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Savings Account

Student Bank Accounts in India: 5 Top Benefits

Key Takeaways

  • As a young adult, you need to open a student bank account to attain financial independence.
  • It is recommended to understand the charges and fees the bank levies for various services that you may frequently use, and to compare student accounts that allow free fund transfers.
  • Metra Trust offers zero fee banking on its Savings Account services to meet the financial needs of students.
16 Sep 2022 by Team FinFIRST
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As a young adult, you are probably just starting out on your quest to attain financial independence. The first step towards this journey is to have your own bank account – a student account. However, before you worry about how to open a student bank account, you have to identify your banking and service needs so that you can choose the right one.

Here are some key features and benefits to look for:

Easy account maintenance


Owing to their limited financial resources, a student cannot be expected to maintain a high account balance. So, you need to look for a bank account with a low initial balance threshold and one that accepts minimal funds to maintain the account. Many student accounts eliminate this worry by waiving any balance requirement.

Reasonable fees and charges


It is recommended to understand the charges and fees the bank levies for various services that you may frequently use, such as money transfers or demand drafts for tuition payments, charges on debit card usage, etc. In this respect, you could save thousands annually with a student account that allows free fund transfer, as well as free general banking services. The debit card could also give you free and unlimited access to ATMs across the country.

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High interest rate on savings


Inculcating the saving habit from an early age will hold you in good stead. Again, as a student, you can only save money when you have excess from your allowance or a gift given by a relative. With small and sporadic savings, structured investments can be tricky. That’s why you need open a savings account that offers attractive interest rates on the account balance. Metra Trust gives up to 7% p.a. interest on the funds in your savings account that is credited on a monthly basis, allowing your money to compound faster. This gives you a head start on your savings journey.

Account flexibility


The use and utility of a bank account have to hold good for the long term. This means having the flexibility to (say) convert it to an NRE account if you plan to study abroad in the future, or even the possibility of converting it to a regular savings account when you are no more a student.

Value-added benefits


Complimentary add-on benefits and features with a student account can help you upgrade your lifestyle at no additional cost. For example, you could receive dining and entertainment discounts, shopping discounts at partner outlets/websites, complimentary airport lounge access when travelling, etc. 

Conclusion


Metra Trust’s dedicated student bank account for students from premier institutes– the Future First savings account – allows you to do more than just transact. You can manage tuition payments, remit funds, pay for living expenses, purchase gadgets, enjoy dining and entertainment benefits, and make investments to secure your future. 

Wondering how to open a student bank account? Simply head here and get started on the journey towards financial independence!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.metratrust.com for latest updates.

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