As a student, student bank accounts can be opened and maintained, regardless of whether you are a minor or not. If the student bank accounts holder is a minor then a guardian is required. There are different types of student bank accounts in India. Among the various types of student bank accounts, one has to choose wisely the type of account that suits ones needs. It is better to choose a tech savvy bank offering state of the art facilities for student bank accounts such as free net banking and other added facilities like free ATM/Debit card services etc.
For choosing from the various student bank accounts, one should take into account the totality of the bank’s services, the accounts and finally, the fees. Different banks have different student bank accounts with different features and different fees. When compared, it may be notices that the overdraft fees of some banks for student bank accounts may be lower while some may be high. Some of the student bank accounts account even waives all the fees if a minimum balance is maintained.
Some banks follow the rule of charging no fee for each transaction; rather have a monthly fee charged on the account. Some banks have a wide coverage of their ATM facility and charge nothing for using this facility whereas some banks do charge for ATMs. Finally, before a choice is made, study the performance of the bank and then only chose it. A few years back, ICICI offered holders of student bank accounts with “Bank@campus” facility which was a technology enables service that allowed the account holder to get the bank account details to his or her computer.
There was no need for a personal visit to the bank if this facility is activated. To add to this, the account holder also got entitled to the benefits like free personalized cheque book, free phone banking, free transfer of funds into his or her account from any other ICICI bank account and a free supplementary credit card. The holder also got the details of the annual statement of accounts in his or her computer. Although CICI discontinued this service, student who held this account prior to 2008 still continue to enjoy the benefits of this facility. There are other banks in India who nowadays offer great services to students holding bank accounts.