ideal savings account for you.

Interest Rate

4.50% – 6.25% per annum

HDFC Bank

HDFC Bank provides comprehensive banking solutions to meet the demands of its customers. An HDFC savings account has several unique advantages, including free debit cards, mobile banking, and other services that aren’t common. Another excellent bank for savings accounts is this one. This banking organisation also provides special savings accounts for women and senior citizens. Each of the savings accounts HDFC offers has a special set of features and advantages that are easily and quickly accessed.

Interest Rate

3.00%-3.50% per annum

State Bank of India’s Pehli Udaan and Pehla Kadam

State Bank of India offers savings accounts for students to inculcate the habit of savings in them. The account can be opened with a zero minimum balance requirement, making it easier to maintain for students and ensuring that money grows over a certain period of time. The account can be opened for any age with the consent of the guardian, and students 10 years or above can have an account of their own. Students are offered a card with a photo imprinted on it with a limit of INR 5000 for daily withdrawal. The interest rate applicable to savings accounts is on a daily basis. It also offers benefits like educational loans and special discounts to the students. 

ICICI Student Savings Account

ICICI Bank provides one of the best savings accounts for students studying outside India only so that they can manage their savings without any barriers. The students can deposit money in a currency, but the bank will maintain it in Rupees only. It delivers perks such as personalised debit cards, mobile banking, and Internet banking services. The minimum required amount that needs to be maintained is INR 5000 with multiple transactions from any ATM across India. The interest received is non-taxable, and a charge of INR 250 is charged if the balance is below the maintained level.

Kotak Mahindra Bank’s Junior Savings Account

Kotak Mahindra Bank is one of the leading private banks in India, offering a wide variety of services. It allows savings accounts for majors as well as minors. The debit card allotted to children above 10 years is independent of their guardian and has a limit of INR 5000 for daily withdrawal, and is not a zero balance account. Non-maintenance of the savings account can result in a charge from INR 150 to INR 300, depending on the balance. Kotak Mahindra Bank also offers Recurring Deposits and Systematic Investment Plan. 

Karur Vysya Bank 

The Karur Vysya Bank allows students to open their savings accounts, enabling them to enjoy the benefits offered by the bank up to the age of 29. For students above the age of 18, the facility of checking books is also provided. Students who are below the age of 12 will need to open an account jointly with their parents/guardians. There is no charge for maintenance in the first year, but from the second year, a charge of INR 70 will be charged for maintenance. The transaction limit is up to INR 10,000 monthly; charges will be added if the amount of the transaction exceeds the limit. 

Also Read: How To Open An International Bank Account? Check The Process Here!

How to Open a Saving Account? Student Guide

If you want to apply for the best savings account for students, you need to follow the following steps 

• Evaluate your choices, and choose which bank is best for you
• Visit the Bank Branch for an easy and smooth process 
• Collect all the necessary paperwork/ documents. 
• Select a combined or solitary account.
• Fill out the application form, including all the required documents and necessary details 
• Activate online banking

Documents Required for Saving Account in India

For the best savings account for students, you need to required to follow the checklist of documents 

• Voter ID cards provided under the National Rural Employment Guarantee Act (NREGA)
• Certified by a State Government Officer
• Address proof/ ID Proof 
• Passport
• Driver’s licence from the regional transport authority
• PAN Card 
• Letters from the national population register are all acceptable forms of identification.

Also Read: Types of Bank Accounts in India for International Students

Steps for Selecting Best Bank Account for a Student.

Additional pointers for starting a best savings account for students  are provided below:

• Compare Interest Rate: The interest rates on savings accounts differ from one another. To achieve the highest return on your investment, it is crucial to check rates before opening an account.

• Think about costs: Monthly maintenance costs apply to some savings accounts. Before you open an account, make sure you are aware of the fees involved.

• Features: Some savings accounts come with extras like online banking or free ATM withdrawals. Although they are not necessary, some characteristics can be useful.

• Balance Requirement: There may be a minimum balance requirement for some savings accounts. You can be assessed a fee if your balance falls below the minimum required.

