Today, the banks in India offer a wide variety of services for all its customers. Gone are the days wherein only individuals who are employed had the privilege to open an account in a bank. The changing times has bought in an array of changes the way the banking sector operates paving way for the introduction of new products and services. One such service which most of the prominent banks in India offer for students is the Student Account.
A Student Account is a bank account opened exclusively for individuals who are Indian citizens and are studying abroad. To help them to conduct the financial transactions at ease when they are away from home, the Student Account has been introduced.
Let's understand in detail as to How to Open an SBI Student Account?
The country's prominent lending and one of the most trustworthy banks - State Bank of India is offering SBI Student Bank Account to its customers. The bank has a wide range of networks spread across the length and breadth of the country. It even has its presence in the remote part of the country which has a meagre population.
How to Apply for an SBI Student Bank Account?
The SBI Student Bank Account can be applied either by offline or via online or with the help of your college.
How to Apply for SBI Student Bank Account via SBI Branch?
The following are the steps one has to follow to open an SBI Student Bank Account through offline or by visiting the nearest SBI Branch.
- First, visit the nearest SBI Branch near your location.
- Get in touch with the bank representative and inform them about opening an SBI Student Bank Account.
- Procure the form for opening the account and duly fill in the form with all the required information as mentioned in it.
- Now attest all the supporting documents along with your recent passport-sized photographs.
- Submit the filled form along with documents to the concerned bank officials.
Note: Students can fill in their college room address as a temporary address.
Post verification, the application will be approved and you will receive a welcome kit, containing a Cheque Book and ATM Card.
How to Open an SBI Student Bank Account through Online?
Follow the below-mentioned steps to open an SBI Student Bank Account through Online:
- First, visit the official web portal of SBI.
- Now fill in the bank account opening form via online.
- Proceed further and take a print out of the filled-in application form.
- Now submit recent passport size photographs, identity proof, photocopy of college identification card, passport, relevant supporting documents.
- Proceed further and submit the filled-in application form along with the documents to the nearest SBI Branch.
- The branch authorities will go through your application form and post verification, your SBI Student Bank Account will be opened within some days.
- After this, you will receive a Welcome Kit containing Cheque Book and ATM Card.
How to Open an SBI Student Bank Account through your College?
The following are the steps involved in the opening of an SBI Student Bank Account through College:
- If the college wherein you have enrolled is a client of the State Bank of India, then it is simple to open the Student Bank Account.
- First, collect the application form and duly fill it.
- Attach the relevant supporting documents along with passport-sized photographs.
- Proceed further and submit the form to the concerned authorities in your college.
- The college will take up the responsibility of getting the application form submitted to the SBI Bank and for securing the approval to open the student account.
Eligibility Criteria for opening SBI Student Bank Account
- The applicant should be a resident of India.
- The minimum age of the applicant should be 18 years at the time of opening the account.
- The maximum age of the applicant should be 30 years.
- The applicant should have secured admission in an institution located abroad.
Required Documents for SBI Student Bank Account
- A duly filled in application form.
- Passport of the applicant
- Aadhaar Card
- Election Voter ID
- Photocopy of the Identity card issued by the college
- Recent passport size photographs
- Address Proof (If the applicant is residing in a hostel, then they can mention the hostel address as Point of Communication)
Benefits of opening an SBI Student Bank Account
- Minimum Balance limit is Rs 500. In some case, it will be a Zero Balance Account.
- No need for submitting formal address proof as the student can provide hostel address for a point of communication.
- No need for submitting a PAN Card.
- The applicant will get a cheque book, ATM cum debit card in the welcome kit.
- The applicant will have access to mobile banking, internet banking facilities for easy transfer of funds.
- The applicant will earn a rate of interest of 4% per annum on the SBI Student Bank Account.
Note: The SBI Student Bank Account will be valid only for 4-years, post this, the account will get disabled. The account holder has to get it upgraded to a savings bank account.