Women are now equal contributors to family finances, and the idea of the “sole bread earner” is shifting dramatically. Women are now in charge of everything, from savings to loans to investments.
Savings accounts tailored to the needs of women can be a great way to help manage finances and reach financial goals. Whether women are looking to save money, get liquidity, manage their finances, or build an emergency fund, a bank account for ladies can fulfil all their needs.
What is a Women’s Savings Account?
In today’s modern banking, banks and financial institutions provide various savings accounts tailored for their customers. These include regular savings accounts, senior citizen savings accounts, salary accounts, children’s savings accounts, women’s savings accounts, etc.
A women’s savings account is a type of account specifically designed for women. It typically has a lower average minimum balance, lower fees, insurance options, and other incentives intended to help women save money and achieve financial security. A women’s savings account is an essential tool for women to gain financial security and build wealth. Like a regular savings account, a bank account for ladies will also earn interest on the amount deposited.
One of the best bank accounts for ladies is RBL Bank’s Woman’s First Savings Account. It provides women with various benefits, including a higher interest rate and a unique woman’s first debit card with special deals on restaurants, health, and lifestyle, a lower minimum balance requirement, increased cash deposit and withdrawal limitations, complimentary insurance on a debit card, etc.
Benefits of Women’s Savings Account
Banks provide various unique incentives to attract women to join the formal banking system. Women’s savings accounts may have unique features and benefits, such as
- Some banks provide women with a higher rate of interest for their deposits, which allows women to earn more on their deposits and grow their savings.
- Women’s savings account comes with a lower minimum balance requirement, which is another reason why it is so popular. Some banks also have zero minimum balance requirements for women’s accounts. So, even if there is no balance in the account, a penalty will not be charged.
- Every bank provides a locker facility to store valuables, but it often comes with a fee. However, locker rents are lower for women’s savings accounts.
- Women’s savings accounts also have a complimentary insurance card, which includes air accidents, lost liabilities, luggage loss, etc. The coverage differs from bank to bank.
- Women’s saving accounts also receive favourable rates on house loans, student loans, personal loans, vehicle loans, and other financial products.
- Women with a savings account receive exclusive debit cards with perks such as reward points and cashback.
Eligibility Criteria
To online open a saving account , the following prerequisites must be met.
- The account can be opened individually or jointly, but the primary account holder must be a woman.
- Any resident of India can open this account. However, many banks allow women from other countries to open this type of savings account as long as they meet all of the bank’s conditions.
Considerations Before Opening a Women’s Savings Account
To choose the best account for one’s financial needs, various factors should be considered:
- Understand the account’s fees, including any minimum balance restrictions, ATM fees, and other charges.
- Look for an account with competitive interest rates since this will allow the funds to grow quickly over time.
- Consider any extra features that come with the account, such as free ATM withdrawals, insurance coverage, and reward points.
- Determine if the bank provides accessible branches and ATMs near one’s home or business and user-friendly online banking facilities.
Also Read: Understanding Minimum Balance Maintenance In Savings Account To Avoid Penalties
Conclusion
Women’s savings accounts can help women achieve financial independence and stability. They provide distinctive perks and features like higher interest rates, locker discounts, insurance coverage, etc. However, before opening a women’s savings account, women must consider interest rates, fees, extra privileges, and accessibility.
