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Best Bank to choose for Students!

Bank is a sophisticated means of treasury for every individual, and students are no exception. Include FD, savings and mutual, that’s all we have. In addition, cash, gold and cryptocurrency make our sense of living in today’s world a sensible one. Especially, UPI sweetens our deal even better acting as a bridge. Exclude a single item and your are dumped.

2017 had been a stable year of development and we are now into this new expected 2018. Banks which were only had single form of operation and license now has lite version too. As per a new conceptualization by RBI, a new type of bank known as “Payments Bank” license is available for grantation. Simply going by the name we can easily understand that it’s not meant for heavy banking and services.

Till now we have 5 functional Payments Bank and rest others are Public and Private Sector Bank. When it comes to needs of a student, a combo of both is necessary though not compulsory. However, an individual very font to online and cashless transactions should always prefer a combo of Payments and Regular Bank. Because Regular Banks having been maintaining huge tables of accounts require high time of maintenance. As a result, downtimes are higher. Payment Banks are free from such headache.

CRITERIA FOR BEST BANK FOR STUDENT:

  • Ease of Account Opening.
  • Services Provided.
  • Up time and efficiency
  • Service Quality to Charge Ratio.
  • Usability Range.

We are going to divide this comparison into two parts. One for primary bank and another for addon ie. Payments Bank. Hence, to make a balanced deal choose your best companion(s) depending upon your requirement.

PRIMARY BANK:

India has more than 30 public and private sector banks. Consequently, only few are reliable and friendly which fulfills basic and average requirements of a student.

Note:

Banks selected here do already have these following qualities by default:

  1. No minimum balance requirement.(SBI is exclusive)
  2. Good rate of interest.
  3. Student friendly.

SBI:

sbi yono

  • Ease of Account Opening: Both manual and e-KYC(through YONO) method is available. e-KYC processing isn’t fast and liable to take 2-3 days for account opening. Minimum balance is required depending upon aerial settlement.
  • Services Provided: Provides wide range of services through online and offline method while advanced requirements require physical approach.
  • Up time and efficiency: Not very reliable and tends to go down during heavy load. Maintenance hours are higher.
  • Service Quality to Charge Ratio: Quite high yet not the best. Provides 3.5% p.a. payable annually.
  • Usability Range: Has largest network throughout the nation. Provides limited number of free ATM transactions.(5 free SBI + 5 free other ATM)

ICICI Pocket:

ICICI Pocket

  • Ease of Account Opening: Both manual and KYC method is available. However, KYC process is presently based on photo snaps of your Aadhaar and PAN card. No minimum balance required in 18-25 age group.
  • Services Provided: .Provides basic facilities. FDs are available on physical request in case you require.
  • Up time and efficiency: Up times are average and tends to fluctuate during peak usage. Maintenance hours are less.
  • Service Quality to Charge Ratio: Good.
  • Usability Range: Available in major cities and town. Provides limited number of free ATM transactions.

RBL:

RBL Bank

  • Ease of Account Opening: Account opening is instant through e-KYC thus paperless.
  • Services Provided: Provides basic facilities. FDs are available.
  • Up time and efficiency: Up times are good and reliable. Maintenance hours are less.
  • Service Quality to Charge Ratio: Very Good.
  • Usability Range: Available in major cities and town. Provides unlimited number of free ATM transactions.

DBS:

digibank dbs

  • Ease of Account Opening: Account opening is instant through e-KYC and requires no paperwork.
  • Services Provided: Provides all banking facilities except demand draft.
  • Up time and efficiency: Up times are good and reliable. Maintenance hours are very less.
  • Service Quality to Charge Ratio: Exceptionally Good.
  • Usability Range: Available in major cities only. Provides unlimited number of free ATM transactions.

Our Verdict:

If you are living in metro area and prefer paperless banking then feel free to choose DBS Bank. It provides the best facilities among others any day. If DBS is not available, either choose RBL or ICICI Pocket bank. Both are good and preferable. Furthermore, RBL provides unlimited free ATM withdrawals like DBS.

If you are living in rural or small town, go with SBI. They have the largest branch network in India. Hence, cash deposit is never likely to be an issue. Additionally, use a payments bank to maintain momentum of cashless and online transactions cause SBI’s downtime is highest among these.

PAYMENTS BANK:

In case you perform lots of online and cashless transactions, you must consider using one. The best ones to sit in our list are as follows:

Note:

  • Payments Bank can hold a maximum of ₹1 lakh.
  • They can’t issue loan, FD, draft etc. of their own.
  • In addition, they can’t segregate between types of account or issue credit card.

Airtel:

airtel payments bank

  • Ease of Account Opening: Account opening is instant through e-KYC. Therefore, totally paperless.
  • Services Provided: Provides basic banking facilities. Doesn’t issue physical ATM card yet.
  • Up time and efficiency: Up times are decent and reliable. Maintenance hours are less.
  • Service Quality to Charge Ratio: Good.
  • Usability Range: Available throughout India. ATM transactions are chargeable.

Paytm:

Paytm Payments Bank

  • Ease of Account Opening: Account opening is through e-KYC hence paperless. However, takes 1-2 days to process.
  • Services Provided: Provides basic banking facilities. Issues physical ATM card.
  • Up time and efficiency: Up times are good and reliable. Maintenance hours are less.
  • Service Quality to Charge Ratio: Good.
  • Usability Range: Available throughout India. 3 Metro +/ 5 Non-Metro free ATM transactions.

Our Verdict:

Preferring Paytm Payments Bank over Airtel is our any day recommendation since Airtel will lay heavy on your pocket in many cases. Moreover, Airtel doesn’t provide physical card. So you will be limited to online transactions only.

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Abhiraj
Interested in blogging specifically in the emerging field of technology and science. I am passionate about my dreams to web development and programming.
https://cinformatics.in

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