Women’s savings account vs. regular account – What’s the difference?

In India, the banking sector has evolved to cater to diverse demographics, and one standout offering is the women’s savings account—a product designed with women’s financial needs and aspirations in mind. While regular savings accounts remain the go-to for many, women’s savings accounts are gaining traction for their tailored features and empowerment-driven benefits. So, how do these two options stack up? Let’s break it down.

What are women’s savings accounts?
 

Women’s savings accounts are tailored to meet women’s specific needs and aspirations. These accounts are more easily accessible to women from all walks of life, offering incentives like free insurance coverage, fee waivers, and reward programs, depending on the bank. Banks such as IDFC FIRST Bank offer flexibility, healthcare benefits and tailored perks with its FIRST Power Women’s Savings Account.

IDFC FIRST Bank’s Women’s Savings Account – FIRST Power Savings Account – not only offers higher interest rates but also provides access to several exclusive lifestyle and healthcare benefits, as well as essential insurance coverage to safeguard financial security. One of the most significant advantages of the FIRST Power Women’s Savings Account is that it offers among the highest interest rates of up to 7.25% p.a.. Moreover, unlike most regular savings accounts that offer quarterly interest payouts, this account ensures monthly interest credits, allowing women to reinvest or use their earnings more frequently for their needs.

Women’s savings accounts vs. regular savings accounts
 

Here are some of the key differences between Women’s Savings Accounts from IDFC FIRST Bank and regular Savings Accounts.

1. Complimentary health benefits with MediBuddy
 

Most regular savings accounts do not offer health benefits, but the FIRST Power Women’s Savings Account prioritises women’s health through exclusive benefits with MediBuddy, including:

• Free unlimited online consultations with a general physician (for the account holder and up to four family members).
• Up to 15% discount on medicines at network pharmacies.
• Complimentary full-body health checkup for the primary account holder, covering 50+ essential tests such as kidney function tests, complete blood count, and glucose fasting.
• ₹500 wallet balance for medical expenses to ease healthcare costs.

2. Premium debit card benefits with higher transaction limits
 

While regular savings accounts offer standard debit cards with basic features, the FIRST Power Women’s Savings Account provides premium debit cards with extensive benefits such as:

With the FIRST Power VISA Platinum Debit Card that comes linked to the ₹25K AMB (Average Monthly Balance) Savings Account, women can enjoy:

• ₹2 lakh daily ATM withdrawal limit
• ₹6 lakh daily purchase limit
• Unlimited free ATM transactions at any bank across India
• ₹35 lakh personal accident insurance cover
• ₹1 crore air accident insurance
• ₹6 lakh lost card liability protection
• 1 domestic airport lounge access per quarter

With the FIRST Power VISA Classic Debit Card that comes with the ₹10K AMB Savings Account, they can avail:

• ₹1 lakh daily ATM withdrawal limit
• ₹4 lakh daily purchase limit
• Unlimited free ATM transactions at any bank across India
• ₹5 lakh personal accident insurance cover
• ₹30 lakh air accident insurance
• ₹4 lakh lost card liability protection

3. Zero-fee banking on all Savings Account services
 

The FIRST Power Women’s Savings Account offers zero charges on all common savings account services. To name a few, women can avail free:

• Online transactions
• Demand draft issuance
• Chequebook re-issuance
• Unlimited ATM withdrawals at any bank in India
• SMS alerts for real-time updates, and more

4. Locker rental discounts for added security
 

Women can secure their valuables affordably with up to a 50% discount on locker rentals at IDFC FIRST Bank branches:

• Get a 50% discount on locker rentals with a ₹25,000 AMB savings account.
• Avail a 25% discount on locker rentals with a ₹10,000 AMB savings account.

Regular savings accounts do not typically offer such discounts on locker rental, making this a cost-effective way to ensure the safety of valuable assets.

5. Exclusive merchant deals for smart savings
 

Unlike regular savings accounts, the FIRST Power Women’s Savings Account offers exciting lifestyle and shopping discounts, including:

• 20% off (up to ₹500) on Zomato District app (movies, dining, events) once per month.
• 5% off (up to ₹750) on Flipkart orders above ₹5,000 once per month.
• 1-on-1 offer on BookMyShow movie tickets (up to ₹250) every Friday.
• 10% off (up to ₹300) on Nykaa orders above ₹2,000 once per month.
• 25% off on jewellery making charges at Kalyan Jewellers (minimum purchase of ₹1,00,000).

Regular vs. Women’s Savings Account: What should you choose?
 

• Opt for a Women’s Savings Account if: You’re a woman looking for tailored benefits—lower entry barriers, lifestyle perks, or family-oriented features—and value the sense of financial agency it brings. It’s ideal for homemakers, working professionals, or mothers prioritizing security and savings.
• Stick with a Regular Savings Account if: You prefer a no-frills option, don’t need the extras, or already maintain a high balance that unlocks premium benefits anyway. It’s a solid pick for anyone seeking simplicity over specialization.

Conclusion
 

If you are looking for a savings account that offers more than just the basics, the IDFC FIRST Bank Women’s Savings Account benefits include high interest rates, accident insurance coverage, healthcare discounts, and lifestyle perks that cater specifically for women. Regular accounts, however, hold their ground with reliability and broad appeal. In India’s evolving financial landscape, where women are increasingly shaping their economic futures, the women’s savings account isn’t just a product—it’s a statement. Which one’s right for you? That depends on how you want your money to work for you.