Story of #BankAbleWomen: The power of a Women's Savings Account

Opening a Savings Account is the first step towards achieving financial security and independence. There are multiple Savings Accounts available in our banking system, such as for senior citizens, minors, joint accounts, and Women's Savings Accounts.

Just like a universal Savings Account, a Women’s Savings Account is the foundation of personal finance for women. It can help women manage their money easily and create a secure financial future. 

Furthermore, a Savings Account designed specifically for women helps them feel more empowered about their financial decisions, allowing them to take control of their finances. The IDFC FIRST Power Savings Account can be the right choice with its wide range of features and benefits for women. 

Find out more about Women's Savings Accounts and how IDFC FIRST Bank has one of the best offerings in the segment.  

Savings Account for women in India: An overview

Since the Pradhan Mantri Jan Dhan Yojana (PMJDY) launch in 2014, there has been a considerable difference in the number of women using Savings Accounts. Between 2014 and 2017, India’s gender gap with respect to access to bank accounts dropped from 20% to 6%.¹  As of 2021, approximately 79% of women between the ages of 15 and 49 years had a savings account². Another report shows that 42% of women had an inactive account in the same year compared to 30% of men³. A few reasons why women don’t actively use a Savings Account could be lack of information, access, or societal biases associated with their financial independence. However, there’s a lot they can gain from the right bank account.

With a dedicated Women's Savings Account, women can monitor their finances, decide how and where their money is spent, saved, and invested, and eliminate cases of financial abuse and exploitation where a third person may access their money without their complete will. 

Also read: https://www.idfcfirstbank.com/finfirst-blogs/savings-account/start-investing-with-a-womens-savings-account

IDFC FIRST Power Savings Account : What makes it one of the best Savings Accounts for women
 

The IDFC FIRST Power Savings Account can be the stepping-stone to financial security for women. It can help women save for their future and unexpected emergencies. The account is specifically designed for women, keeping in mind their needs, financial goals, and preferences to ensure they can benefit from it. 

Here are some benefits and features of the Women's Savings Account:

Savings
 

A Women's Savings Account can offer increased liquidity and help create an emergency fund to tackle unexpected financial expenses, such as medical or dental expenses, loss of employment, home or vehicle repairs, etc. It can also help women automate their investments and payments, making it easier for them to plan.  

High-interest rate
 

With the inflation rate soaring yearly, women must save and grow their money over time to keep their purchase power intact. The IDFC FIRST Power Savings Account offers competitive, and one of the highest interest rates in savings accounts available today, ensuring your money does not sit idle but grows with time and fulfils your financial needs. Moreover, with higher interest, you earn more money that can further be invested to achieve better yields. 

Monthly interest credits
 

One of the key benefits of the Women’s Savings Account by IDFC FIRST Bank is the monthly interest credit. Unlike the industry norm, IDFC FIRST Bank offers monthly and not quarterly interest credits. That means the interest earned on your savings is added to your account balance every month. Hence, you earn interest on interest along with your account balance the following month. Over time, this can be a great way to boost your savings. 

Calculator 
 

You may doubt how the interest is computed or what your earnings would look like based on the transactions made on your Women's Savings Account. The IDFC FIRST Bank offers the Savings Account Interest Simulator that can help you compare the interest rates of IDFC FIRST Bank with other banks. 

Rewards and discounts
 

The Women's Savings Account offers several rewards and discounts curated specially for women, such as complimentary Lakme Salon and spa gift vouchers, other gift vouchers worth Rs 500 on your monthly spends, and more. 

Insurance cover
 

When you open Rs 25,000 Average Monthly Balance Women's Saving Account, you get a personal accidental insurance policy with a cover of Rs 35 lakh and an air accident insurance cover with a sum assured of Rs 1 crore free of cost. 

ZERO Fee Banking on all commonly used Savings Account services

Disclaimer: IDFC FIRST Bank offers Zero Fee Banking on Rs. 10,000 Average Monthly Balance (AMB) Savings Account and higher account variants, subject to maintenance of AMB in the account.

These services are being offered free in good faith, and in case of abuse, the bank reserves the right to charge fees as per market norms. All rights reserved

Also read: ​https://www.idfcfirstbank.com/finfirst-blogs/finance/advantages-of-getting-life-insurance-in-your-20s​​​

Multiple payment methods
 

The IDFC FIRST Power Savings Account supports different online payment methods such as UPI, IMPS, NEFT and RTGS, making it easier to access your money.

How to apply for the Women’s Savings Account at IDFC FIRST Bank

You can visit the nearest branch to open the account and must carry the following documents:

· Passport-size photograph

· PAN Card or Form 60

· Any one of the following documents:

-  Aadhaar Card

- Passport

- Voter's Identity Card (Election Card)

- Permanent and valid driving license with a photograph

- Job card issued by NREGA duly signed by an officer of the state government

- Letter issued by the National Population Register containing details like the name and address

Also read: https://www.idfcfirstbank.com/finfirst-blogs/savings-account/5-questions-to-ask-when-opening-new-savings-account

To sum it up

A Women's Savings Account is tailored to help women achieve their financial goals and become financially independent. It can offer them more convenience, higher interest rates, suitable discounts and rewards, and above all, financial security. 

The IDFC FIRST Power Savings Account can be an apt partner for women who wish to be financially self-sufficient. This women's day, consider opening a Women's Savings Account with IDFC FIRST Bank by visiting a nearby branch and secure your financial freedom.

References
 

1. https://www.orfonline.org/research/financial-inclusion-of-women/

2. https://www.statista.com/statistics/1303406/india-women-with-a-bank-or-savings-account-by-area/

3. https://www.financialexpress.com/industry/sme/msme-finrealizing-womens-financial-inclusion-from-access-to-usage-of-bank-accounts/2978192/

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.