What is the limit of transaction in student account?

There is no such kind of transactions limits imposed by by either bank or fixed by RBI. Rbi has categorised accounts and give freedom to all banks to decide and customise accounts as per their convenient and as per their customer demand.

How many transactions can a student account have?

8 transactions (financial) per month Free. Withdrawal at branch through withdrawal slip. Number of free withdrawals will be restricted to 10 per half-year. Beyond the limit Rs 25/- per transaction to be charged.

What is the limit of student bank account?

Free Debit Card available with “per day” cash withdrawal limit of ₹25,000 and online transaction/purchase limit of ₹30,000.

Is there any limit of transaction in saving account?

Savings Account: Banks offering the facility of a Savings account do usually put a limit on the maximum number of transactions which a holder can carry out in a month. The permissible limit without attracting any charge is usually anywhere between 3 to 5 transactions per month (financial and non-financial).

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Which account is best for students?

5 Best Student Savings Accounts

  • ICICI Students Savings Account.
  • Kotak Mahindra Bank’s Junior Savings Account.
  • PNB Vidyarthi Savings Account.
  • Karur Vysya Bank.
  • SBI’s Pehli Udaan and Pehla Kadam.

Can we get ATM card under 18?

You need to open a checking or savings account in order to obtain a debit card. … There’s one caveat – the law requires that customers under 18 need a parent to co-sign to set up a checking or savings account.

What is minimum balance in SBI for student account?

SBI offers the student account to be with the minimum balance amount of 500 rupees or sometimes Zero also. Formal Address proof is not required since the student can provide the hostel address as the address for communication. PAN card is not required for transactions.

Which bank is best for student account in India?

Which is the Best Bank for Students to Open an Account?

  • ICICI Bank Campus. 1.1 How to open the Bank@Campus Account?
  • PNB Student Savings Account.
  • IndusInd Student Savings Account. …
  • HDFC Bank’s DigiSave Youth Account. …
  • Axis Bank Youth Savings Account.
  • Karur Vysya Bank Student Saving Account.

What is a student savings account?

Student bank accounts are essentially regular bank accounts with some special features for young people. You can deposit cash, earn interest, and use the money to pay expenses. The best banks for students should have a low minimum deposit — the amount you need to put in the account when you first open it.

Can I deposit 20 lakhs in bank?

your father must have to give explanation to the income tax department for depositing Rs. 20,00,000 to a savings bank account within a short period when asked for. Tax will be deposited by your father within 15th March, 2020 (if payable).

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Can I deposit 10 lakhs in bank?

Cash deposits, while allowed in a fixed deposit (FD), should not exceed ₹10 lakhs. You can make large FD transactions through other traceable means such as cheques or internet banking. Credit card bill payments also have a limit of ₹1 lakh.

Can I deposit 5 lakhs in my account?

Individuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. 5 lakh may be scrutinised. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.

Do student bank accounts have fees?

Student bank accounts offer a low-fee option for high school and college students. The lack of monthly fees, the low minimum deposit requirements, and the offers to waive specific fees all help new account-holders learn the ropes of money management inexpensively.

Can I have 2 student accounts?

Although you can have multiple current accounts or savings accounts, usually a condition of receiving the perks of a student account is that you pay your student loan into that account. Banks regularly check to see that this is happening. For that reason, you’re unlikely to be allowed more than one student account.

Is SBI good for students?

SBI, too offers a zero balance account, which is designed to nurture the needs of students. To open an SBI students account, students need basic KYC documents like an aadhaar card, a photograph, etc. A free debit card is issued to the account holder. SBI allows four cash withdrawals from other banks’ ATMs.

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