How a women's savings account helps make good financial decisions

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.

Features and benefits of women’s savings account
 

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 –

1. Higher interest rates

Higher savings account interest rates that allow you to save more and grow your savings.

2. Preferential loan rates

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.

3. Rewarding debit card

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. 

4. Complimentary health benefits

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.

5. Other privileges

Other benefits that come with women’s savings account include insurance coverages, lower service charges, free memberships, among other benefits.

Emergency planning - a hidden benefit of savings account
 

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.

Why do women need a 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.

FIRST Power Savings Account - The right choice for women
 

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 -

1. Attractive Interest rate of up to 7.25% per annum
2. Monthly interest credits for higher compounded returns
3. Exciting discounts across brands like Nykaa, BookMyShow, and Kalyan Jewellers
4. Up to 50% discount on locker rental charges on accounts with a minimum average monthly balance of ₹25,000
5. Free and unlimited withdrawals at any ATM across India
6. Complimentary health-related benefits with MediBuddy for a year after activating mobile banking. These include -
   
   
   1. Free and unlimited online consultations with a general physician for your whole family (up to 4 members)
   2. Up to 15% discount on medicine orders across networked pharmacies
   3. Complimentary full body check-ups for 50+ parameters such as complete blood count, kidney function tests, Glucose Fasting (FBS), etc.
   4. Wallet amount of ₹500
       
7. A choice of two debit cards - VISA Platinum Debit Card and VISA Classic Debit Card

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,

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!