The Indian financial landscape is experiencing a dramatic change, especially with technological advancements. Women are also taking advantage of such evolution through financial awareness and education. Women excelling in all fields of life are becoming increasingly independent and taking control of financial planning. Banks are also encouraging women with specifically designed financial products that enable women to attain financial independence in the real sense.
One of these products is women’s savings accounts. This savings account variant is designed to keep the special needs of a woman at its core. Open a savings account for a housewife or working woman online with reputed banks conveniently and earn higher returns comparatively.
Attractive Features and Benefits of Women’s Saving Account in India
A women’s savings account comes with several advantages to make more women achieve financial independence. Here are the propositions that customers can consider while choosing the best savings accounts for women:
- Simple Documents
Approach a reputable bank allowing opening a women’s savings account with simple documentation. It is a three-step process with renowned banks:
- Provide the Aadhaar and PAN (Permanent Account Number) details.
- Select a variant of the savings account – Women’s Savings Account
- Input personal information – full name, city, birth date, etc.
- Faster Transfer of Funds and Investing Process
Investing is a part of financial planning and helps women to be financially abundant over time. Using internet banking, customers can invest easily. Also, online fund transfer takes only a few minutes to complete the transaction safely. Women can open fixed deposit accounts, recurring deposit accounts online using a savings account. They can invest in shares, mutual funds, and other financial assets by linking their savings account to a demat account.
- Safety Measures
Safe and secure banking with robust security systems attracts more customers as it ensures that their transactions are safe. Banks implement two-factor authentication to offer safe and secure banking.
- Year-long Discounts
Banks enable women to save more by waiving off various costs associated with a savings account. Women savings bank account holders are privileged with year-round discounts. These offers can be on shopping, dining, health, entertainment, wellness, etc. Banks can also offer a discount on locker rentals for the first year.
- Free Kids Saving Account
Banks allow their women savings account holders to open a free kids’ savings account. It is a free and zero-balance account. It is a good option for their kids to inculcate the habit of savings and start learning about investments.
- Insurance Cover
Banks offer a complimentary insurance cover for women’s savings bank account holders. It is one of the essential facilities that individuals have started to recognise now. It can cover the risk of lost cards, purchase protection, loss of checked-in baggage, passport and travel-related documents, etc. It includes personal accident insurance, and accidental death cover also. A women’s savings account can benefit the account holder from the insurance in times of emergencies.
- Higher Interest Rates
Many reputed banks offer interest rate privileges to women savings account holders. There can be a bit higher interest rates for women that can significantly help to grow funds over time. Look for a reputed bank that offers women earn higher interest on their special women saving accounts.
- Convert Account into a Zero-balance Account
Most banks want their clients holding a savings account to maintain a minimum monthly or quarterly balance of Rs.10,000. There is a way to stay tension-free about the non-maintenance of the minimum account balance. Customers can open a recurring deposit account with a minimum amount of Rs.2,000 with the bank. The bank will convert the account into a zero-balance savings account. Thus, online bank account opening with zero balance video KYC is possible with renowned banks.
- More Free ATM transactions
Most banks allow women’s savings account holders to withdraw funds using debit cards at their ATMs across India without incurring transaction charges. Customers can look for a bank offering free transactions at other banks’ ATMs also.
- Free Bill and Tax Payment Facility
To offer the best savings account for a housewife, renowned banks allow their women’s savings account holders to make tax and bill payments without a fee. They can pay for electricity bills, water bills, mobile bills, insurance premiums, subscriptions to magazines, etc., online conveniently.
Thus, a savings account helps women to take charge of their personal finances. They can meet their differentiated financial needs with the best women’s savings bank account. Consider online bank account opening with zero balance and video KYC for the best women’s savings account.