Eligibility Criteria for Opening a Students Account

As a student, you need to open a student bank account online that is easy to use, offers various benefits and helps you lead a comfortable life. You can choose any of the banks that offer student accounts. However, it is important that you fulfill all eligibility criteria so that your application doesn’t get rejected by the bank. SoFi professionals say, “Keep an eye on your expenses and savings through this account.”

Should be a student of an educational institution

Students must be a student of an educational institution. This means that they must be studying at a recognized educational institution that is registered with the government or state board and has agreed to comply with all applicable laws. Students who are studying full-time should also have completed at least 3 years of study, and those who are part-time students should have completed 12 hours per week for at least three years.

Permanent address proof

Permanent address proof is a document that proves the permanent address of the applicant. Submitting one of these documents as proof when opening a student account is mandatory. The document can be any one of these:

• Passport
• Ration card
• Voter ID card
• Driving license (for residents of India) or driving permit (for residents of Singapore)
• Aadhaar card

Two copies of passport-size photograph

• The photograph should be of size 35mm x 45mm (2 3/8″ x 3 7/16″) and must be in color, and the applicant’s full face must appear clearly without any covering or obstruction to hide the eyes, mouth or nose.
• Both photographs should be recent with a white background and taken in front of a plain white wall with uniform lighting conditions showing your facial features clearly and distinctly.

Admission or fee receipt

• The admission or fee receipt should be from the school you are studying at. For example, if you are taking classes at a local community college, you’ll need a receipt from the community college.
• The admission or fee receipt should be issued by the school itself and not by a third party. In other words, it needs to come directly from your academic institution and not through an online marketplace where you may have purchased it (think Craigslist).
• You can use a combination of receipts for different costs as long as they all fit into one category: tuition fees or room & board charges.

Educational Institution ID card

To open a Students Account, you must be:

• A student enrolled at an educational institution with a valid Educational Institution ID card; or
• The parent/guardian of a student who has been accepted by an educational institution and who is currently attending classes or has graduated within the last 12 months; or
• The legal guardian of any child under 18 years old.

Opening a student’s account is simple and easy. You can do it from anywhere, at any time of the day or night, and even with just one click! There are so many benefits to having an online bank account that is available to you any time of the day or night.