Women’s Account: Features and Benefits
A woman can enjoy an array of benefits with a women’s savings account. However, how beneficial is it? It varies from person to person. Here are a few benefits of a women's bank account. You can read to understand if it can benefit you in any way.
Certain banks provide medical insurance or emergency insurance to the women's account holder. For example, Citibank offers coverage of Rs.50,000 for any critical illness in women less than 55 years of age. If someone already has a separate insurance policy, this feature might not be of great use.
Certain banks, like Axis Bank's Smart Privilege Account, offer the user of a women's account to open zero-balance children's account if required. It might be beneficial for women with minor children, but not so much for the others.
Debit and Credit Cards
Many women’s savings account provides an international debit card to the accountholders, which allows them to avail exclusive discounts and offers on various products from certain merchant partners. Citibank offers a Women’s Account that provides a special type of photo debit card which offers special discounts from restaurants, jewelers and department stores.
Women’s Accounts in a few Indian Banks
Here are a few of the popular women’s savings account schemes in India.
HDFC Women’s Saving Account
HDFC offers exclusive savings account for women which has special features like EasyShop Woman’s Advantage Debit card and accidental death coverage of up to Rs.10 lakh. This type of accounts also offers preferential loan rates, cash back schemes as well as waivers on a demat account.
ICICI Bank Advantage Woman Savings Account
This is a unique product from ICICI Bank, which has numerous benefits like zero balance requirement and a special debit card that offers exclusive discounts.
South Indian Bank Mahila Plus Account
This account by South Indian Bank is specifically designed to meet the banking needs of women. It can be opened with just Rs.5000 and it offers travel and accidental death insurance.
Axis Bank Women’s Savings Account
Specially made for independent women, this account gives the accountholder easy access to money apart from unparalleled banking experience. It offers benefits such as high withdrawal limits and eDGE loyalty rewards.
Tips for Applying for a Women’s Savings Account
- Does the account provide an insurance cover? What are the charges to be paid by the customer for the insurance cover?
- Does the account have minimum balance requirements? Is this requirement reasonable and feasible? What would be the charges for non-maintenance of account?
- Is a debit or a credit card available with the account? Are there any charges for the cards? What benefits these cards provide?
- Does the savings account offer any investment option?
- Does the account have any difference with the normal savings account? Which account is more beneficial?
- Does the account provide internet, mobile and phone banking facilities?
Savings account for women helps women in managing their finances better and provides a plethora of benefits to the women simultaneously.