Best Bank in India for Students with Zero Balance Account

Best Bank in India for Students without minimum balance requirements. Best Bank account in India with Free ATM facility, UPI, Net Banking with IMPS, NEFT and RTGS.

Students can open their accounts either by visiting the nearest local branch or by visiting the online banking portal. Savings bank account for students with an interest of 3.00% – 6.00% p.a. on deposit.

Students can use this savings account for getting scholarships from Government or Non-Government schemes.

You can also read Best Demat Account India

Features of Zero Balance Savings Account

  • Instant account opening with AADHAAR
  • Account opening charges are Zero
  • No ATM/Debit card charges
  • Free Internet Banking
  • No minimum balance required
  • Free Passbook
  • Unlimited Deposit

These are the features available on most of the zero balance savings accounts in India. We will give you a list of Best Bank in India for Students.

List of Best Bank in India for Students

Best bank in India for Students

1. HDFC Bank

HDFC Bank Ltd. is an Indian banking and financial services company headquartered in Mumbai, Maharashtra. It has a base of 104154 permanent employees as of 30 June 2019. HDFC Bank is India’s largest private sector lender by assets. It is the largest bank in India by market capitalization as of March 2020. – Wikipedia

HDFC Bank offers a basic savings bank account for students who do not have an account with the bank already. Some of the features of this account are mentioned below:

  • IVR based phone banking
  • Free RuPay debit card
  • Fund transfers through UPI, IMPS, NEFT and RTGS
  • Four free cash withdrawals at other bank ATMs

2. ICICI Bank

ICICI Bank Limited is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra with its registered office in Vadodara, Gujarat. As of 2018, ICICI Bank is the second-largest bank in India in terms of assets and market capitalization. – Wikipedia

Students who do not have an account with ICICI can open zero balance savings account with minimum documentation. Some features and benefits of this account are:

  • Free cheque facility
  • Internet banking and Mobile banking
  • Free cash deposits
  • Four free cash withdrawals at other bank ATMs

3. Axis Bank

Axis Bank is the third-largest Indian bank offering a wide assortment of financial products. The bank has its head office in Mumbai, Maharashtra. It has 4,050 branches, 11,801 ATMs and 4,917 cash recyclers spread across the country as of 31 March 2019 and nine international offices. – Wikipedia

Axis Bank also offers zero balance savings accounts for students which can only be opened by first-time Axis Bank customers. Some features of this scheme are:

  • Free RuPay debit card
  • Cash deposit limit up to Rs.10,000
  • Four free transactions at other bank’s ATMs every month

4. State Bank of India

The State Bank of India is an Indian multinational, public sector banking and financial services statutory body. It is a government corporation statutory body headquartered in Mumbai, Maharashtra. SBI is ranked 236th in the Fortune Global 500 list of the world’s biggest corporations of 2019. – Wikipedia

State bank of India offers students a zero balance savings account which has no limit on cash deposits. Some features of the account are mentioned below:

  • Basic KYC documents required
  • Free debit card
  • Free cash withdrawals from SBI ATMs
  • Four free cash withdrawals from other bank ATMs

5. IDFC BANK

IDFC First Bank is an Indian banking company with headquarters in Mumbai that forms part of IDFC, an integrated infrastructure finance company. The bank started operations on 1 October 2015. IDFC received a universal banking license from the Reserve Bank of India in July 2015. – Wikipedia

IDFC Bank offers zero balance savings account for students called Pratham Savings account. Customers can easily apply for this account by uploading their Aadhaar card and PAN card on the bank’s page. Some important features of this account are:

  • Free debit card
  • Internet banking and mobile banking
  • Free cheque book facility

6. RBL Bank

RBL Bank, formerly known as Ratnakar Bank, is an Indian private sector bank headquartered in Mumbai and founded in 1943. – Wikipedia

RBL Bank also offers small savings account for students called Abacus Digital Savings Account. It can be opened online by providing the customer’s Aadhaar card and PAN card (if not available fill up FORM 60) on the bank’s online portal. Some features of this account are:

  • Free debit card
  • Customers can invest in fixed deposits
  • Maximum of Rs.1 lakh can be deposited in this account
  • Customers have to submit signatures after a year to continue using the account

7. Kotak Mahindra Bank

Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, the Reserve Bank of India issued a license to Kotak Mahindra Finance Ltd., the group’s flagship company. – Wikipedia

All Indian citizens above 18 years of age can open a Kotak Mahindra zero balance savings account. The Zero Balance Savings account 811 can be opened online in just 5 minutes. Here are some of its features:

  • Fund transfers through NEFT and RTGS
  • Free virtual debit cards
  • Scan and pay option
  • Mobile banking

8. United Bank of India

United Bank of India is an Indian government-owned bank headquartered in Kolkata, India. Presently the bank has a three-tier organizational setup consisting of its head office in Kolkata, 36 regional offices and 2054 branches spread all over India. However, its major presence is in Eastern India. – Wikipedia

UBI also provides a basic savings account for students. Some of the features of this account are mentioned below:

  • Free Rupay debit card
  • Mobile banking and Net banking
  • Free ATM money withdrawals at UBI ATM
  • Four Free ATM money withdrawals at other ATM

Latest Interest Rate for Zero Balance Savings Account

Bank nameName of zero-balance savings accountRate of Interest
HDFC Bank Basic Savings Bank Deposit Account 3.50% to 4%
ICICI Bank Basic Savings Account 3.50% to 4%
Axis Bank Basic Savings Account 3.50% to 4%
State Bank of India Basic Savings Bank Deposit Account 3% to 3.25%
IDFC BankPratham–savings account (BSBDA)6% to 7%
RBL BankDigital Savings Account5% to 6.75%
Kotak Mahindra Bank8114% to 6%
United Bank of IndiaBasic Savings Account3.50% to 4%

Conclusion

These are the best bank in India for Students. There are also some other banks available in India that provide good service but they are not suitable for students.

Which Bank account you are using or willing to use? Please write down in the comment box below.

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