Everyone is different and the needs of the different people vary from each other. Hence customisation plays a big role in making people feel loved and cared. When we customise our gifts and mementos keeping in mind the receiver, then why not for financial products? Needs of everyone is different. While it is impossible to customise the financial products for all the people, we can at least have differentiated financial products according to the specific gender. It is because the needs and wants of a woman are different from the needs of a man. Hence, many of the financial products don’t cater to the other half of the society. It can also be said that women are not able to relate their needs to such products. And one of the basic financial products is a savings account. Savings account was also homogeneous in nature. But things are now changing as many financial institutions have realised it and working to bring more inclusiveness especially in case of savings account.
Many banks have introduced savings bank account just for women. The women savings account comes with more features and benefits that appeal the fairer sex. With the help of these savings accounts, women can get discounts and offers on debit cards, low interest rates on loans etc. All these benefits help women to be empowered so that they are able to take financial decisions by them without relying on their husbands or fathers. If India has to develop, it can’t develop if half of the population is lagging behind in their finances.
Women in India have always been associated with Shakti, the power. IDBI Bank’s women saving bank account is IDBI SuperShakti Account.
Two Zero balance account for your child: While there is minimum monthly average balance requirement in this savings account, one can open two zero balance accounts for their children who are below 18 years of age. So if you open an account in IDBI SuperShakti, you don’t need to create bank accounts in other bank. You can have two zero balance accounts for your kids along with this account.
Auto Sweep out / sweep in facility: One way to curb shopping temptations is to not have a lot of liquid cash in the savings account. This women’s savings account keeps a check on that as well. In this account, the bank holders have the option to sweep in cash from the savings account to fixed deposits.
One can opt for the auto sweep out/ sweep in facility where anything above Rs.15,000 will be swept out to of the savings account and deposited in a fixed deposit. This will help the bank holder to fetch higher interest as the savings rate in many banks is paltry. Also, you sweep the money in to your savings account in case of emergencies.
Women’s International ATM cum Debit card: One of the attractive features of the bank account is the international debit card. An international debit card comes in handy for international tours. While one can use domestic debit card but the charges and fees that will be levied might be mind blowing. Hence, it is wise to carry an international debit card. Discounts, offers, airport lounge and travel insurance are some of the added benefits of an international debit card.
Discounts on banking features: The savings bank account also comes with better banking and transactional facilities. If there is a demat account associated with the bank account, one gets 50% off on the annual maintenance charges and 25% discount on one locker of any size. And that’s not all. The bank holder gets free ten transactions at other Bank ATM in a month and higher ATM cash withdrawal limit of Rs. 40,000 per day.
Click here to know about IDBI Bank’s Woman Savings Account.
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