In today's world, it is often found that women are under socio-economic pressure. The challenges for women can vary, such as not being allowed to work after marriage, unequal pay or being a single mother and managing her family by herself.
In order to encourage women to cope with their money needs and to manage their finances better, several banks are offering special savings accounts for them.
Here are some of the best: ICICI Bank's Advantage Woman Savings Account
This specific account can help the woman get a cashback of up to Rs 750 every month on dining, entertainment and jewellery on debit card transactions. The card holder has unlimited and free access to all the banks' ATMs.
For the savings account, the holder can receive a 50 percent discount on the first year of renting the lockers in banks. The bank offers preferential rates when availing home loans, where one can enjoy the benefit of lower interest rate and getting the home in the owner's name.
If the account holder sets a balance limit, there is an opportunity for the woman to earn a higher interest. The account can also be converted into a fixed deposit on request.
IDBI Bank's Super Shakti Women's Account
The bank's savings account for women offers zero balance savings account for the holder's children below the age of 18 and an interest of up to 4 percent on the savings.
The account comes with the auto sweep out and/or sweep in facility above Rs 15,000. The amount in an auto sweep account is automatically transferred to fixed deposits and earns a higher rate of interest.
The bank also offers the owners an International ATM cum debit card with this account. The holder can make up to 10 non-chargeable transactions at other bank's ATMs.
A discount of 25 percent is offered to the account holders on locker services and on Demat AMC services, a discount of 50 percent is offered.
HDFC Bank's Women Savings Account
The account holder is required to keep a minimum monthly balance of Rs 10,000 for metro and urban branches, while a balance of Rs 5,000 is required for semi-urban and rural branches.
The holder can gain up to 4 percent interest on savings and can also get an accidental death cover of Rs 10 lakh and an accidental hospitalisation cover of Rs 1 lakh. In such cases, the bank offers a cash allowance of Rs 1,000 per day for a maximum of 10 days.
The account holder has a daily cash withdrawal limit of Rs 25,000 and a daily shopping limit of Rs. 1.75 lakh.
Kotak Silk Women Savings Account
The account holder can earn a cashback on the transactions and receive privileges with an ATM cum debit card, as per the terms and conditions.
A discount of 35 percent is offered on renting lockers for the first year and the account holder can earn up to 6 percent interest per annum on savings.
The account holder can also avail and enjoy services such as cash pick-up, cash delivery, cheque/draft delivery etc... from home.
The account holder can also avail offers in various categories including restaurants, travel, shopping, electronics, among others using the card.
Axis Bank's Women's Savings Account
If one is interested to open a savings account in the bank, the woman can open her account with a low opening deposit of Rs 10,000 and earn up to 4 percent interest on a quarterly basis as per the daily balance. The account holder also gets one free payable-at-par cheque book per quarter.
The bank offers a daily withdrawal limit of Rs 40,000 at ATMs and Rs 1,00,000 for shopping transactions.
The bank does not charge processing fees, prepayment fees and pre-closure fees on education loans.
If the account holder swipes her card at least once every six months, she is eligible for a personal accident insurance cover of up to Rs 2 lakh and earns Axis eDGE reward points for completing the transactions.
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