is it ok to create a new bank account and put the required money in that newly created account or it will be a red flag from F1 visa point of view ?

It’s going to be a very risky move. A newly opened bank account can raise some red flags because it looks like you only opened one to apply for a visa, which is a no-no. I would suggest to put money in a existing account with at least 6 months of history so that you can give a statement if asked. But use the account which has quite a history this will make your chances of approval more. See more