List of Best Savings Account for Students in India 2023

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. Another crucial thing to keep in mind is that the Deposit Insurance and Credit Guarantee Corporation insures each account for up to Rs. 1 lakh. Comparison of interest rates and other features of the various options is vital to determine which Savings Account in India is the best. Read this article to know more about the best savings account for students, the process of opening a bank account in India and more.

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

About Savings Account

A savings account is a type of bank account where interest is paid on deposits. You can accomplish your financial objectives and store your money in this handy and safe way. When people want to save some of their money, they choose a savings account as their preferred deposit account. You can deposit money into this type of bank account, earn interest on it, and withdraw the money whenever you like. It provides the security of liquid funds.

Must Read: Types of Education Loans for Indian Students 

Benefits of Saving Account 

The advantages of having the best savings account for students. Some of the most significant ones are listed below:

• Safety: Your funds are FDIC guaranteed up to $250,000, so even if the bank fails, you can rest assured that they are secure.

• Liquidity: Using ATMs, online banking, or mobile banking, you may easily access your money. This enables you to have access to your money whenever you need it while also preventing the temptation to spend it all at once.

• Interest: Earning interest on your money can contribute to its long-term growth. Savings account interest rates are normally low, but they are still better than nothing.

• Convenience: You can manage your savings account from anywhere thanks to the several banks that offer online and mobile banking services. You can save money without even realising it if you set up automatic transfers from your checking account to your savings account.

• Tax advantages: In some circumstances, you might be able to write off the interest you earn on your savings account.

Top Banks for a Savings Account 

There is a long list of Bank that help you to provide the best savings account for students, here are the few, mentioned below 

Kotak Mahindra Bank 

One of the greatest online savings accounts is the Kotak Mahindra Savings Bank account, often known as the Kotak Mahindra 811 Savings Bank account. No minimum balance is necessary to open an account. Your savings account balance’s interest rate is also effective. 

Interest Rate

3.50% – 4.00% per annum

State Bank of India (SBI)

The biggest bank in India, State Bank of India (SBI), offers its clients a comprehensive selection of financial products. One of the well-known products where people can deposit their money safely is the SBI Savings Account. The annual interest rate offered by the SBI Savings Account is 2.70%. You can glance at the table below for all the available features.

Interest Rate

2.70% 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

DBS Bank 

DBS Bank savings account can also be a good alternative if you’re trying to decide which savings account is ideal for you. Do you know that opening a DBS Digi Savings Account doesn’t even require you to leave your house? Simply download the Digibank Mobile Application to your smartphone and enter the necessary information. You also receive welcome advantages when opening a savings account, such as INR 150 cashback on adding INR 10,000 to your savings account or INR 3,000 in debit card purchases, with interest rates ranging from 3.25% to 3.75% per year.

Interest Rate

3.25% – 3.75% 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

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

Must Read: 5 Things to Keep in Mind to Apply for an Education Loan

Tips to Choose Best Bank for Savings Account 

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.

How to Open a Saving Account?

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 Brach for the 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 the best savings account for students you need to required to follow the checklist of the below-mentioned 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.

Must Read: What Do You Need To Open A Bank Account? The Complete Guide!

FAQs 

Here is all about the List of Best savings accounts for students in India 2023. If you have questions related to finance or bank account, you can reach out to Fly. Finance and get all your money-related problems solved.