These Women's Savings Account offered by many banks comes with various benefits that regular accounts do not have like lower processing fees on loans, cash back offers, etc.
Various financial products aimed specifically at women are available in the market, including the savings bank accounts. These women’s savings account offered by many banks come with various benefits that regular accounts do not have, like lower processing fees on loans, cash back offers, etc. Experts suggest these savings accounts suit individuals who are looking for a savings account with a minimum balance requirement than a regular savings account, at the same time offering higher benefits. One can open a woman’s savings account either individually or even in a joint holding with the woman as the primary holder. Mostly, the attracting thing of these accounts are the rewards and customized features that are offered by the bank, even with the debit cards linked with them. Top banks such as HDFC Bank, ICICI Banks, Kotak Mahindra, and RBL offer these customized bank accounts for women.
If you are also planning to opt for a women-specific bank account, here are 5 savings bank accounts for women and the benefits that they offer:
ICICI – Women Advantage Savings Account
This women advantage account by ICICI Bank is a zero balance savings account and you can earn interest up to 4 per cent per annum on your savings. The debit card provided also comes loaded with benefits. For instance, you can earn cash back up to Rs 750 on entertainment, dining, and jewelry. It also provides unlimited cash withdrawals across all ATMs. Other benefits include 50 per cent discount on first-year locker rentals and you also get preferential home loan interest rates with this account. With the iProtect smart you can also get a comprehensive premium for life, accidental death, and 34 critical illness cover.
Axis – Women Savings Account
You can open a women’s savings account with Axis Bank with an opening deposit of Rs 10,000. On your daily balance, you also earn up to 4 per cent interest quarterly.
The accountholder also gets one free payable-at-par cheque-book per quarter, along with a Visa debit card at a minimal issuance fee of Rs 150. With its debit card, the first 5 transactions are free at Axis Bank ATMs and the first 3 transactions are free at non-Axis Bank ATMs. The daily withdrawal limit is set at Rs 40,000 at ATMs and Rs 1 lakh for shopping transactions. On education loan, there are no prepayment fees, processing fees, or pre-closure fee charged. You also earn Axis eDGE reward points for completing each transaction. However, to avail the personal accident insurance cover of up to Rs 2 lakh, you need to swipe your card at least once every 6 months.
IDBI – Super Shakti Women’s Account
With the IDBI Super Shakti Women’s account, you can earn interest up to 4 per cent per annum on your savings. The additional feature provided by this bank on this account is you can also opt for a zero balance savings account for your child below 18 years of age free of cost. However, the minimum account balance that needs to be maintained is set at Rs 5,000 in metros and urban areas, and Rs 2,500 in semi-urban cities. You also get an international ATM cum debit card with this account, with ATM cash withdrawal limit of Rs 40,000 per day. This account also comes with the auto sweep-out and sweep-in facility for transactions above Rs 15,000. Other benefits include a 25 per cent discount on locker services and 50 per cent discount on demat AMC.
HDFC – Women Savings Account
With the HDFC Bank Women Savings Account, you can earn interest up to 4 per cent per annum on your savings. However, a minimum average monthly balance of Rs 10,000 for metro and urban areas, and Rs 5,000 for semi-urban and rural areas need to be maintained. With this debit card, the account holder gets daily cash withdrawal limit of Rs 25,000 and a shopping limit of Rs 1.75 lakh. Accountholders also get preferential rates on loans. With this account, you also get accidental death cover of Rs 10 lakh and accidental hospitalization cover of Rs 1 lakh. On the first year for Demat account, the annual maintenance charge (AMC) is also waived off. Also, if you apply for an auto loan, you get up to 90 per cent finance on the on-road price of a vehicle and 7-year tenure. Other benefits include a 2 per cent lower interest rate on a two-wheeler loan and a 50 per cent discount on its processing fees. This account also comes with the feature of the automatic sweep-out facility.
Kotak – Silk Women Savings Account
Especially made for women, with the Silk Women Savings Account by Kotak, you can earn up to 6 per cent interest per annum on your savings. With Kotak Silk Debit Card, you can also earn cash back on transactions, get additional offers and privileges. The account holder also gets at home services like cash pick-up, cash delivery, cheque or draft delivery. ATM withdrawal limit is set at Rs 75,000 and you can also avail a 50 per cent discount on the issuance fee on complimentary cards. You can also opt for zero balance savings account for your child, with a monthly recurring deposit (RD) or mutual fund SIP installment of Rs 2000. Other benefits include a 35 per cent discount on locker rentals for the first year.