Many students travel across cities for their studies, in which case managing their finances becomes an important task. In this digital era, students can now handle all their expenses online without having to worry about having cash at all times. Using a savings account for students is an effective solution for managing finances. These accounts are not just helpful for providing immediate access to funds but also an avenue for saving money.
Several banks offer savings accounts for students that are specifically designed according to their needs. IDFC FIRST Bank offers a convenient online application process and instant access to funds and banking services without the need to visit the bank.
Perks of opening a savings account with IDFC FIRST Bank
IDFC FIRST Bank savings account caters to a variety of individuals, of which students are an integral part. Thus, it provides easy-to-access banking services and uninterrupted access to funds for students to focus on their studies as well as finances. Here are the key benefits of opening a savings account for students.
- Quick online application
Having to make multiple trips to bank branches with numerous documents is hectic and time-consuming. With a completely paperless application process from IDFC FIRST Bank, you can open a savings account without visiting the bank branch and save your time as well as effort.
- Minimal documentation and online verification
With just your PAN and Aadhaar card details, you can open an IDFC FIRST Bank savings account for students. Moreover, the verification process is completely online, and you can schedule your video KYC process at your convenience during banking hours.
- High interest rates
IDFC FIRST Bank offers one of the highest savings account interest rates in the Indian banking industry. As a student, it not only helps you meet your daily expenses but also helps grow your money quickly by offering high interest rates. You can enjoy interest rates of up to 7% per annum on your IDFC FIRST Bank savings account for students. Additionally, you also get a monthly interest pay-out to enhance your savings.
- Zero-fee banking
One of the best features that you can enjoy with an IDFC FIRST Bank savings account is the ‘zero-fee banking’ feature. With this facility, you can avail 28 commonly used savings account services completely free-of-charge *, which include free online money transfers, no fee on ATM withdrawals anywhere in India, and chequebook, no charges on SMS alerts, and many more.
With the IDFC FIRST Bank zero-fee banking feature, students can save a significant amount every month and parents can also send money anytime without worrying about hefty charges on money transfers.
- Exclusive offers and select brands
IDFC FIRST Bank savings accounts also offer a range of attractive offers and discounts on top online shopping brands on apparel, food delivery, as well as travel and stay bookings. Make the most of your savings account with a range of offers and discounts and effectively boost your savings.
How to open a savings account for students?
IDFC FIRST Bank offers the easiest way to open a bank account online. With a simple five-step application process, you can instantly open a savings account and access funds anywhere, anytime. Follow the steps below.
- Visit the IDFC FIRST Bank official portal and click the application link. Or download the mobile banking app.
- Enter your personal and contact details in the online form such as mobile number, Aadhaar number, PAN details, and e-mail address.
- Fill out the application form and choose the suitable savings account variant.
- You can now access your savings account and deposit funds at your convenience. However, to remove certain restrictions, you must complete the KYC process, which is mandatory.
- Schedule your video KYC during banking hours to interact with the bank representative.
Once the VKYC process concludes, you can enjoy all the banking services and savings account features.
A savings account is an important part of personal financing for every individual. It is especially crucial for students who are just beginning their journey towards financial independence. Having a savings account will help students send and receive money conveniently even if they are cities apart.
An IDFC FIRST Bank savings account for students helps with easy access to funds on-the-go via net banking and mobile app. High-interest rates and zero charges on banking services provide an opportunity to save more. Open a savings account instantly through a completely online application. Know More!
*IDFC FIRST Bank offers Zero Fee Banking on Rs. 10,000 Average Monthly Balance (AMB) Savings Account and higher account variants, subject to maintenance of AMB in the account.
These services are being offered free in good faith, and in case of abuse, the bank reserves the right to charge fees as per market norms. All rights reserved.
