Student banking services: A necessity for the next generation

Every first is always special. The first day of school, your first best friend, first time sitting for board exams — these feelings are unmatched. And for many people, a student account is their first 'grown-up' step into the adult world. The first bank account that they have complete control over, unsupervised by their parents. This is an excellent opportunity for banks to gain new customers and keep them for life as well.

Among the many benefits of a student bank account, students are able to conduct banking transactions from remote locations. Applying for loans to pursue higher education, zero maintenance fee, reward points, and multi-currency debit/credit cards are just some of the major benefits of a student bank account.

Students can make payments conveniently from anywhere using free Internet banking, phone banking, and a complimentary debit card or even credit cards in some cases. And the best part is, they do not need to go to a bank for this purpose. They can open a student account online.

The new generation is very comfortable with mobile banking, which is an indicator that they are more likely than the older generations to consider a banking programme that offers them a variety of online services. They are, however, thought to be more concerned about trust and privacy than their previous generations, which could be good news for established banks that expertise in online banking.

Realising this need, BRAC Bank has introduced 'Agami', a bundle of banking solutions to help students with their plans to study in foreign and local educational institutions and ensure financial security for their education. It will also provide all necessary facilities to the students travelling abroad for study purposes, student savings account, student loans, and other financial services.

"Just within 15 minutes, students can open an account through BRAC Bank's E-KYC platform app 'Astha' and it is available for free to students in order to promote digital banking among our youth" explained Mehruba Reza, Vice President, Head of Women Banking Segment TARA & Agami — Student Banking Service at BRAC Bank Limited. The digital banking app is also available for students to open DPS and FD accounts free of cost.

As a student, managing a bank account of your own and getting first-hand experience of how a bank functions can be a very important aspect of building better financial habits in the future. So, now is your time to find the best programme that suits your needs and make the best of the opportunity.