The first step for every individual into the banking system is savings account. It is used to deposit, withdraw and carry out other banking transactions. A savings account is used not only to save your hard earned money, transfer funds, withdraw money but it also earns you interest on your savings. Savings account is essential for every individual. Not only men, but women have also started to open their individual savings account to make day to day banking transactions. To encourage women, various banks and financial institutions are now offering specially crafted high interest savings account for women that comes loaded with several benefits and offers especially designed for females.
Nowadays, many banks provided specially designed savings account for women which ensure more security, feasibility, features and benefits. Also, banks provide debit cards with various discounts and offers, waiver on Demat account and low interest rates on loans as well for their female customers. The idea behind this is to promote financial empowerment among females so that they can learn to plan their finances and also make investment to avoid critical situations. Let’s look at the top 5 savings account for women and the benefits that they offer to fulfil your needs.
Kotak Silk Women Savings Account
With Silk Women Savings Account, Kotak brings specially crafted benefits and features for women. Some of the primary features of Kotak Silk Women Savings Account are mentioned below:
- Earn cashback on transactions and get special offers and privileges with Kotak Silk Debit Card
- Get 35% discount on Locker Rentals for the first year
- Earn up to 4.00% interest per annum on your savings account balance above Rs. 1 lakh and 3.50% on your savings account balance less than Rs. 1 lakh
- Enjoy services like cash pick-up, cash delivery, cheque/draft delivery etc. at home
- For zero balance savings account for your child, make monthly Recurring Deposit or Mutual Fund SIP instalment value of Rs 2000 (Rs. 1000 or above for Semi-Urban & Rural Branches) for a tenure of years or above (Maximum RD monthly instalment – Rs 50000 for tenure up to 120 months / Rs. 1,00,000 for tenure up to 36 months
- Avail 50% discount on the issuance fee of Best Compliments Card
- High POS limit of Rs 1.5 lakhs and ATM Withdrawal Limit of Rs. 75,000
- Avail great offers across categories including restaurants, travel, shopping, electronics, health & wellness, entertainment, etc. as well as special EMI offers
Note: The above-mentioned interest rates are updated as on 12th October 2020.
Also Read: Top Zero Balance Savings Accounts in 2018 for Indian Citizens
Axis Women Savings Account
Axis Women’s Savings Account helps you to save your money easily and start with low opening deposit of Rs 10000. Below mentioned are some of the primary features of Axis Women Savings Account:
- Earn up to 3% p.a. on the balance less than Rs. 50 lakh and up to 3.50% p.a. on the balance more than Rs. 50 lakh
- Get one free payable-at-par chequebook per quarter
- Access to 13,000+ Axis Bank ATMs, 3,000+ Axis Bank branches
- Internet and mobile banking facility
- Visa Classic Debit Card at an issuance fee of Rs. 200 and annual fee of Rs. 150 in metro and urban locations
- High daily withdrawal limit of Rs. 40,000 at ATMs and Rs. 1,00,000 for shopping transactions
- First 5 transactions free at Axis Bank ATMs
- First 3/5 transactions free at Non Axis Bank ATMs in a metro / non-metro location respectively
- No processing fees, prepayment fees and pre-closure fees on education loan
- Swipe your card at least once every 6 months to avail a personal accident insurance cover of up to Rs. 2 lakhs
- Earn Axis eDGE reward points for completing transactions
Note: The above-mentioned interest rates are updated as on 12th October 2020.
ICICI Bank Women Advantage Savings Account
ICICI Women Advantage Account provides unlimited cash withdrawals across all ATMs and a debit card that provides more rewards. The Advantage Woman Savings Account is designed to keep your needs in mind. Some of the main features of this Savings Account are:
- Zero balance savings account, if you invest Rs 3000 per month for 6 months in a recurring deposit (if you don’t maintain a recurring deposit, then monthly average balance will be Rs 10000)
- Earn cashback up to Rs 750 using Debit Card on dining, entertainment, and jewelry
- Preferential home loan interest rates
- 50% discount on first-year locker rentals – an exclusive offer for Advantage Woman Savings Account holders
- Earn up to 3.00% for the end of the day account balance of below Rs. 50 Lakh and 3.50% for the end of the day account balance of Rs. 50 Lakh & above
- Take iProtect Smart to get a comprehensive premium for Life, Accidental Death & 34 Critical illness cover
- Earn higher interest by setting a balance limit above which money in the Savings Account will get converted into Fixed Deposit on request
- Other facilities like internet banking etc. are provided like any other bank account.
IDBI Super Shakti Women’s Account
IDBI introduces a special savings account for women with which they are also offering a zero balance savings account for your child below 18 years of age free of cost. Some of the other primary features of IDBI Super Shakti Women’s Account are:
- Earn interest up to 3.00% on savings accounts balance up to Rs. 25 lakh, 3.25% p.a. on balance above Rs. 25 lakh to less than Rs. 50 lakh, and 3.50% on balance up to Rs. 25 lakh
- Free zero balance savings account for children below the age of eighteen years
- MAB – Rs. 5000 (Metro & Urban), Rs. 2500 (Semi Urban), Rs. 500 (Rural)
- This account comes with Auto Sweep out / sweep in facility above Rs. 15,000
- Get a specially designed Women’s International ATM cum Debit card with this account
- Higher ATM cash withdrawal Limits- Rs. 40,000/- per day
- Personalized PAP Cheque Book
- 25% discount on Locker services
- 50% discount on Demat AMC
- 10 non-chargeable transaction at other Bank ATM and Free Statement by e-mail
Note: The above-mentioned interest rates are updated as on 12th October 2020.
HDFC Bank Women Savings Account
This account comes loaded with some great features like an automatic sweep out facility. Some of the other main features of HDFC Bank Women Savings Account are:
- Minimum average monthly balance of Rs. 10,000 for metro & urban branches, Rs.5000 for semi-urban & rural branches
- Earn interest up to 3% p.a. on your savings below Rs. 50 lakh and 3.50% on your savings above Rs. 50 lakh
- Accidental Death Cover of Rs. 10 lakhs and Accidental Hospitalization Cover of Rs. 1 lakhs
- A 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 a 2% lower interest rate on Two Wheeler Loan and a 50% discount on processing fees
- Easy banking with facilities like NetBanking, PhoneBanking, and MobileBanking
Note: The above-mentioned interest rates are updated as on 12th October 2020.
Conclusion
With special features, benefits, offers and discounts offered by banks and financial institutions, every woman should make timely investments to save and grow their money in future. Thus, they should open a savings account online, which serves their requirement and is suitable for them.