1. Build your Credit Score
2. Reduce your Current Borrowing / EMI Costs
Nobody can predict the future. That’s why we save money. Saving money makes us feel secure, and it acts as a safety net when in need. It takes care of the increasing costs of education, after retirement expenses, medical urgency or an emergency. You might have a higher pay package and make a lot of money, but if you are unable to save, what is the point in earning more? In India, when compared with men, women show lesser interest in finance. Women need to focus more on their savings for several reasons. Women, on an average, spend seven years out of the workforce taking care of the family, earn 20% less than what men do, live longer than men and are comparatively paid less. It’s imperative that women must save as much as possible while working.
You must be aware of the different investment methods. Many Indian women are not very sure where they must invest, and hence, they often end up depending on either their spouse or their father regarding savings. If you are not sure if you should invest in mutual funds or insurance schemes, you can save your money in savings account schemes for women that give you innumerable specialized benefits. There are certain banks that provide savings accounts specially designed for women.
ICICI bank provides opportunities for women to invest in themselves. Hence, Advantage Woman Savings Account includes offers on skill-building courses like IT certifications, personality development, and music lessons. It also offers discounts on healthcare, kids’ education and more to help women look after themselves and their family better. The following are the benefits provided by ICICI:
You can enjoy cashback of up to Rs 750 per month on entertainment, dining, and jewelry.
You can avail several offers on the usage of Debit Card, including free unlimited access to all banks' ATMs.
You get complimentary personal accident insurance protection.
You can avail 50% discount on first-year locker rentals.
Preferential rates on Home Loan, Personal Loans and Car Loans are also available.
You can apply easily for iProtect Smart Term Insurance that has comprehensive lifetime premium, Accidental Death benefits and 34 critical illness cover.
You can maximize your returns by using money multiplier, by setting a limit above which money in the Savings Account gets converted into Fixed Deposits on request.
Convenient Banking facilities: Internet Banking, iMobile app, free passbook facility, free e-mail statements, free Payable-at-Par multi-city cheque book.
The only eligibility criteria for this type of account is that the primary applicant should be a resident Indian woman of minimum 18 years.
This Savings Account helps you save money easily. It has a low opening deposit of Rs 10,000. Some of the features of Axis Women's Savings Account are as follows:
You can earn 4% p.a. Quarterly interest on savings of more than 50 Lakh and 3.5% p.a. Quarterly interest on savings of less than 50 Lakh.
You get a high withdrawal limit of Rs. 40,000 at ATMs and Rs. 1,00,000 for shopping transactions.
It gives you access to more than 13,000 Axis Bank ATMs and 3,000+ Axis Bank branches all over India.
Internet and mobile banking facility add to your convenience.
Free payable-at-par cheque book per quarter.
Free first five transactions at Axis Bank ATMs.
First 3/5 transactions are free at Non-Axis Bank ATMs in a metro/non-metro locations respectively.
Personal accidental insurance of up to Rs. 2 Lakh, if the card is swiped at least once every six months.
Over and above these, you can earn Axis eDGE reward points for transactions
With Silk Women Savings Account, Kotak brings specially designed benefits and features for women, which provides the best of offers in finance, dining, health, and lifestyle, empowering women to further explore the world of finance. Some of the primary features of Kotak savings account for women are mentioned below:
You can earn cash back on transactions and get special offers and privileges with Kotak Silk Debit Card.
You can avail 35% discount on locker rentals for the first year.
At Kotak, you get an added advantage of earning up to 6% interest per annum on your savings account, which is comparatively high.
Enjoy services like cash delivery, cheque/draft delivery, cash pick-up, etc. at home.
Avail 50% discount on the issuance fee of Best Compliments Card.
High POS limit of Rs 2 lakhs and ATM Withdrawal Limit of Rs. 40,000 for domestic and 50,000 for international transactions.
Personal accidental death cover of 10 Lakh, lost baggage insurance of 1 Lakh and Air accidental death cover of 50 Lakh is provided.
Apart from the features mentioned above, you can avail great offers across categories including travel, restaurants, shopping, electronics, entertainment, health & wellness, etc. as well as special EMI offers.
IDBI Bank offers one of the best savings accounts for women, which was coined as Super Shakti women’s account. Here are the primary features and benefits of IDBI Women's savings Account:
The best feature is that it offers a savings account with less Monthly Average Balance (MAB) of Rs. 5000 (Metro & Urban), Rs. 2500 (Semi Urban), Rs. 500 (Rural).
It offers two zero balance accounts for your children below the age of 18 years.
This account has auto sweep out / sweep in facility above Rs. 15,000.
There is an ATM cash withdrawal allowance of Rs. 40,000/- per day.
The account comes with a specially designed Women’s international debit card.
You get a Personalized Payable-At-Par (Multi-city)Cheque Book.
A discount of 25% on locker services.
You can avail a 50% discount on demat AMC.
You get ten free transactions at other Bank ATMs.
This account comes loaded with a wide range of attractive benefits. Some of the features of HDFC Bank Women Savings Account are as follows:
The minimum monthly average balance is Rs.10,000 for metro & urban branches, and Rs.5000 for semi-urban & rural branches.
The interest rate is up to 4% p.a. on your savings account balance.
Get preferential rates on loans.
Accidental death cover of Rs. 10 lakhs and accidental hospitalization cover of Rs. 1 lakh.
Rs.1,000 per day Cash allowance offered for a maximum of 10 days in a year in case of hospitalization.
Cash withdrawal allowance is Rs. 25,000 and the shopping allowance is of Rs. 1.75 lakhs per day.
When you apply for an auto loan, you can get up to 90% finance on the vehicle's on-road price along with a seven-year tenure.
Offers 2% lower interest rate on two-wheeler loan and a 50% discount on processing fees.
Get Annual Maintenance Charge (AMC) waiver for the first year for demat account.
These are the five best women's savings accounts available in India. You can see a lot of benefits offered by these accounts. Go through the features and the advantages of women savings accounts and opt for the account that is best suited for you. Save how much ever you can. A modern independent woman is financially empowered. Go ahead and secure your finances. Happy Savings!