Women haven’t been more involved in household finances traditionally. It was considered a man’s job to earn and look out for his family’s requirements while the women were to manage the household chores. So little men knew that the lady cooking and cleaning entire day has a habit of saving every extra penny.
Whenever there would be a requirement, she would offer her savings to the shock of the so-called financial planner in the house. The scenarios have changed, now women are earning and are also managing their finances efficiently.
There is a huge push in our country for empowering women and encouraging them to participate more actively in financial planning. Women are also being offered special benefits to institutionalise their finances. Several banks are offering women-specific savings accounts which have additional perks over a normal savings bank account. Here are the six women oriented accounts.
ICICI Bank – Advantage Women Savings Account
Advantage Woman Savings Account includes offers on skill-building courses like IT certifications, music lessons and personality development. It has offers that help women look after themselves and their family better, like discounts on healthcare, kids’ education and more.
- Cashback up to Rs 750 per month on dining, entertainment and jewellery and offers on usage of Debit Card – you can earn as you spend!
- Complimentary personal accident insurance protection and purchase protection cover on Debit Card.
- 50% discount on first year locker rentals – exclusively for Advantage Woman Savings Account holders.
- Preferential rates on Home Loan, Personal Loans and Car Loans
- Apply easily for iProtect Smart which has a comprehensive premium for Life, Accidental Death and 34 Critical illness cover.
- Earn higher interest by setting a balance limit above which money in the Savings Account will get converted into Fixed Deposit on request.
Axis Bank – Women Savings Account
Axis Women’s Savings Account comes with low opening deposit of Rs 10,000. The benefits of the Women’s Savings Account include low opening deposit, free cheque books, low average monthly balances, personal accident insurance cover and Axis eDGE rewards.
- Earn up to 4% p.a. on daily balances, quarterly.
- One free payable-at-par chequebook per quarter
- Visa Classic Debit Card at an issuance fee of Rs 200 and annual fee of Rs 150 in metro and urban locations
- Personal accidental cover up to Rs 2 lakhs if card is swiped once in every 6 months.
- Earn Axis eDGE reward points for your transactions & 500+ rewards and offers to redeem these points.
HDFC Bank – Women Savings Account
HDFC Bank offers a range of features on women’s savings account. These include the EasyShop women’s debit card with cashback offers, along with higher daily shopping and ATM cash withdrawal limits.
- Accidental Death Cover of Rs 10 lakh; accidental Hospitalisation Cover of Rs 1 lakh.
- Daily cash allowance of Rs 1,000 per day for a maximum of 10 days per year, for each day of hospitalisation due to an accident.
- Annual Maintenance Charge (AMC) waiver on the first year for Demat Account
- Preferential rates on loans
- 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 Net Banking
- Daily cash withdrawal limit of Rs 25,000 and a daily shopping limit of Rs 1.75 lakh, and enjoy Cash Back up to of Re 1 for every Rs 200 spent on EasyShop Woman’s Advantage Debit Card
- Up to 90% finance on the on-road price of a vehicle and 7-year tenure when you apply for an Auto Loan
- 2% lower interest rate on Two Wheeler Loan and a 50% discount on processing fees
- With Money Maximizer facility, convert your surplus money into high earning Fixed Deposits with the flexibility of using these funds whenever required. Double benefits of the liquidity of a Savings account and the benefit of higher interest rates
- Upto Re 1 Cash Back on every Rs 200 spent on applicable categories.
- Additional International Air Coverage of flat Rs 25 lakh on purchase of air ticket using your Debit Card
RBL Bank – Woman’s First Savings Account
A savings account designed for woman of today to enhance her lifestyle by facilitating her savings needs.
- Exclusive Woman’s First Debit Card, with vouchers worth Rs 2500, on activation of the card
- Health benefits and medical concierge services are available at discounted rates
- Unlimited free cash withdrawals at all ATMs in India
- Avail a zero-balance kid’s account, subject to minimum standing instruction of Rs 500 p.m., for a minimum tenure of 1 year
- 10% discount on locker rent for the first year
- RBL Bank offers savings account interest rates @ 7 % p.a. on balances > Rs 3 Cr upto Rs 5 Cr ; 6.50% p.a. on balances > Rs 10 lakhs and upto Rs 3 Cr; 6.00% p.a. on balances > Rs 1 Lac and upto Rs 10 Lac and 5.50 % p.a. on balances upto Rs 1 Lac on a daily balance basis. These rates will apply on the entire balances above Rs 1 Lac, as per the above slabs and the initial Rs 1 Lac balance will earn interest at the rate of 5.50 % p.a. (w.e.f 7th Dec’18)
Kotak Mahindra Bank – Silk Women’s Saving Account
The Kotak Mahindra Bank Silk programme provides women with the best of offers in finance, dining, health and lifestyle, empowering them to do more.
- For no maintenance charge waiver in Junior Account minimum monthly RD or MF-SIP instalment value of Rs 2,000/- (Rs 1,000 or above for Semi-Urban & Rural Branches); Minimum tenure of 36 months. Maximum cap on RD monthly instalment: Rs. 25,000 for tenure up to 120 months / Rs. 1,00,000 for tenure up to 36 months.
- A special 35% discount on Locker rentals for the first year
- Avail higher debit card withdrawal limit – POS Limit of 2lac, ATM withdrawal limit of Rs 40,000 for domestic withdrawals, Rs 50,000 for international withdrawals.
- Personal Accidental Death Cover up to Rs 10 lakh & air accidental death insurance of up to Rs 50 lakh.
- Higher interest rate on balance in savings account – up to 6%.
IDBI Bank – SuperShakti Women Account
IDBI Bank’s savings account for women is coined as SuperShakti women account. The bank is offering zero balance savings account for the child below 18 years of age. Below are the key features of this account,
- MAB – Rs 5,000 (Metro & Urban), Rs 2,500 (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
- Personalised 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
So women, choose a savings bank account as per your convenience and requirement to avail a host of additional benefits.