In today’s time, it is highly important for everybody – be it men or women – to be financially independent. With double-income families fast becoming the norm, women have an equal say in the family’s spending, saving and investment decisions, and are constantly proving themselves in every sphere of life. The role of a homemaker has also increased considerably with respect to family finances.
Keeping this in mind, a lot of banks and financial institutions are now offering a variety of tailor-made services for women like loans, insurance, etc. Numerous banks have also crafted special Savings Accounts for women.
One such account, the Advantage Woman Savings Account by ICICI Bank, has been designed after taking into consideration the needs of the working woman.
Here’s everything you need to know.
What is Advantage Woman Savings Account?
ICICI Bank Advantage Woman Account is a Savings Account specially designed for women. This woman-only Savings Account offers all the core banking services along with many additional benefits and features.
What is the eligibility criteria for opening Advantage Woman Savings Account?
You are eligible to open Advantage Woman Savings Account if you meet the below two criteria:
- Any woman who is 18 years old and above, and who is a resident of India, can apply.
- The primary applicant should be a woman in case of a joint account
What are the features of Advantage Woman Savings Account?
The Advantage Woman Savings Account offers a lot of benefits to women in the form of cashbacks, rewards, discounts, etc. Here’s the list of benefits that you shouldn’t miss out:
- Free multi-city cheque book
- Use your Debit Card to earn cash back of up to Rs. 750 per month on dining, entertainment, and jewellery. Earn as you spend!
- Get FREE unlimited access to all banks’ ATMs across the country.
- Earn special 50% discount on first-year locker rentals.
- The account makes you eligible to receive preferential rates on Home Loans.
- You get the benefits of a Zero Balance Account if a Recurring Deposit of minimum Rs. 5,000 per month is opened for purchasing Tanishq Jewellery.
Besides these, there are a lot of other benefits and offers that you can take advantage of which includes health and wellness, skill building, online shopping, etc.
How is it different from the regular Savings Account?
The Advantage Woman Savings Account is a bit different from the regular Savings Account in terms of minimum balance requirement, rewards and discounts, charges and fees, etc. You can compare the two from the table below:
| Feature | Regular Savings Account | Woman Advantage Savings Account |
| Minimum Monthly Average Balance | Rs. 10,000(Urban/Metro), Rs. 5,000(Semi-Urban), Rs. 2,000 (Rural) | Rs. 10,000 or NIL if linked with Recurring Deposit account |
| Financial transactions at ICICI Bank ATM | First five transactions are free; thereafter Rs. 20 per financial transaction plus service tax | Free |
| Financial transactions at non ICICI Bank ATM | First 3 transactions at 6 metro cities and first 5 transactions at non-metro cities are free, thereafter, a fee of Rs. 20 per financial transaction will be charged plus service tax | Free |
| Cashback on spending via Debit card | Not available | Cashback of up to Rs. 750 per month on dining, entertainment, and jewellery. |
| Discount on locker rentals | Not available | 30% discount on locker rentals for the first year. |
| Payback rewards | 1-10 points for every Rs. 200 spent | Not available |
| Healthcare Benefits | Not available | 65% off on Preventive Health Package from Thyrocare, 45% off on Gyms, Yoga and other fitness activities from Growfitter, etc. |
| Insurance on the Debit Card | Air Accident Insurance of Rs. 50,000 & purchase protection of Rs. 50,000. | Not available |
| Money Multiplier | Not available | Available |
Are there any charges and fees that I should be aware of?
Yes, there are a couple of charges and fees that you should keep note of before opening the account:
Non-maintenance of minimum balance: If your account balance is less than Rs.10,000 but above Rs.5,000, you will be charged Rs. 250. However, if your balance falls below Rs. 5,000, the bank will charge you a fee of Rs. 350.
First Account Holder Debit Card fee: Annual fee of Rs. 150 will be charged.
Additional cheque book: In case you opt for an additional cheque book, the bank will charge a small fee of Rs. 20.
SMS Alert Facility: For SMS alert facility, the bank will charge you a quarterly fee of Rs.15.
Cash transactions made in branches in the same city: No charges are levied on the first 4 transactions made in a month. After that, Rs. 90 will be charged per transaction.
Charges on cash transactions at branch made when minimum balance is not maintained: No charges are levied during the first two transactions made in a month but post that a penalty of Rs. 90 will be charged for each transaction.
Now that you know all about ICICI bank’s Advantage Woman Savings account, how about exploring our amazing Credit Cards and loan offers?