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 and South Indian Bank offer savings account for women.
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.
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.
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.
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.
Women's savings accounts offer various benefits, but their usefulness depends on individual requirements and usage patterns. For instance, if you already have comprehensive insurance coverage, you may not need additional insurance benefits offered by these accounts.
Yes, many women's savings accounts provide insurance coverage. For example, Citibank Women's Account offers critical illness insurance for women under 55 years, providing coverage worth Rs. 50,000.
Some accounts, like the UTI Bank Smart Privilege Account, allow women above 18 years to open a zero-balance children's account. This feature is advantageous for parents planning to open savings accounts for their children.
Women's savings accounts often come with international debit cards, offering exclusive discounts and rewards. For instance, Citibank Women's Account provides a photo debit card with special discounts at select merchants.
Some popular options include HDFC Women's Savings Account, South Indian Bank Mahila Plus Account, and Axis Bank Women's Savings Account, each offering unique benefits tailored to women's needs.
Consider factors such as insurance coverage, minimum balance requirements, debit card or credit card benefits, investment options, banking facilities, and how the account differs from regular savings accounts.
Yes, most women's savings accounts provide access to internet, mobile, and phone banking facilities, offering convenient ways to manage finances anytime, anywhere.
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