Top Savings Accounts for Students in India (2025)

1. Secure storage of money: Avoid the risk of keeping cash with you or at home. 

1. Easy access to funds: Receive scholarship payments, tuition fee transfers, or part-time income directly in your account. 

1. Budgeting skills: Helps students track spending and manage money better. 

1. Financial independence: Encourages self-reliance and planning from an early age. 

1. Convenient digital tools: Students gain experience using mobile banking, UPI, and online payment systems. 

1. Requirement for other services: Needed for education loans, ID proof, or government benefit disbursals. 

Benefits of Student Bank Account 

Student savings accounts offer multiple benefits to support young customers: 

1. Zero or low minimum balance requirement 

1. Free debit/ATM card issuance 

1. Mobile and net banking facilities 

1. No hidden or maintenance charges 

1. SMS/email alerts for transactions 

1. Cash deposit and withdrawal flexibility 

1. Access to digital wallets and UP 

1. Safe environment for learning financial responsibility 

These benefits make it easier for students to perform daily transactions and save efficiently. 

Interest Rates on Student Savings Accounts (2025) 

Here is a snapshot of the interest rates offered by leading banks for student or basic savings accounts: 

Note: Interest rates vary based on balance slabs and bank policy. 

Top Banks for Opening Student Accounts 

If you’re planning to open a student account, here are some top banks to consider: 

1. ICICI Bank – Campus Power Account 

The Campus Power Savings Account is designed to meet all your banking needs as a student. Whether it's making hassle-free daily payments via UPI, enjoying the freedom of spending with a complimentary Credit Card, planning for financial independence with smart investments, or benefiting from preferential rates on Education Loans, this account has everything covered. 

Here are the main benefits of the Campus Power Savings Account: 

1. Designed for students in colleges/universities 

1. Free internet banking, UPI, and mobile banking 

1. ATM/debit card provided with minimal documentation 

2. HDFC Bank – DigiSave Youth Account 

The HDFC DigiSave Youth Account requires an Average Monthly Balance of Rs.5,000 for Metro and Urban branches, and Rs.2,500 for Semi-Urban and Rural branches. Non-maintenance charges range from Rs.150 to Rs.300.  

Customers can enjoy 5% cashback, up to Rs.100 per month, when setting up standing instructions on a debit card for bill payments. Cashback on debit card usage can reach up to Rs.4,800 per year.   

The account also provides insurance coverage of up to Rs.1.14 crore, special offers on education loans, and a Dream Deposit feature that allows customers to start saving with as little as Rs.1,000. Additional features include SIP facilities for mutual funds, free e-mail statements and passbooks, and free mobile and e-mail alerts. 

Here are the main benefits of the Campus Power Savings Account: 

1. Tailored for 18–25-year-olds 

1. Zero balance requirement 

1. Exclusive shopping offers and digital convenience 

3. Axis Bank – Youth Account 

Axis Bank offers a convenient Zero Balance Savings Account, allowing customers to enjoy banking benefits without the difficulty of maintaining a minimum balance. This account is ideal for students, salaried individuals, and those who prefer a simple banking experience.  

Here are the main benefits of the Campus Power Savings Account: 

1. Available for ages 10–25 

1. Personalized debit card with spending limits 

1. Digital banking tools included 

4. Federal Bank – Young Champ Account 

India is developing at a rapid pace and the youth of the nation are nowhere behind. They are the strength and the future of our country who hold high aspirations. For the youth of today, Federal Bank has introduced a special savings bank product, known as the Federal Bank Young Champ. 

Here are the main benefits of the Young Champ Savings Account: 

1. Best for students below 18 

1. Smart banking features with parental guidance 

1. Encourages savings through reward-based features 

5. Karur Vysya Bank Student Saving Account 

This savings account has been designed for students, to help them get into the habit of saving and thus secure their future financially. Under this account, no minimum balance needs to be maintained. 

Here are the main benefits: 

1. Free ATM/debit card, access to internet banking, and the KVB DLite mobile app for convenient digital banking. 

1. Mobile recharge facility available at any KVB ATM. 

1. Receive customized e-statements periodically for easy tracking of account activity. 

Which Account is Right for You? 

1. Best for High Interest Rates: IDFC FIRST Bank 

1. Best for School Students: Federal Bank Young Champ 

1. Best for College Students: ICICI Campus Power Account 

1. Best for Cashback & Digital Tools: HDFC DigiSave Youth Account 

1. Best for Simplicity & Mobile Use: Karur Vysya Bank Student Account 

Conclusion 

Choosing the best student savings account in India depends on the features you value whether it's zero balance, high interest, or digital convenience. Always compare banks on parameters like fees, mobile app usability, and transaction limits before opening your account.