Women are becoming significant contributors to our economy and society. It only makes sense to help them get ahead and make their jobs easier. With that in mind, there are many banks in India that provide specific bank accounts for women.
Most banks these days offer the option of women saving account, which offers much more benefits to the account holder than their regular savings account. Many leading banks in India offer these accounts and numerous benefits like earning additional interests on their deposits and withdrawing from any ATM in the country without any fees.
What do Women’s Saving Accounts Offer?
Here is a comprehensive list of the features that can be found with any kind of women saving account:
- Extra Interest: Interest is the biggest factor when it comes to women’s saving accounts. Most banks offer a higher rate of interest on this specific account. These rates are higher than those of the regular saving accounts and will be paid on the sum of money in the account.
- The reduced limit for Minimum Balance: The minimum balance to be maintained in these accounts is comparatively lesser than what other savings accounts This helps women in earning higher interest on the savings.
- Auto-sweep facility: This is yet another impressive feature of the account specifically offered for women. Most women savings accounts offer them the option to enjoy higher liquidity in their savings account and offers a greater interest rate on fixed deposits. These accounts come with an option of providing the banks an instruction beforehand, which will instruct the bank to keep an eye on the fixed deposits of the holder and their savings accounts. The bank will automatically create a fixed deposit when there is a surplus in the account. When the savings account falls short on the minimum balance, the bank automatically closes the fixed deposits and credits the amount to your bank account. This feature is not available on any other kind of bank accounts.
- Higher Withdrawal Limits and Offers: Most women’s accounts come with cashback offers and other regular deals. Other than this, the banks also offer a higher number of withdrawals, which is otherwise unavailable on regular savings accounts. Additionally, some banks even offer the option of withdrawing from any ATM in the country without being charged for the withdrawal.
- Insurance Cover: Most women’s savings accounts offer an accident life insurance cover and accidental hospitalization cover which is otherwise unavailable on other savings
Should you get a women’s saving account?
With many offers, features and other impressive benefits that come with the account, it is important to know the nitty-gritty. The main reason behind doubtfulness of these type of accounts is the fact that these may come with some costs.
Every bank has a different set of working method, and the fees for such methods are different. The costs for minimum balance maintenance, deductions and other charges that you could face when using the account should be well-researched and thought about.
Although these accounts offer great benefits, the drawback could lie in the hidden costs. Look for additional charges and inquire about the fees for various deductions and make a decision after considering all aspects of the bank account.
What to look for when you go to a women’s bank account?
Here is a short list of things you can look for before selecting women’s saving bank account:
- Are there any investment options available for your savings account?
- What is the minimum balance required for your bank account?
- What will be the charges if you cannot maintain a minimum balance?
- What offers will the card bring for you?
- Does the bank provide offers with your card?
- What interest rate does the bank offer you?
After thoroughly considering the above-mentioned points, make a decision.
With many options and attractive names, it may hard for you to understand what kind of account works the best for you. It is advised that you look into your preferences and needs before you go on a hunt for the perfect bank account. Once you know what you need your bank account for, it will become easy for you to narrow down your choices.