With two-income families becoming a norm not only in urban areas but also in semi-rural India, women are craving for financial independence like never before. Women are becoming equal contributors when it comes to monetarily running a family and the concept of “sole bread winner” is changing drastically. Women now run everything from savings to investments and loans. Indian financial institutions have taken note of this and have come up with an unique product - Savings account, exclusively for women. Women’s account generally require lower average minimum balance and comes with insurance options. All popular banks in India including Axis Bank, ICICI Bank and South Indian Bank offer savings account for women.
Features and Benefits of Women’s Account
You get an array of benefits with women’s savings account - but is it really useful? Well, it depends on your requirements and how you are going to use the account. These illustrations will help you decide if you really need those benefits.
- Insurance Options
If you already have a full-fledged insurance policy separately, you can comfortably ignore this one feature. For example, Citibank Women’s account comes with a critical illness insurance cover for women less than 55 years, worth Rs.50,000.
- Children’s Account
Consider UTI Bank Smart Privilege Account to which all women above 18 years can apply. The account comes with the facility of opening a zero-balance children’s account if required. The children’s account itself comes with a suite of advantages. This might be an interesting feature to consider if you are planning to open a savings account for your child.
- Debit and Credit Cards
Many of the women’s savings account comes with an international debit card which allows the users to avail exclusive discounts and offers on products from select merchant partners. For example, Citibank Women’s Account offers a photo debit card that will also delight the customer with special discounts from restaurants, jewellers and department stores.
Women’s Accounts Offered by Indian Banks
Here are some of the popular women’s savings account in India.
HDFC Women’s Saving Account
HDFC offers an exclusive savings account for women with special features like MoneyMaximiser, EasyShop Woman’s Advantage Debit card and personal accident death cover for upto Rs.10 lakh. Other advantages that come with this account include preferential loan rates, waivers on demat account and cash back offers.
ICICI Bank Advantage Woman Savings Account
An unique product offering from ICICI Bank, this savings account brings with it many benefits like zero balance requirement, special women’s debit card that offers exclusive discounts and phone banking facilities.
South Indian Bank Mahila Plus Account
Specially designed to meet the banking needs of Indian women, this account can be opened with a minimum balance of Rs.5000 and comes with travel and accident death insurance.
Axis Bank Women’s Savings Account
Crafted for the independent women, this account will give you easy access to money and unparalleled banking experience. With benefits like high withdrawal limits and eDGE loyalty rewards, this account will sure delight the account holders.
Factors to Consider Before Applying for a Women’s Savings Account
- Are your being offered an insurance cover? What is the charge that you must pay for the cover?
- What are the minimum balance requirements? What are the charges for non-maintenance of account? Will you be able to maintain the minimum balance?
- Do you get a debit or credit card with the account? What are the charges for the cards? What benefits do you get with the cards?
- Are any investment options offered with the savings account?
- Is the savings account for women any different to that of normal savings account? Which account will serve your purpose to the maximum?
- Is internet, mobile and phone banking facilities offered with the card?
In conclusion, savings account for women helps them to manage their finances better whilst also gaining many advantages.
GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.