Corp Mahila Power Account
Corporation Bank offers a special bank account to working women. The key feature of this bank savings account is that account holders have easy access to loans of up to Rs.1 lakh.
Balance maintained in the account will earn interest which is payable half-yearly. The account enables women to have access to banking facilities and benefits such as a cheque book, debit card, online banking, SMS banking and more.
Features of Corp Mahila Power Account:
With the Corp Mahila Power Account, you are entitled to a number of benefits. The key features of this account are designed to give women the benefits of banking facilities taking into account their financial needs.
Account holders will receive a personalised cheque book from Corporation Bank.
Get access to ATMs and cashless transactions with a debit card from Corporation Bank.
Interest
The balance in the Corp Mahila Power Account will earn interest that is payable bi-annually.
Account holders will have access to an online banking account. Customers can transact, shop and pay for utility bills online.
Complimentary insurance
Customers will receive insurance cover of Rs.1 lakh against personal accidents.
SMS Banking
This service is provided to account holders to increase the convenience of banking with Corporation Bank. No charge is applicable for this facility.
Loan Facility
This account enables women to avail loans of up to Rs.1 lakh. The repayment structure spans across 24 EMIs. To avail the loan, any family member such as the spouse, mother, father, or any other earning member can stand as surety.
Eligibility:
- This account is intended for working women or women with an independent source of income.
- Women who are salaried individuals, professionals, self-employed or those receiving regular rent income can apply.
- The account is available at metro, urban and semi-urban areas
- Applicants must be at least 21 years old and not older than 60 years.
- Joint application is allowed. The first applicant must meet the eligibility criteria.
Loan Options:
Women can avail of up to 10 times the Average Quarterly Balance maintained in the last two quarters. The loan amount also depends on the income.
- Minimum loan quantum: Rs.25,000
- Maximum loan quantum: Rs.1 lakh
- Repayment: 24 EMIs
To avail the loan, no security or collateral is required. A third party guarantee is required from the spouse, father, mother or any member of the family who is earning.
Fees and Charges:
Details | Amount |
Average Quarterly Balance | Rs.2,500 |
Non-maintenance of AQB | Rs.100 per quarter |
Debit Card fee | Nil |
SMS banking | Nil |
Cash withdrawal at ATMs | Up to five transactions free in one calendar month Rs.20 per transaction thereafter |
Non cash transactions at ATMs | Up to five transactions free in one calendar month Rs.10 per transaction thereafter |
Debit Card replacement | Rs.200 |
PIN regeneration | Rs.50 |
PIN Unblocking | Rs.25 |
Foreign Currency conversion charge | 3.5% of transaction amount |
Online banking charges | Nil |
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.
FAQs on Corp Mahila Power Account
- What are the timings for NEFT?
You can carry out NEFT transactions between the following timings:
Weekdays 8:00 am to 8:00 pm
Saturdays: 8:00 am to 3:00 pm
- Can I use my debit card to withdraw money from other bank ATMs?
Yes, you can use your debit card at other bank ATMs. You are allowed 5 free transactions post which you will be charged Rs.20 for cash transactions and Rs.10 for non-cash transactions. The debit card will be accepted at any ATM that bears the VISA logo.
- If my balance falls below Rs.2,500, will I be charged?
You will be charged Rs.100 based on your Average Quarterly Balance. If your balance falls below Rs.2,500, you will not necessarily incur a penalty. The penalty is levied based on the average balance for three months.
- Can I open this account with my daughter who is unemployed?
You can jointly open this account with your daughter provided you are earning a salary, rent or any other source of income. At least one applicant needs to meet the eligibility criteria set by the bank.
- Is this account available to senior citizen women?
No, the maximum age limit for this account is 60 years.
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