Everyone needs a savings account. A savings account is the first step towards financial inclusion. Without a savings account, government subsidy, other saving options, loans etc. can’t be accessed. When women have personalised items for everything, why should not they have a savings account to call just their own. Well, many banks have women saving Account that is especially meant for women customers. Mahila Shakti account is the Bank Of Baroda (BoB) women saving account. The savings account comes with different features that are meant to take care of the various needs of today’s women.
Children are the apple of eye for their mothers. Mothers want nothing but the best of their children. Moms look for new ways to inculcate good habits to their children whether it is reading habits or savings habit. One of the easiest ways to cultivate saving habit is to open savings account for your kids.
The Mahila Shakti Account offers the opportunity to open up to two zero balance accounts for their children. This will help your children to save their pocket money or the money received by their relatives and watch the money in the savings account grow. As it is a zero balance account, there is no mandate to keep a minimum average balance.
Woman customers of the bank account get a free RuPay Platinum Debit Card along with Rs. 2 lakhs of accident insurance. This is available till 70 years of age.
Platinum debit cards are different from regular debit card as it comes with high ATM cash withdrawal limits, cash backs, loyalty points etc. Also, platinum debit card have higher annual charge. The annual charges are nearly double of the regular debit account.
To make it cheaper for women to take loans, women account holders of Mahila Shakti account get a discount of 0.25% on the interest rate for two wheeler loan. When taking a loan, the processing charge also increases the total cost of taking the loan. This woman savings account comes with 25 % waiver on processing charges for Auto Loan and Home Loans. The complete processing charge for personal loan is waived off.
Fixed deposits give higher interest rate than savings account. Hence, keeping your excess funds in fixed deposits will help you to grow your money. Customers can opt for Flexi-Fixed Deposit Facility to transfer their excess cash lying in the savings account to a fixed deposit. Once the mandate is set up, the bank automatically transfers money from savings account to fixed deposits.
Sweep facility is available on request above Rs.50,000 and in multiples of Rs.10,000. This will help you to get a higher interest rate than savings account.
To invest in direct equities, demat account is necessary. Demat account will keep the shares that you have brought. It is seen that women are less interested in investing in equity markets. Demat accounts come with annual maintenance charges as well. Another feature of the woman savings account is the complete waiver on first year’s maintenance on demat account.
Customers get benefits in travel card, gift card and credit card. 25% of issuance charge is waived on travel and gift card. Women don’t have to pay any joining fees on Bank of Baroda Easy Credit Card.
Bank of Baroda’s Mahila Shakti Account is a woman savings account that takes care of the various needs of women customers.
Click here to open a savings account online.
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