8 benefits of Women’s Savings Account

Today’s women have travelled far from where they began and are breaking the glass ceiling in every sector. This is especially true in the Indian context, as more and more women are stepping up to become financially independent. The whole world has acknowledged the critical role played by women in nation-building, which is why it is our collective duty to empower and entrust them with suitable infrastructure to grow and develop.

To this end, banks have introduced a solid financial product that can assist women in achieving financial independence in the real sense, i.e., women’s savings accounts.

What is women's saving account?

A women's savings account is designed keeping the needs and requirements of a woman at its core. Some of the best savings accounts for women have better features and facilities than what a simple savings account offers.

Read on to find out about the advantages of a women’s savings account.

Cashback offers

Who doesn’t like cashback offers? Some of the best savings accounts for women offered by the banks are customised to suit the everyday needs of women, such as shopping and self-care. This is why some women’s savings accounts in the market come with various cashback offers on various lifestyle transactions. You can avail of these from select brands and locations.

Free children’s saving account

Women tend to look out for their children’s benefits first. Keeping this in mind, some banks offer free children’s accounts that you can open along with a women’s savings account. It is as good as opening a free bank account for one’s child as there are no additional charges. This gives a natural boost to women to go ahead and open a women’s savings account as they get the benefit of free add-on accounts.

Insurance cover

Insurance cover is an essential facility that people have started to recognise lately. A women’s savings account comes with various insurance covers such as personal accident insurance, accidental death cover, accidental hospitalisation cover, etc. This is one of the best features of a women’s savings account, as women can benefit from the insurance amount in times of emergencies.

Waiver on fees

There are some other perks when it comes to women’s savings accounts. Some banks offer a significant waiver on fees that may otherwise be levied. For example, a complete waiver on payment of processing fees, prepayment fees, and pre-closure fees on education loans. Others may offer a discount on locker fees. There is an annual maintenance charge (AMC) for maintaining your Demat account with a bank, and some banks offer a discount of as much as 50% on the Demat AMC for women’s savings accounts.

FIRST power from IDFC FIRST Bank

IDFC FIRST Bank offers FIRST Power, a savings account focusing on women and their needs.

Here are some features of FIRST Power Savings Account with Rs. 25,000 Average Monthly Balance:

• Enjoy a high interest rate of up to 7% per annum
• Monthly Interest Credits with monthly compounding (other major banks provide interest on a quarterly basis). You earn more with the power of monthly compounding with us
• Get complimentary gift vouchers on account opening
• Higher daily ATM withdrawal limit of Rs 2 lakh and daily purchase limit of Rs. 6 lakhs
• Unlimited free ATM transactions at any bank anywhere in India
• 50% discount on locker rental for the first year
• Free personal accidental insurance of Rs 35 lakh and air accident insurance cover of Rs 1 crore
• Lifetime free health benefits from vHealth and Indian Health Organisation (IHO)

Conclusion

A women’s savings account promotes financial empowerment among women with curated benefits. They are better equipped to handle their finances and can plan their investments without depending on anyone. Needless to say, every woman deserves to have a women’s savings account specially designed for them.

Download the IDFC FIRST Mobile Banking App to keep track of all your bank accounts and expenses!

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.