Let's take a look at the 5 best savings accounts for students in 2023.
These days students are leaving the country to study abroad en masse. This ICICI student savings account is catered toward the needs of students studying abroad. The minimum balance required for this account is ₹5,000 and although money can be deposited in any currency, it will be stored on the account in the form of INR. The account offers interest rates varying from 3.50% to 4.00% depending on how much money is in the account.
The Kotak Mahindra Junior Savings Account is aimed towards children/teenagers below the age of 18 years. There are two variants in this account, a zero balance variant and a Nova variant that requires a minimum balance of ₹5,000. In this account, debit card will only be issued to those account holders who are above 10 years of age. The savings interest rate of 3.50% to 4.00% will be applicable depending on the account balance.
Minors above the age of 10 years are eligible to open the PNB Junior SF Savings account and operate it independently. Moreover, there are no minimum balance requirements on this account. Students can use their debit card linked to the account to withdraw or use a maximum of up to ₹5,000 daily. Once the account holder turns 18 years, the student account would automatically be converted to a general savings account.
The SBI Pehla Kadam and Pehli Udaan are savings bank account schemes geared for use by minors. The accounts offer attractive interest rates and useful features. The Pehla Kadam account can be opened for a child of any age, with consent of a guardian. On the other hand, Pehli Udaan can only be opened by kids abvoe the age of 10 and can also be independently operated by them. Both accounts have a maximum balance of ₹10,00,000 and a daily withdrawal/POS limit of ₹5,000.
The HDFC Bank's Digi Save Youth Account is an account geared towards use by students and youngsters between the ages of 18 to 25. While account holders in urban locations need to maintain a minimum balance of ₹5,000, those in rural or semi-rural locations need to have a minimum balance of ₹2,500. The debit card has a shopping limit of ₹3.5 lakh and withdrawal limit of ₹50,000 each day. There are many attractive discounts and offers that account holders can avail such as cashback, online offers, etc.