Key features of Women’s Savings Account

Different Savings Accounts exist to cater to a variety of customers. Savings accounts for women help women to grow their savings and meet financial requirements and urgencies. However, this isn’t their only function. With features like competitive interest rates with monthly interest payouts, quick fund access through digital channels, and free banking services, they also help women overcome challenges (financial emergencies) effectively and empower them to grow their funds.

Understanding savings accounts for women
 

Savings accounts for women is similar to regular savings accounts; except, they have a few key advantages for their customers. These accounts offer features that cater specifically to the financial needs of women.

For instance, the IDFC FIRST Power Savings Account for women (₹25K Average Monthly Balance Variant) offers a personal accident cover worth ₹35 lakhs and air accident cover of ₹1 crore along with a 1-year complimentary health benefit with MediBuddy.

In addition, women can also enjoy competitive rates, zero-fee banking on all common services, as well as monthly interest credits for enhanced savings.

To be eligible for IDFC FIRST Bank’s FIRST Power Savings Account, you must be a woman above 18 years of age, an Indian citizen, an Indian resident, or a foreign national residing in India and meeting the government of India criteria.

How savings accounts empower women
 

Women savings accounts can help us empower women in multiple ways –

• These accounts ensure financial inclusion for women:

IDFC FIRST Bank’s savings accounts for women offer a high interest rate per annum and thereby ensure the financial inclusion of women. You can also sign up for a customised women savings account.

• They offer highly secure modes of accessing one’s savings:

IDFC FIRST Bank’s FIRST Power Savings Account comes with an extremely secure mobile banking app to safeguard transactions and avoid unauthorised access. The bank offers highly secure modes of login such as biometric authentication to help customers access their savings account through the app with complete safety.  

• Women’s savings accounts help women be financially independent:

Equipping women with access to their savings 24/7 and helping them grow their savings over time is a significant step towards women empowerment. 

Tailored savings accounts for women
 

Several banks offer tailored savings accounts for women, helping them consistently grow their income in the long term. IDFC FIRST Bank, for instance, offers complimentary health benefits to women savings accountholders for 1 year with MediBuddy and monthly interest credits.

Tips for women to maximize savings
 

Here are certain tips for women to maximise their savings using a savings account for women –

• Choose a savings account that is savings-friendly:

A savings-friendly savings account offers multiple features to help you save more. IDFC FIRST Bank’s savings accounts, for instance, help you save more in three ways – the zero-fee banking services like Zero Debit Card Annual Fees, Zero ATM Transaction Charges at IDFC FIRST Bank and other banks, monthly interest credits, and a competitive interest rate.


• Opt for a savings account with a higher withdrawal limit:

IDFC FIRST Bank’s savings accounts (₹25K Average Monthly Balance Variant) offer a higher daily ATM withdrawal limit of ₹2 lakh and a daily purchase limit of ₹6 lakh. You can also benefit from unlimited, free ATM transactions anywhere in India.


• Prioritise savings accounts that offer health and insurance-related benefits:

IDFC FIRST Bank’s women savings accounts offer a free personal accident insurance of ₹35 lakh and air accident insurance cover of ₹1 crore. Please specify 25,000 annual monthly balance variant.


• Choose a mobile banking app that helps you automate your regular payments:

You can choose a feature like IDFC FIRST Bank’s ‘Autopay’ feature to automate your regular payments such as payments towards rent, etc. This will help you avoid any late payment fees and help you save money in the long run.

Conclusion
 

A savings account for women helps women become financially independent by gradually increasing their savings over time. Women customers can also customise these accounts based on the features that they find relevant to their spending patterns.