Women’s Day is just around the corner. Women have made tremendous strides in all aspects whether it is in their professional life or personal life. Financial independence is no mirage for women and women are taking control of their finances. Women have opened savings account, invested in mutual funds and stocks and have went ahead to head global financial institutions. However, according to Women’s World Banking, almost half of the women with savings bank accounts use them in a limited capacity or not at all.
Many reasons hinder women’s participation in the banking sphere. Lack of bank branches, visiting bank branches, and prevailing patriarchal customs are some of the reasons that hinder women’s exposure to the formal banking sector.
However, with the advent of digital banking and digital savings account the scenario is expected to change for better. Women can open an online savings account from the comfort of their homes and at their convenience.
Here are some of the top reasons why every woman should open a savings account and should actively use it:
Gone are the days when you had to visit a bank branch to open a bank account. Times have changed making it possible to open a bank account from the comforts of your home. You will need a smartphone, PAN card and Aadhaar card to open a digital account instantly. The account is created instantly and you can start transacting from the very minute. You can fund your account through various options such as UPI and net banking.
The online savings account such as Kotak 811 comes with a free virtual card that can be used for online transactions just like a normal debit card. If you want to withdraw cash or use the card at shopping malls and other offline stores, you can request a physical debit card at a nominal cost.
Most savings accounts have a minimum average balance. We get that keeping a minimum balance every month may not be an easy option for everyone, especially if the average minimum balance is Rs.10,000 or more. Moreover, the fear of getting a penalty for not keeping a minimum average can keep you from spending or transferring your money to your friends.
If the average minimum balance is what is stopping you from opening a bank account or using it to its full potential, then zero balance savings accounts can help you enter the formal banking space.
Many banks such as Kotak Mahindra Bank, Axis Bank, digibank have introduced zero balance accounts for their customers. These zero balance accounts are digital accounts that can be opened instantly through your smartphone by downloading the mobile banking app.
A savings account or online savings account can help to save money and earn interest. Studies have shown that keeping money in a bank account can help you use your money for the right reasons. Keeping money in a bank is a safe and inexpensive way. Moreover, few age digital banks offer attractive interest rates to their customers. Some of the banks such as Kotak Bank, Digibank give customers an interest rate of around 6-7% p.a.
Hence, putting money in a savings account can help to put your money to good use and earn interest as well.
The way that we transact now has undergone a sea of changes. Digital methods of payments have come to the forefront. And why should not it be? It is a hassle-free and cashless way of transaction. So, with a bank account, you can transact easily without worrying about change by scanning the QR code available with the vendor or directly to their number.
It is no longer okay for a woman to depend on her husband or father for financial necessities. While banking needs to further come up with ideas to reach out to people living in the hinterlands of our country, latest technological and banking advancement has made banking accessible to a lot of people, especially women.
So, if you are thinking about opening a bank account, it is time to get one now.Tags: online savings account, digital savings account, zero balance account, women and savings account, women and banking
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