In 1970, Banerjee completed the higher secondary board examination from Deshbandhu Sishu Sikshalay. She received a Bachelor's degree in History from Jogamaya Devi College. Later, she earned her master's degree in Islamic history from the University of Calcutta. This was followed by a degree in Education from Shri Shikshayatan College and a law degree from Jogesh Chandra Chaudhuri Law College, Kolkata. She also received an honorary doctorate from the Kalinga Institute of Industrial Technology, Bhubaneswar. She was also honoured with a Doctorate of Literature (D.Litt.) degree by Calcutta University.