Most banks offer Savings Account for women. These accounts have many unique features and benefits. Read on to know more.
In an age gone by, women played a vastly different role from what they do today. Today, women are chasing their dreams unapologetically, making their own money and taking care of their finances. Many banks have come up with special Savings Accounts for women to help them with their financial journey. These bank accounts offer additional perks to women like better reward points, low transaction fees, and reduced minimum quarterly balance maintenance.
Here are 5 popular Savings Bank account schemes for women.
ICICI Bank offers women applicants the Advantage Woman Savings Account, keeping in mind the different needs of a modern, financially independent woman. With this Savings Account scheme, women can enjoy a wide range of exciting features, shopping benefits, special rewards and much more.
- The account offers unlimited free cash withdrawals across all ATMs.
- Account holders also get an ICICI Bank MasterCard World Debit Card which offers even more rewards.
- Minimum monthly average balance (MAB): Rs. 10,000.
- Earn interest at 4%.
- Money multiplier facility to get the most out of your savings. You can choose to transfer any excess amount in your Savings Account to a linked Fixed Deposit account.
- Account holders can make transactions from any ICICI branch across India.
The primary applicant should be a woman and above 18 years of age in case of a joint account.
Axis Bank has created the Women’s Savings Bank Account to provide banking convenience to the modern Indian woman. This account offers unique banking services and enables higher savings, quick and hassle-free transactions and also assures ease of access to funds.
- Earn interest at 4%
- Average balance requirement: Rs. 10,000 (Urban), Rs. 5,000 (Semi Urban), Rs. 2,500 (Rural)
- Account holders get the Visa Classic ATM-Debit Card. This provides easy access to more than 11,500 Axis Bank ATMs and approximately 2,300 Axis Bank branches across India.
- Get withdrawal limits of up to Rs. 40,000 at ATMs and Rs. 1,00,000 for shopping, on a daily basis.
3. Bank of India – Star Mahila Savings Account
Bank of India’s Star Mahila Savings Account offers great benefits to both salaried and self-employed women. The account does not have a daily minimum balance requirement.
However, an average quarterly balance (AQB) of Rs. 5,000 has to be maintained. The account also provides a free global debit-cum-ATM card along with a personalised chequebook each calendar year.
The Indus Diva Savings Account by IndusInd Bank is designed to offers comfortable and convenient banking to all women. It is loaded with the best savings plans and exclusive privileges. The account offers:
- Platinum Plus Debit Card that offers cashless payments for entertainment, shopping, and dining. Get a 50% discount on the first year’s fee.
- 25% discount on the first year fee for a standard locker.
- A Diva Savings Account holder can open two additional accounts for free. The add-on accounts can be opened for family members for group account benefits. The average balance can be maintained across the three accounts.
- Access your account through any of IndusInd’s branches, anywhere in the country, for any transaction without paying extra charges at non-base branches.
- Doorstep banking facilities include cash pick-up, cheque pick-up, etc.
- Maintain an average quarterly balance of Rs. 25,000 or a Fixed Deposit account of Rs. 5,00,000.
5. Mahilamitra by Federal Bank
The Savings Bank Account offered by Federal Bank for women is termed Mahilamitra and it is designed to address the financial needs of women. It means a woman’s best friend.
- Get an International Gold Debit Card.
- Free NEFT and RTGS services
- 2 Young Champ accounts in the name of minor children without the need to maintain the average quarterly balance.
- Also, receive a free monthly demand draft limit of Rs. 50, 000
- Daily ATM cash withdrawals of up to Rs. 75, 000.
- Average monthly balance Rs. 5,000.
Already have a Savings Account? Then explore Credit Cards that are packed with many, many benefits. For those looking for investment options, how about trying out Mutual Funds?