7 Best Banks for Students in India | Akudo (2024)

Finding the right bank for students can be a tricky task. Especially in India where the banks are focussed on serving the money-making crowd rather than the young champs.

We’ve often heard: One right decision can change your life

Well, we can’t speak about the life but it sure can change your financial situation 💸

When you’re attending classes, trying to maintain a notebook and a happening social life, spending hours to spot the perfect bank is the last priority, right?

But fear not, we have jumped in to take this burden off of your shoulder 😉

So buckle up, grab your student ID and let’s take a dive into the best banks for students.

7 Best banks for Students 👇

1. Akudo
2. Walrus
3. YPay
4. Axis Bank Future Stars Savings Account
5. Kotak Mahindra
6. Punjab National Bank
7. State Bank of India

Akudo

With a mission to spread financial freedom in the Indian teenagers, Akudo is the 1st learning-focused bank for students 👨‍💻

We believe money management must start from an early stage so we’re all in for it. Our gamified set up gives the much needed young vibe.

Good deed should not pass by empty, right? So we also have sweet rewards and cashbacks for those who successfully manage their money in the best way 🔥

And not to forget the dope design that will most definitely steal your heart.

Does this sound like your kind of a bank? Click here to check it out now.

How to open an account? 🤔

Opening an account in akudo is a piece of a cake. All you have to do is, download the app and sign up. Fill in little details like your phone number, name, pan etc.

Once you’ve fed the details, you can set the pin & voilaaaa! You’re good to go 🎉

Walrus

Next up is a neo bank for students that aims to help the ‘Instagram Generation’ get into financial management.

Walrus has a super cool app with a lot of gamification to keep it’s users engaged and entertained.

The champs can not only make online transactions and keep a track of money, but they can also gain exposure to investments and smart saving features.

How to open an account? 🤔

The best part about neo bank for students is: the God speed. You can open an account from the comfort of your couch.

Planning to open an account for your kid? You can simply go to the playstore / appstore, download the app and sign up. The account would be ready in no time.

YPay

There’s no such thing as too much neo bank for students so let’s take a look at the next in line.

YPay is the ultimate prepaid card for your little ones. The numberless card makes it safe for the child to carry and make transactions anywhere, anytime.

The best part? You can get whooping cashback and rewards on some of the top brands like Zomato. A little teaser? The card comes in quirky colours and you can select the shade of your choice. Banking for students made fun? It sure is!

How to open an account? 🤔

If you’ve reached here, you already know getting an account in a neo bank is fairly easy. You can get the app on your phone, do the due diligence for the sign up process and get started in the click of a button.

Axis bank Future Stars Savings Account

Traditional bank have been raising the toast to the financial freedom for young lads and make them take their own decision wisely.

Axis bank has come up with an initiative to allow the child to make their own spending decisions.

One of the coolest features the bank provides is 3 to 3.5% interest on the daily balance. However, you will have to keep a minimum balance of 3000 if you’re from urban area at all times.

How to open an account? 🤔

To open the account, you have to download the Future Stars opening form from from the website and submit it to the nearest Axis branch. The bank does not provide any option to open the account online.

Kotak Mahindra Bank’s Junior Savings Account

If you’re an adult, you might already know all about the bank. However, it’s time we introduce you to their latest feature.

They allow an exclusive debit card for the little ones to allow them manage their money. They have planned to crank the banking for students by providing a 4% interest on the savings account.

In case you are looking for more reasons, the bank also provides exclusive offers on brands like Swiggy, boAt, Simple learn etc.

How to open an account? 🤔

The eligibility criteria to get an account is, the child should be under 18 years. The process is the same as opening an account in traditional banks. You will have to visit the nearest Kotak Mahindra’s branch with these documents 👇

For the child:

1. Birth certificate
2. Student ID
3. Passport

For the parents:

1. Govt. ID

PNB Vidyarthi Savings Account

Punjab National Bank did not plan to lay behind in the game. Needless to say, they came up with their very own way to make it in the ‘banks of students’ list.

There is no minimum amount requirement, they also provide a free debit card allowing your child to go cashless.

The benefits are comparatively lesser than rest of the banks but it makes a good option if looking to opt for a traditional bank.

How to open an account? 🤔

Interested in getting an account in PNB for your little one? Awesome, all you need to do is visit the PNB online account opening portal. You will find the relevant steps once you go to the website.

SBI’s Pehli Udaan Pehla Kadam

And lastly, we have SBI’s pehli udaan pehla kadam wherein anyone below the age of 18 is eligible to open an account.

There are tonns of features like internet banking, mobile banking that gives the little ones the liberty to get free from cash. The auto sweep feature gives a better investment and growing opportunity.

Saving the best feature for the last, the bank has also introduced: Photo ATM cum debit card. Yeah you guessed it right, the debit card will have a savvy picture of the little one to whom the account belongs.

How to open an account? 🤔

There are two ways to open an account in SBI. You can either hop on the website and complete the process from the comfort of your couch or you can visit the nearest SBI branch along with your kid to start the process.

Sounds easy, eh?

We’re sure if you have made it this far, you have already selected one bank from the list. With a flood of options in the market and baks trying to provide smoother and more hassle free process, banking for student is easier than it was.

So do not wait up, go choose the bank that suits the best and open that account.

See you in the next blog 👋