8 Best Banks in India for Students

Banks are also expanding their reach and offering savings accounts or simply zero balance accounts. Considering the best banks in India, customers tend to be a little more towards the private sector than the public sector because of the good customer satisfaction and the deals they make. 

Best Banks in India for Students
Best Banks in India for Students

Here we look at some of the best banks for students. Almost every bank offers various deals that will appeal to the students.

Best Banks in India for Students

1. Housing Development Finance Corporation Bank (HDFC) 

HDFC Bank has been ranked as India's number one bank in the world's best bank report. One of the oldest banks introduced in 1994 always focuses on customer satisfaction. HDFC Bank is headquartered in Mumbai. In the current scenario, thousands of permanent employees are working with this bank for years. 

With more than 11000+ ATMs and 3500+ branches, this bank is having the edge over other competitors in the market. This bank offers quality services and also provides various kinds of loans at unbelievable interest rates. HDFC always gives a tough competition to ICICI. 

2. Axis Bank 

Axis is the only bank that offers rewards on account related transactions. Like you can earn reward points for making ECS, standing notice, RD or opening a demat account. When opening a savings account you get additional benefits like free Times Prime membership access, offers on Amazon, Z5, Sugarcane and Uber and cashback. Axis Bank also offers two different sets of savings bank accounts. Easy access and prime with preferences and burgundy with lower account balance requirements and more balance requirements. 

3. State Bank Of India (SBI) 

These account types can be opened by any person but they will have valid KYC documents. There is no limit to the maximum balance in the account. Basic variants Get ATM-cum-Debit Card Withdrawals can be made at a branch or through an ATM.

Accounts are available at all State Bank of India branches SBI serves high-end professionals from lower class individuals. This state-owned bank is making a name for itself in India and abroad. SBI is a trusted name with many investment options. But SBI always lacks customer satisfaction. 

4. ICICI Bank 

ICICI qualifies as one of the best banks for students in India. It also offers additional fees such as free internet banking; However, it is only available to selected institutions, depending on the decision of the bank. The ICICI Bank Campus Account was introduced by ICICI Bank to cater to the needs of the students. 

The eligibility of the student to apply for this account is that he should have studied a pre-approved course and should be in the age group of 18-27 years. The first three transactions from ATMs in metro cities are free. For cities without a metro, the first five are free. However, this is not a zero balance savings account and the minimum balance to be maintained is Rs.500. Failure to maintain the minimum amount will result in a penalty of Rs 100 per month. 

5. Industrial Development Bank of India Bank (IDBI) 

IDBI Bank offers educational loans to students wishing to pursue vocational and technical degree courses, postgraduate courses, diplomas and CPA/CIMA courses. Educational loans include university fees, travel, examination fees, lab fees, library fees, book /equipment fees and other related expenses. Most of the banks for education loans cover all the expenses but not IDBI Bank. 

No security requirement for loans less than lakhs. The bank offers a maximum loan amount of up to Rs 20 lakh. For loans up to Rs 7.5 lakh, the repayment period can be up to 10 years. For loans above Rs 7.5 lakh, it can be extended up to 15 years. IDBI Bank is the best bank for educational loans to provide maximum educational expenses to any applicant. 

6. Kotak Mahindra Bank 

Kotak Mahindra Bank offers junior savings accounts to children. Customers of the Nova variant are required to maintain an average monthly balance of Rs. The bank will issue debit cards to children above 10 years of age, with a limit of Rs. 5000 for daily withdrawals Failure to maintain the account balance will result in a charge of Rs. One and a half to Rs. 300 Account holder must be under 18 years of age. Kotak Junior also comes with a combined offer which includes Junior Savings Account and Guardian Savings Account as well as Recurring Deposit (RD) or Systematic Investment Plan (SIP). 

7. Canara Bank 

Minimum educational loan barrier: INR 20000 (20 thousand) education loan is available Counseling fee education loan for freshers Higher loan amount for domestic / foreign educational loan: INR 3600000 (36 lakhs) Education loan grants under three different government schemes for minorities, socially backward classes (OBC and EBC) and economically weaker sections Short pet time: 1 day educational loan (for special cases) Higher loan period: 7 years for 1.5 lakh educational loan Canara Bank offers educational loans to students to pursue vocational and technical courses, undergraduate and postgraduate courses that promise job opportunities. 

No margin payment is required for loans up to INR 400000 (4 lakhs). 5% margin is required for domestic and 15% for foreign education and this is not required for students like IIT/IIM/ISB etc. The repayment period is 10 to 15 years depending on the loan amount. It is the best bank for education loans in terms of subsidies on interest and low loan barriers. 

8. Bank Of India (BOI) 

Bank of India is one of the best nationalized banks. BOI is a commercial bank established in 1906. The bank has been headquartered in Mumbai for many years. BOI's online banking is like a cakewalk. Bank of India (BOI) has more than 5000 branches across the country. BOI caters to all the needs of the Indian community. The above list includes the best banks in India. As a result, you can choose your bank and open an account as soon as you need.

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