Our introduction to the banking system begins with a savings account, which is used to deposit our hard-earned money. Savings account helps you save money, transfer funds, withdraw money and also earn interest on the funds you have deposited. Nowadays, Indian women are proving themselves in each and every aspect of life. To create an impact in the financial and banking sector in India and encourage women to manage their money better, several banks are now offering special accounts for women which are linked to certain benefits and special offers and discounts that they can enjoy.
Why Banks are promoting Special Saving Schemes for Women?
Banks also provide dedicated accounts to women to ensure more feasibility, security, features and benefits to women. There are several banks which are offering savings account and debit cards specially designed for women. Many Indian women often forget to make timely investments and thus depend on their father or spouse for the same. This is the primary reason to provide dedicated women accounts to make women realize and understand the importance of money and investments to avoid any critical situation. Let's take a look at the benefits that some banks offer and you can decide what's best for you based on your need.
ICICI Bank Women Advantage Savings Account
Some of the main features of this Savings Account are:
- Zero balance, if you can do recurring deposit of Rs 2,000 per month for 6 months. Such RD would any way earn RD interest.
- Cashback up to ₹ 750 per month on dining, entertainment and jewellery on usage of Debit Card
- Free unlimited access to all banks' ATMs – with more than 2 lakhs ATMs across the country
- 50% discount on first year locker rentals – exclusively for Advantage Woman Savings Account holders
- Preferential rates on Home Loan
- Apply easily for iProtect Smart which has a comprehensive premium for Life, Accidental Death & 34 Critical illness cover
- Tool for managing your finances- My Money
- Earn higher interest by setting a balance limit above which money in the Savings Account will get converted into Fixed Deposit on request
- Other facilities like internet banking etc., are provided like any other bank account.
IDBI Super Shakti Women's Account
Some of the main features of IDBI Super Shakti Women's Savings Account are:
Two free accounts for their children below the age of eighteen years
- MAB – Rs. 5000 (Metro & Urban), Rs. 2500 (Semi Urban), Rs. 500 (Rural)
- Two zero balance account for your child below the age of 18 years
- Auto Sweep out / sweep in facility above Rs. 15,000
- Specially designed Women's International ATM cum Debit card
- Higher ATM cash withdrawal Limits- Rs. 40,000/- per day
- Simple Documentation
- Faster transfer of funds
- Online options to pay your bills or tax
- Personalized PAP Cheque Book
- 25% discount on Locker services
- 50% discount on Demat AMC
- Free Statement by e-mail
- Free ten transaction at other Bank ATM
HDFC Bank Women Savings Account
Some of the main features of HDFC Bank Women Savings Account are:
- It is mandatory to maintain a minimum average monthly balance of Rs. 10,000 for metro & urban branches, Rs.5000 for semi-urban & rural branches
- Accidental Death Cover of Rs. 10 lakhs
- Accidental Hospitalization Cover of Rs. 1 lakhs
- Daily cash allowance of Rs. 1,000 per day for a maximum of 10 days per year, for each day of hospitalization due to an accident
- Get Annual Maintenance Charge (AMC) waiver on the first year for Demat Account
- Get preferential rates on loans
- Get 50% discount on the issuance of a Gift Plus Card when you load a minimum of Rs. 5,000 on the card through the branch or via NetBanking
- Avail a daily cash withdrawal limit of Rs. 25,000 and a daily shopping limit of Rs. 1.75 lakhs, and enjoy Cashback upto of Re. 1 for every Rs. 200 spent on your EasyShop Woman's Advantage Debit Card
- Get up to 90% finance on the on-road price of a vehicle and 7 year tenure when you apply for an Auto Loan
- Get 2% lower interest rate on Two Wheeler Loan and a 50% discount on processing fees
- Enjoy exclusive shopping benefits available on select brands
- Personal Accident Death Cover (rail, road, air) of Rs 5 lakhs (Conditions Apply)
- Upto Re. 1 Cashback on every Rs. 200 spent on applicable categories
- Free folio maintenance charges on a Demat account for the first year
- Free lifetime BillPay for all account holders
- Free passbook facility for all individual account holders
- Free e-mail statements
- Easy banking with facilities like NetBanking, PhoneBanking and MobileBanking that allow you to check your account balance, pay utility bills, or even stop cheque payments via SMS
- Free Payable-at-Par 25 leaves multi-city cheque book half yearly
Kotak Silk Women Savings Account
Below mentioned are some of the primary features of Kotak Silk Women Savings Account:
- Get cashback on Kotak Silk Debit Card Spends
- 35% discount on Locker Rentals for the first year
- Hassle free bill payments
- Use Kotak Bank's Silk Debit Card and get special offers, privileges, lifestyle benefits and much more
- Get updates of all accounts in a single account statement
- Enjoy services like cash pick-up, cash delivery, cheque/draft delivery etc. at home
- For NMC# waiver in Junior Account Minimum monthly RD or MF-SIP instalment value of Rs. 2000/- (Rs. 1000 or above for Semi-Urban & Rural Branches); Minimum tenure of 36 months; Maximum cap on RD monthly instalment : Rs. 50,000 for tenure up to 120 months / Rs. 1,00,000 for tenure up to 36 months
- Get 50% discount on the issuance fee of Best Compliments Card
- Get Swipe Limit at Merchant Outlet (Point of Sale Limit) of Rs. 1,50,000 and Cash Withdrawal at Merchant Outlet (Cash @ POS) of Rs. 1,000
- Higher ATM Withdrawal Limit of Rs. 75,000
- Lost Card Liability - Rs. 1,50,000
- Get Purchase Protection - Rs 50,000
- Avail great offers across categories including restaurants, travel, shopping, electronics, health & wellness, entertainment etc as well as special EMI offers
Axis Women Savings Account
Below mentioned are some of the primary features of Axis Women Savings Account:
- Low minimum opening deposit of Rs. 10,000 in metros, and monthly e-statements to track transactions of your Women's Savings Account
- Get one free payable-at-par chequebook per quarter
- Access to 13,000+ Axis Bank ATMs, 3,000+ Axis Bank branches as well as internet and mobile banking services
- Visa Classic Debit Card at an issuance fee of Rs. 200 and annual fee of Rs. 150 in metro and urban locations
- High daily withdrawal limits of Rs. 40,000 at ATMs and Rs. 1,00,000 for shopping transactions
- First 5 transactions free at Axis Bank ATMs
- First 3/5 transactions free at Non Axis Bank ATMs in a metro / non-metro location respectively
- Personal accident insurance cover of up to Rs. 2 lakhs, if card is swiped once, every 6 months
- Combined Lost Card Liability and Purchase Protection Liability of uptoRs. 50,000 to protect debit card from fraudulent use and also cover for damage or loss of articles purchased using the debit card
- Earn Axis eDGE reward points for completing transactions
- With Axis Bank Savings Account for women, you are not required to pay any processing fees, prepayment fees and pre-closure fees when you apply for education loan to suit any type of educational requirements
Conclusion
Women in India are not only contributing to the society but are also becoming aware about how they should manage their money. With special features, benefits, offers and discounts offered by banks and financial institutions for women, all this effort and process becomes a lot easier. Every woman should make timely investments to save and grow their money in future. So, they should open a relevant savings account, which serves their requirement and is suitable for them. As such decisions can help them plan their savings well.
