Every individual should have bank account. It is the first step towards the financial inclusion. The saving bank account is the necessary for today’s life. It can be used to deposit money and carry out other banking transactions. One can earn interest on the money deposited in the account. It is not only essential for man, but every women must have saving bank account. To encourage women to have saving bank account, various banks and financial institutions are offering tailored maid saving bank account just for women. The the women’s saving bank account is offered at higher interest rates as compare to the men’s saving bank account. There are also many special offers available on the saving account for women.
Most of the banks in India are offering special saving account for women with various benefits. These accounts ensures more security, feasibility and more benefits as compared to the regular saving bank account. Banks provide debit cards with various deals and discounts, higher interest rates on the deposits.
The philosophy behind this is to empower every women to learn and manage their finance and save money. In this article, we will discuss best saving account for women and check their benefits. Also we will cover why every women must have saving bank account?
Here is the list of the top saving account for women.
- ICICI Bank Advantage Saving Account
Need of a special saving account for women
In India, most of the women are depended on their father or husband for money matters. They don’t bother to learn the very basic of personal finance. This is why the banks are offering this specially designed saving bank account for women to make them understand the importance of financial independence.
Traditionally, the financial decisions are taken by male member of the family in India. Women were ignored when it comes to financial matters. But the time is now changing. Women are now coming forward and competing men in every field. More and more women are becoming financially independent nowadays. This paradigm shift in the society is the reason why women need to learn the basics of personal finance.
Best Saving Account for Women
let’s check women saving account one by one.
ICICI Bank Advantage Women Savings Account
This saving bank account by ICICI Bank offers lots of benefits and various discounts like cashback, unlimited ATM transactions and much more.
Eligibility:
- Indian resident women
- Minimum age should be 18 years
- Need to maintain minimum monthly balance as per the account variant
Features of ICICI Bank Advantage Women Savings Account
- Get cash back up to Rs. 750 on dining, entertainment, and shopping.
- Free unlimited access to all bank’s ATM (more than 2 lakhs ATM across the country)
- Get a free personal accident insurance policy
- Get purchase protection cover on the usage of debit card
- Enjoy higher cash withdrawal limit (as per the account variant)
- 50% discount on 1st-year locker rent
- Preferential rate of interest on the home loan, car loan, personal loan
- Special benefit on purchasing of iProtect insurance plan
- Get free access to My Money (tool for managing finances)
- Get the benefit of maximum multiplier offer ( set a limit, above which the balance will be auto-converted to fix deposit – helps women to earn higher interest)
The ICICI Bank Advantage Saving Account comes with four different variants. These are:
Advantage Women Account Regular:
- Monthly average balance Rs. 10000
- Cash back of up to Rs. 750 per month
- Free unlimited access to all bank’s ATM
- 50% off on first year’s locker rent
Advantage Women Account Silver:
- The monthly average balance of Rs. 25000
- Cash back of up to Rs. 750 per month
- Free unlimited access to all bank’s ATM
- 50% off on first year’s locker rent and 15% thereon
- Free anywhere banking across all branches
Advantage Women Account Gold:
- The monthly average balance of Rs. 50000
- Cash back of up to Rs. 750 per month
- Free unlimited access to all bank’s ATM
- 50% off on first year’s locker rent and 20% thereon
- Priority processing at all branches
Advantage Women Account Titanium:
- The monthly average balance of Rs. 50000
- Cash back of up to Rs. 750 per month
- Free unlimited access to all bank’s ATM
- 50% off on first year’s locker rent and 20% thereon
- Priority processing at all branches
- NIL charges for DD drawn on ICICI bank
- Dedicated relationship manager
- Exclusive privilege banking at all branches
Kotak Silk – Women’s Savings Account
Silk women’s savings account by Kotak bank is dedicated to the women which lets her the experience features and benefits specially designed for them. The saving account provides the best of the offers in finance, dining, health, and lifestyle.
Eligibility:
- Indian resident women
- Minimum age should be 18 years
Features of Silk – Women Savings Account
- Get cash back on usage of Silk debit card
- Earn up to 6% interest on the saving account
- 35% on the locker rental for the 1st year
- Pay your utility bills easily
- higher ATM cash withdrawal limit (Rs. 40000 for domestic, Rs. 50000 for international)
- Get purchase protection up to Rs. 100000
- Get a personal accident death cover of Rs. 10 lakhs
- Lost baggage insurance of Rs. 100000
- Air accident death insurance up to Rs. 50 Lakhs
- Get ActiveMoney facility – get higher interest on the idle money
- Enjoy home banking facility in select cities
- Wealth statement – get complete details of your wealth like saving bank account, fix deposit, recurring deposits
- Great offers on shopping, dining, health & wellness, entertainment etc
HDFC Bank Women’s Saving Account
HDFC bank women’ saving account is loaded with the great features on shopping, dining and cash backs.
Eligibility:
- Indian resident women
- Minimum age should be 18 years
Features of HDFC Bank – Women Savings Account
- Minimum average monthly balance of Rs. 10,000 for metro & urban branches, Rs.5000 for semi-urban & rural branches
- Accidental death cover of Rs. 10 lakhs
- Accidental Hospitalization Cover of Rs. 1 lakhs
- Get annual maintenance charges waiver for the first year on
demat account - Get preferential rates on loan
- Daily cash allowance of Rs. 1,000 per day for a maximum of 10 days per year, for each day of hospitalization due to an accident
- Get Annual Maintenance Charge (AMC) waiver on the first year for Demat Account
- Get preferential rates on loans
- Enjoy daily cash withdrawal limit of Rs. 25,000 and a daily shopping limit of Rs. 1.75 lakhs
- Get up to 90% finance on the on-road price of a vehicle and 7 year tenure when you apply for an Auto Loan
- Get 2% lower interest rate on Two Wheeler Loan and a 50% discount on processing fees
- Easy banking with facilities like NetBanking, PhoneBanking and MobileBanking
Axis Bank Women’s Savings Account
Axis bank’s women saving account comes with lower deposit at the initial time of account opening.
Eligibility:
- Indian resident women
- Minimum age should be 18 years
Features of Axis Bank – Women Savings Account
- Low minimum balance of Rs. 10000
- Free cheque book
- Personal accident insurance cover
- Axis eDGE rewards
- Free monthly e-statement
Should you go for Women’s Saving Account?
It feels special when there is a dedicated bank account for women. But before jumping in to it you should know whether it is really worth to have a women saving account. There are many other savings account which provides similar kind of benefits as women saving bank account.
The main key benefit of the women saving bank account is the minimum account balance which you need to maintain on a daily basis. This the main benefit this account is offering. If you check the other bank accounts you will find that they are much better than this account.
Other benefit which this account is offering is the deals and discounts. But nowadays almost all the banks are offering deals and discounts on a regular basis.
On the other hand, salary accounts are zero balance account. You don’t have to keep any minimum balance in to it.
So if you really want to have a bank account, please check and compare the features of the regular saving account and women savings account. You should go for women savings bank account only after comparing cost and benefits that the account is offering vis-a-vis the regular savings bank account.
