Top 8 Savings Account Schemes For Women

By | March 7, 2017

Top 8 Savings Account Schemes For Women

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. In spite of all this, the struggle for gender equality remains an issue in many societies.

Even in so-called advanced countries, like the Trump-ruled United States of America, equal pay and fair representation of women in various aspects of socio, economic and political life is still a dream.

Coming back to our home country, the land of sadhu babas, scientists and a well-regulated banking industry, numerous banks have crafted special Savings Accounts for women.

These accounts offer perks such as low transaction fees, better reward points, and a reduced minimum quarterly balance maintenance amount.

You could use the extra savings in your account to start a new investment, go on a holiday, or do anything your heart desires.

Additional Reading: Financial Planning For Women

Here’s a list of 8 popular Savings Account schemes offered by both private and public-sector banks exclusively for women.

  1. ICICI Bank – Advantage Woman Savings Account

So, what is this ‘advantage’ they speak of? Well, for one, you can make unlimited cash withdrawals at any ATM.

While we all appreciate cash a little more post demonetisation, we certainly can’t overlook the convenience of going cashless. Get cashback with your Advantage Debit Card-linked Savings Account when you shop at jewellery and departmental stores, pay for entertainment and utilities, and swipe at dining outlets.

That’s not all ladies! If you’re looking to purchase a house of your own, holding an Advantage Woman Savings Account makes you eligible to receive preferential rates on Home Loans. You also get special discounts on healthcare and can opt for a Life Insurance plan specially designed for women. If you are looking for some retail therapy then there are a number of brands that offer special discounts to Advantage Woman Savings Account holders.

With the minimum Monthly Average Balance (MAB) requirement of Rs. 10,000, the account allows savings bank portability, which means that you can transfer your Savings Account from one branch of ICICI Bank to another by submitting a written request at the branch.

Additional Reading: Liquid Fund Options Beyond A Savings Account

  1. Axis Bank – Women’s Savings Account

The Women’s Savings Account by Axis Bank has been designed after taking into consideration the needs of the working woman. The account allows you to manage a low average monthly balance of Rs. 10,000 and account holders receive 4% interest on the daily balance, which is paid quarterly.

Working women are always on their toes, shuttling between the domestic and the business worlds. Axis bank wants to lend a hand to all you busy ladies with a Visa Classic Debit Card. This Debit Card comes equipped with a high ATM withdrawal limit of Rs. 40,000 and Rs. 1 lakh for purchases.

Also, the first five transactions at Axis bank ATMs and first four transactions at non-Axis bank ATMs are free of charge. You also earn rewards through the eDGE Loyalty Rewards program.

There’s more. By swiping your card once every six months, you stand to gain a Personal Accident Insurance Cover of Rs. 2 lakhs.

Additional Reading: Money management tips for working women!

  1. Bank of India – Star Mahila Savings Account

Bank of India’s Star Mahila Savings Account is designed to offer maximum advantage 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 cheque book per calendar year.

Additional Reading: Small Business Loans For Women

  1. IndusInd Bank – Indus Diva Savings Account

Indus Diva Savings bank account is quite popular with the women for all the services it has on offer. This account equips its customers with a Platinum Plus Debit Card along with a 25% discount on the first-year fee for a standard bank locker.

As a Diva account holder, you must maintain an average quarterly balance of Rs. 25,000, or a Fixed Deposit of Rs. 5,00,000.

Apart from free internet and mobile banking services, the account offers free doorstep banking at select locations, including cash or cheque pickup and cash or demand draft delivery. So, an Indus Diva Savings bank account is ideal for elderly women or women who are unable to commute to the bank.

IndusInd bank gives all women account holders the option to open add-on accounts free of charge for their family members in addition to offering them various grouped account benefits from time to time.

  1. Federal Bank – Mahilamitra Savings Account

 The Savings Bank Account by Federal Bank offered exclusively to women is known as Mahilamitra, which means a woman’s best friend. As a holder of this account, you get an international gold Debit Card.

Account holders can also enjoy additional benefits like free demand draft service, mobile and internet banking, and free RTGS and NEFT fund transfer facilities.

You can also avail daily cash withdrawals of up to Rs. 75,000 through their ATMs and get a 50% concession on service charges on the collection of out-station cheques. All Mahilamitra account holders also get a 50% concession on the processing or administration fee for all retail loan products.

Remember to maintain an average monthly balance of Rs. 5,000.

Additional Reading: ATM Usage And You

  1. Kotak Mahindra Bank – Silk Savings Account

This Savings Account for women is loaded with benefits. Some of these include a 35% discount on locker rentals for the first year, 50% discount on best compliments card issuance fee and non-maintenance charge waiver on your kid’s junior account through a linked Recurring Deposit or Systematic Investment Plan.

Do you have too much on your plate but you need to finish that bank work as well? With a Silk Savings Account, you get services like cash, cheque, and draft pick-up and delivery right from and to your home in select cities.

You can also earn cashback worth Rs. 4,500 in a year with your Kotak Silk Debit Card.

  1. HDFC Bank Women’s Savings Account

This savings account offered by HDFC Bank has been curated keeping in mind the banking, investment, and lifestyle needs of all women. With the EasyShop Woman’s Advantage Debit Card, you get Rs. 1 cashback for every Rs. 200 spent.  You can also withdraw Rs. 25,000 per day at ATMs and swipe for Rs. 1.25 lakh when shopping.

While the above features help you meet your expenses, you earn interest on the money lying idle in your account. You also get an accidental death cover of Rs. 10 lakhs and hospitalisation cover of Rs. 1 lakh per annum.

Other than these benefits you also get a waiver on maintenance charges for your Demat Account and you can also avail preferential interest rates on loans and other products.

This account, however, requires you to maintain an average monthly balance of Rs. 10,000.

  1. IDBI Account – SuperShakti (Women’s) Account

The IDBI SuperShakti Savings Account extends benefits to the account holder’s family as well. As a SuperShakti account holder, you get two free bank accounts for your children if they are below eight years old.

You also get benefits like faster funds transfer and the option to pay your taxes online. In short, all your financial needs taken care of from one portal.

Some notable features of the account are maintenance of monthly average balance of Rs. 5,000 for urban areas, Rs. 2,500 for semi-urban areas and Rs. 500 for rural areas, ATM cash withdrawal limit of Rs. 40,000 per day, 25% discount on lockers and 50% discount on Demat services, among others.

Other services include free money transfer via netbanking and 10 free transactions at the ATMs of other banks.

Additional Reading: How Women Invest Differently Than Men

Of these eight accounts crafted especially for women, we’re sure you’ll find one that meets your requirements.

If you already have a Savings Account you can perhaps explore new Credit Cards that are packed with many, many benefits. For those looking for investment options, how about trying out Mutual Funds?

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Category: Mutual Funds Savings Accounts

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