5 facilities only for students in banks
Facilities like saving account, scholarship, cards, loans which are designed only for students.
5 facilities for students: It is always exciting for a student to start banking. Generally it starts with opening of saving account which is nowadays demanded by almost every school at the time of admission. Else it is an education loan which directs a student to go to banks and start banking. There are several other benefits in the banking system which are only available for students and many of the students are not aware of them. I have tried to cover those benefits in this article. In this article we will read about 5 facilities for students available at banks.
1. Dedicated saving accounts for students
Every bank is providing a facility to open a special saving account only for students which has many features. Rather than opening a general saving account or zero balance maintenance account, students can open this type pf account which can help them in several ways, mentioned below –
- Free account opening without maintaining any minimum balance
- Digital Banking Transactions like UPI, mobile banking, net banking and other digital facilities
- Interest-Free Provisions for Loans – Some of the banks are providing this facility. If you have opened a student account in the early days, banks may provide you interest free loans on the basis of that account.
- Assist to get Educational Grants – Banks have provision to help you in getting educational grants which the Government of India offers for the needy and meritorious students.
- Free Rewards and Perks – Banks from time to time launch free rewards and other perks like extra interest on saving, reward points on shopping with student debit card, accidental insurance cover complimentary, insurance for laptop and many others.
- Free Debits card: One has to pay annual maintenance charges when they use a bank card, while for students it is issued for free in many banks.
- Acquire Interest – attractive interest rates paid by the bank on the money deposited by the scholars on this particular account.
However there are some restrictions on transactions and withdrawal limits in student accounts. But the best part is, students can always have the facility to convert the account to a normal account.
2. Education loans
Only students can avail Education loan which is the only such loan scheme. It is provided by almost every bank but many public sector banks are leading in this category. If you have a student bank account, this may help you in getting education loans easily. click here to read more about this.
3. Relaxation in charges
For students, banks have schemes in which students can get several banking facilities for free of cost or with less charges like free debit card, free student travelling card, free saving account, less processing fee on loans, less interest rates on loans and many other.
4. Scholarship Schemes
The Government of India and every bank under social responsibility issue various scholarships to the needy and meritorious students. Some of them are
- Kishore Vaigyanik Protsahan Yojana (KVPY)
- HDFC Educational Crisis Scholarship Scheme.
- Foundation for Academic Excellence and Access (FAEA)
- Aditya Birla Scholarship.
- AICTE Pragati Scholarship for Girls.
- AMP Higher Education Scholarship Fund.
- AICTE-Saksham Scholarship Scheme
- SHDF Scholarships.
You can go to the link https://opportunities.rbi.org.in/Scripts/Scholarships.aspx and check for various scholarships provided by RBI.
You can click on the link to know about scholarships scheme of the Government of India https://scholarships.gov.in/
5. Student credit/ Debit card –
Student Debit cards, credit cards, forex cards, and travel cards are options you should definitely explore. These options will help you manage expenses. In addition to having a debit card, a student credit card can be immensely beneficial if you stick to a budget and pay off your dues on time. Generally debit cards for students are provided for free while credit cards attract an annual fee. If you have availed an education loan abroad, then it is advised to opt for travel cards which are provided by the bank for free.
To conclude, it can be stated that there are many facilities and advantages of student banking with flexible opening approaches, digitized transactions, and interest-free loans to scholarships, free perks and discounts, and easy convertibility. However, the ultimate decision of choice depends on the difference between normal & student bank account, and optimal fiscal benefits and contentment level that one reaps in the minds of students and their guardians.
Some important links
- https://www.education.gov.in/
- https://scholarships.gov.in/
- https://opportunities.rbi.org.in/Scripts/Scholarships.aspx
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