Features of a Specially Designed Student Bank Account

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Personal banking has become a very important thing in our everyday lives. We need to do financial transactions for many reasons in different forms. Whatever we do with our money, we have to connect them to a bank account for transferring funds. Nowadays there are several other options for transferring or depositing funds, but the well-accredited fund management is only possible with a personal bank account. Banks around the world are opening millions of new accounts every single day. With the increasing demand of the customers, they have divided their accounts into several types. Personal and commercial banking solutions are two different prototypes of bank accounts. In these two major types, several other subtypes are introduced to help the customers in pursuing personal needs. Businessmen, students, employees and employers- these are the major financial criteria observed by the leading banking institutions over the world. A student bank account is specially designed and introduced to help the students with financial issues. A student has least financial activities. He has a lower cash flow. He makes small amount of money. These are the factors considered when a student bank account design or concept is built. Banking organizations offer them low cost banking with the least or no interest rates. Transactions fees are minimal in case of these accounts. Moreover, banks try to provide transactions from overseas especially for students, as they often need to receive payments from their guardians and parents. These are some extreme needs of a bank account for student. Usually bank accounts for students have no credit facility. A student can’t take short term and high risk loans. This is an exceptional feature of a personal bank account. Opening a student bank account needs the same procedures to be followed. For the students, the additional paper requirement is a certificate from their educational institutions.

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