• Read the rules and guidelines:  Be sure to thoroughly read the terms and conditions before opening an account. This will make it easier for you to comprehend your obligations and rights as an account holder.

Important Considerations While Choosing a Student Bank Account 

Before starting the process to open a savings account as a student, you must understand that you need to take into account some important things to make this financial decision. Here are some of the crucial aspects to look for in a student bank account in 2026: 

• No charges for overdraft: There are many student bank accounts that offer a credit card that is free from any charge, and can become a vital financial decision in terms of contingencies.  
• No low maintenance: You must make sure that the bank account for you does not levy any monthly charges for no balance or a requirement for any maintenance fee. 
• Easy to use mobile banking: The chosen bank should offer students access to an easy-to-use mobile banking option. This is handy for them. 
• Discount coupons: You can also look for accounts that come with a lot of discounts, freebies, and cashback options. 
• Access to ATM: Choose a bank that also provides ATM access to students.

Must Read: SBI Zero Balance Account: Features, Account Opening

Advantages of Savings Accounts for Students

Many banks offer special student accounts with features like:

• Higher interest rates: This helps your money grow faster.
• No monthly maintenance fees: This saves you money on bank charges.
• Discounts on other banking products and services: This can save you money on things like ATM fees and overdraft protection.
• Rewards programs: These programs can offer you cashback or other rewards for using your debit card.

Why Savings Accounts for Students?

The first and most important step to begin the journey of savings is to open a savings account and create a safe space for storage. In India, several banks offer savings accounts for students for their future needs. Many banks also offer zero minimum balance requirements, which can be highly advantageous to students. 

Also Read: Education Loan for Diploma Course in India

Importance of Saving Accounts for Students in School

A savings account can benefit students in various ways 

• Students will learn about financial management and gain knowledge about the banking system and financial education.
• While the interest rates on savings accounts may not be high, they still offer a return on your money, which is better than keeping it under your mattress.
• Savings accounts make the students disciplined regarding their regular savings long term. This keeps the students secure in case of future financial emergencies. 
• Savings accounts provide a safe and secure place for students to store their money and reduce the risk of loss and theft.
• Apart from regular savings, students also gain additional perks such as interest in savings, discounts, and cashback offers which add value to their money. 
• Opening savings accounts creates a solid financial base for students at an early age.

 Also Read: Pehla Kadam and Pehli Udaan

Eligibility for Opening a Savings Account 

To be eligible to open a savings account as a student, one must be: 

• 18 years or above to open the account independently. In the case of minors, joint accounts can be created with the consent of their parents.
• Students must be enrolled in a recognized educational institute and should provide proof of the same.
• Necessary documents such as Aadhar Card, Address Proof etc will be required.

Tips to Manage Money Effectively in a Bank Account for Students

Now, let us check some of the tips and tricks for students to make efficient financial decisions. This helps them to manage their money effectively, along with saving it for future use.

• Always create a weekly or monthly financial budget to track your income and expenses. Make sure not to spend more than your defined money.
• If you want to withdraw money from an ATM, look for your bank’s partnered ATMs to avoid unnecessary charges. 
• Make sure that if you are using an option of overdraft option, it is used wisely and only at the time of emergencies. Also, try to pay it back as soon as possible. 
• Try to save money in your daily routine.

Conclusion

There are many bank account options available in India for students in 2026 to choose from. However, it is crucial for students to weigh the pros and cons of each bank account and then make a financial decision about selecting the financial institution. A wise decision on choosing a bank account can help students manage as well as save their money throughout their school years. You can go for popular banks such as State Bank of India, or you can prefer a new emerging digital option such as  Kotak 811.

Also Read: Which is the Fastest Education Loan in India?

FAQs 

Related Reads: 

What is the Role of Bank PO?	Types of accounts in India by non-residents
MBA in Banking and Finance	How to Become a Bank Manager?
Forex cards	Which is the Fastest Education Loan in India?
Education Loan for Diploma Course in India	How to Apply for an Education Loan from Canara Bank to Study Abroad

This was all about the best saving account banks for students in India. Hope this blog helps you with some recommendations of student saving accounts. For more information, keep following Leverage Edu.