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Today’s woman is financially savvy. She is taking charge of her life, her career, and even her finances. A study has revealed that 47% of Indian women make independent financial decisions.
And to make this job easier for you, all you need is the know-how of the various tools available in the market.
When it comes to financial tools, a savings account is one of the most basic ones. The right savings account can help with money management and also offer attractive perks. Thanks to the latest innovations in the banking industry, there are savings accounts tailored specifically to women’s needs.
Wondering why women’s savings accounts are a smart financial management decision? Let’s understand.
Women’s savings accounts are intended to motivate women to open a bank account for their independent needs. Towards this intent, the account offers unique benefits for women. Here’s a look at some of these benefits –
Higher savings account interest rates that allow you to save more and grow your savings.
To give women easy access to funds, banks might offer loans at lower interest rates for women or give a concession on the existing rates.
The debit card issued with women's savings accounts usually comes with attractive benefits for women. These might include discounts across popular brands that appeal to women’s needs.
Many women's savings accounts also offer complimentary health benefits, such as access to health checkups and medical services, which offers added security. Common coverages include personal accident coverage, lost card liability coverage, etc.
Other benefits that come with women’s savings account include insurance coverages, lower service charges, free memberships, among other benefits.
Besides offering banking facilities and the aforementioned benefits, a savings account can also be an effective financial tool for emergency planning. Wondering how?
Because of the liquidity that the account offers, with a savings account, you can immediately make cash withdrawals through cheques or your debit card and access your account balance instantly. This gives you instant funds to meet emergencies and proves to be a hidden benefit of the savings account.
A savings account is a basic financial tool that comes in handy for financial management. It is needed for the following reasons -
● Managing money
Women need savings accounts to deposit and make withdrawals as and when needed. The account gives them a safe haven for parking liquid cash. It allows them to make payments, transact and even make the right investment decisions in financial management.
● Growing your savings
Savings accounts offer guaranteed returns on the balance maintained. This helps women grow their surplus funds and build a corpus for their financial goals, such as children’s education, weddings, retirement planning, etc.
Moreover, opening a savings account is easy. You can do so online or offline in a few simple steps and with minimal documentation, making the account accessible to everyone.
IDFC FIRST Bank offers the FIRST Power Women’s Savings Account - an account designed specifically for women. It is a rewarding choice because of the benefits that you can get. Wondering what these benefits are?
Have a look -
With the FIRST Power Savings Account, you can enjoy added perks while taking charge of your finances. If you are wondering about the debit card features, here’s what you can get,
VISA Platinum Debit Card |
VISA Classic Debit Card |
Eligibility - Average monthly balance of ₹25,000 |
Eligibility - Average monthly balance of ₹10,000 |
Daily ATM cash withdrawal limit - ₹2 lakhs |
Daily ATM cash withdrawal limit - ₹1 lakh |
Daily purchase limit - ₹6 lakhs |
Daily purchase limit - ₹4 lakhs |
Personal accident insurance cover - ₹35 lakhs |
Personal accident insurance cover - ₹5 lakhs |
Air Accident Insurance Cover - ₹1 crore |
Air Accident Insurance Cover - ₹30 lakhs |
Lost Card Liability Protection - ₹6 lakhs |
Lost Card Liability Protection - ₹4 lakhs |
50% discount on locker rentals for the first year |
25% discount on locker rentals for the first year |
Get empowered with the right savings account
A savings account can be the right stepping stone in your quest for financial independence. Right from depositing your surplus funds to paying for expenses and investments, the account can help you do all this and more. Plus, with the FIRST Power Savings Account, you can unlock attractive benefits too.
So, apply for the FIRST Power Savings Account and take charge of your finances today!