Top 5 Digital Savings Accounts for Students to Consider

Photo of author

By Salah Uddin Mahdi

Savings Accounts are the preferred choice for securing your money and using it when required. If you want to create your investment portfolio, consider opening a digital savings bank account to be decisive and potent. However, out of so many banks in India, which one is an excellent digital savings account for students? Before deciding which bank to opt for, you can weigh the advantages and demerits. You can install the CIBIL score app on your mobile phone to check your score or use the official portals of the credit rating agencies in India and check cibil score free. If you need help, the article will guide you in selecting the best digital savings accounts for college students.

Top 5 Digital Savings Accounts for Students to Consider

Want to opt for a digital savings account but need help selecting one? In India, banks in the public and private sectors offer the opportunity to open numerous savings accounts designed according to customer requirements. Before opening a digital savings account, you can thoroughly read your preferred banking institution’s terms, conditions, and features on multiple savings accounts.

The top five digital savings accounts that you can consider as a student are as follows:

SBI Savings Account

SBI is a leading bank in India, and you can find a bank branch and an ATM anywhere in the country, facilitating physical access to cash. The State Bank of India has many branches and extension counters for students at multiple educational institutions. SBI savings account makes it effortless for you to pay the necessary charges regularly and for exam expenditures. You also have access to banking services with reasonable fees. The bank does not charge any balance every month on any account, and the average balance for each month is zero.

Paytm Payments Bank Savings Account

It serves the unbanked sections of society’s basic banking requirements and transactions, including cashless transactions. Generally, you have to fill up a form to open a bank account, but while opening Paytm Payments Bank Savings Account, you do not need to fill out a form. You can download the Paytm mobile application and open an account. The process for opening an account is fast and digital. Completing the required documentation is necessary to finish the KYC validation. The restriction on the savings account in Paytm is that you can hold approximately one lakh Indian rupees in your wallet and savings account in Paytm together.

AU Small Finance Bank Digital Savings Account

You can swiftly open a digital savings account in AU Bank online with the help of video banking. You require a good internet connection, your Aadhaar Card, and PAN details. It is among those banks which offer high-interest rates, relatively 7% on its digital savings account. Compared to other banking institutions, it pays out monthly interest rates and is perfect for you if your monthly income from savings interest is based on it. Since the digital savings account has no balance, you don’t have to worry about the monthly balance.

IndusInd Bank Savings Account

In collaboration with Upstox, the IndusInd Bank provides the facility of three-in-one accounts, including savings, trading, and DEMAT. You can sell stocks without transferring your funds to your trading account from your savings account using IndusStox’s Smart Transfer facility. The money will remain in your savings account, and you will earn interest on it. Your savings account in IndusInd Bank offers an interest rate of approximately 6%. Compared to other banks’ FDs, the interest rate on IndusInd Bank savings accounts is high.

Axis Bank Savings Account

The Axis Bank offers rewards points for transactions related to accounts and offers premium-quality services. For instance, you can earn rewards while opening a recurring deposit or a DEMAT account. While opening a Savings Account in Axis Bank, you can get additional benefits, such as cashback on Zee5, Amazon, or Uber, premium membership on Times, and other discounts. You can even receive reward points for regular banking transactions.


Digital accounts are valuable and beneficial for students. Opening a digital bank account can fetch you numerous benefits, even if you have moved on from the early stage of life. Knowing the reason to save money is crucial to follow your savings plan for a long time. You need help understanding the significance of saving money with good digital savings accounts for college students. You can rehash your money with an apt financial establishment that understands you. You can check CIBIL score for free through the official website of credit bureaus to opt for an online personal loan for higher studies. You can also check your CIBIL score by downloading the CIBIL score app.

Leave a Comment