Student account is meant for people who are pursuing higher education. Since these people do not have steady income, in order to facilitate their studies, the banks offer them easy terms and conditions and beneficial rates. The banks see this group as their potential major customers of future and that is why they provide services, which is profitable to them at this learning phase of their lives.
Different banks have different parameters to judge whether a person is eligible for the services provided by them or not. Some deal with only those people who are at least 18 years of age. Some make sure that a person is either pursuing a degree or masters course. While others judge the eligibility by scrutinizing whether one is pursuing a full time course or not. Some banks just see the offer letter or admission documents of a student. If you want to grab one or two months of extra preferential terms then its better to make a financial decision as soon as you get an offer letter or as soon as you are through with your admission formalities.
Since all the banks today are accessible through the net, and there are cash machines all over the cities, choosing a bank keeping in mind their distance from your place is a non-issue. Thus you have only one criterion to look for while choosing the best deal for you, and that is comparing and contrasting what different banks are offering. Naturally choose the best deal that is available to you. Donâ€™t get carried away by the freebies they are offering. Look for the real deal, which is going to benefit your short learning period. After all you are not going to remain a pupil forever. So you have the option of switching over to another bank when your learning years are over. In fact the customers switch banks and move over to some other option depending upon their financial growth and age. So at this stage of your life just donâ€™t fall prey to offers that would actually be a burden for you, rather look for an interest free overdraft. Also look for a bank that gives you interest free borrowing for the longest period of time.
Apart from speaking to different banks, going through their terms and conditions carefully and trying to find out some hidden facts, you can also take help of your parents or a person who has the know how of financial technicalities. You can get the best of advice not from institutions who provide you financial services but from people who care for your growth and prosperity â€“ your parents and close acquaintances.
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A student account promises a good financial life while you are studying but only if you remain in the limits. If your expenses have sky rocketed, and you have to borrow extra than what the limit is, then talk to the bank and find out ways in which you can do it. Also keep track of the ways in which you can skip penalties. Banks have made borrowing easier but it is dangerous too. Be informed. Make a practical budget and always stick to it.