Debit Cards for Students
Being in college is fun and exciting and a great new experience! However, it also means certain new responsibilities and many students enjoy the thrill of being in charge of their finances for the first time. Perhaps you have moved away from home to a hostel in another city, and need to manage your finances on your own for the first time – from paying your monthly chaiwala bill to buying text books or your ticket back home. Or perhaps you live with your parents at home during your college years but need to take on more financial independence and responsibility while you transition to earning your own living a few years away. For either situation, a debit card is probably a safe and easy first option to manage your finances. Several banks offer debit cards specifically geared to the needs of young people. Here is a sample of some of the offers available.
SBI – Yuva Savings Account
SBI offers a special Savings Bank account for young adults that gives them the experience of an independent, restriction-free banking experience. You need to have completed 18 years at the time of application for this kind of account. You get all the facilities of a normal savings bank account including an ATM cum Debit card facility, internet banking, mobile banking, cheque book etc. You need to maintain an average quarterly balance of Rs. 25,000.
Axis Bank – Youth Debit Card
The Youth Debit Card is tailored exclusively for young students between the ages of 18 and 25 years. The Youth savings account comes with a YOUth Mobile App which you can download to transfer funds, settle accounts, recharge your phone with ease and on–the-go. No more being restricted by your computer or internet connection, or wasting time at the branch. With the Youth Debit card, you get access to multiple deals and discounts. The daily ATM cash withdrawal limit is capped at Rs. 40,000 and shopping limit up to Rs.1,00,000. The card also comes with a combined Lost Card Liability and Purchase Protection Liability of up to Rs. 50,000 to protect debit card from fraudulent use as well as cover for damage or loss of articles purchased using the debit card.
IDBI Bank – Being Me Debit Card
With this account, you can avail preferential rates on educational loans offered by the bank. You can also receive some basic advice and training on financial planning when you hold this account. The account can be opened by students with a deposit of Rs. 2500. Another advantage is that there is no penalty for not maintaining the average monthly balance. The Being Me Debit card has an ATM cash withdrawal limit and Point of Sale limit of Rs. 25,000 per day. You can enjoy the convenience of online options to pay your bills or college fees, or tax – saving you time for other activities.
The advantage of debit cards is that you cannot fall into debt since you can only spend the money available in your savings account. If you are a young student, explore the debit card options available in the market specifically designed for students and young adults. It will be a good first step and training for managing your finances independently later in life.
The cards mentioned in the article are merely indicative of the kinds of student cards available on the market. You will need to choose your card based on your specific requirements.