In India, savings accounts for women are gradually being used as a means to empower them economically. These specialised accounts aim at making banking easier for them. They are specific for women and encourages them to save for their future financial requirements.
Benefits of women’s savings account
· Higher interest rates
Women’s savings accounts often offer higher interest rates compared to regular accounts. Banks usually provide up to 1% higher interest for women’s accounts, allowing them to accumulate more over time. This extra earning helps women build a financial cushion for future needs.
· Lower fees
Many women’s savings accounts come with reduced or waived maintenance fees, making it easier for them to save without worrying about unnecessary charges. For instance, some banks waive the minimum balance requirement. So, there isn’t a need of opening the best zero balance account online separately. Women can keep more of their money in the account.
· Exclusive benefits and offers
Women’s savings accounts include perks such as free insurance coverage, discounts on shopping or exclusive offers on loans. Many banks also offer free health insurance or maternity benefits with these accounts. These additional services protect women and their families, contributing to a sense of financial security.
· Easy access to loans
Savings accounts come with easier access to personal loans or credit cards with favourable terms. Banks offer lower interest rates on loans or higher credit limits to women account holders. This can empower them to start a business, fund education or make important investments, thus, achieving financial independence.
· Personalised services
Women’s savings accounts often come with tailored benefits designed to enhance the banking experience and provide extra value. For instance, some accounts offer cashback on purchases made at specific retailers, discounts at partner merchants, etc. Banks could have partnerships with a women’s clothing or lifestyle brand to offer exclusive discounts or provide access to special insurance products tailored to women’s health needs. These help women save on daily expenses and major purchases.
· Preferential services
Banks offer priority services to women account holders, ensuring faster and more efficient banking. Women may benefit from quicker loan approvals, dedicated customer support and priority access to financial advisors. Additionally, during peak hours, express services at branches or priority access for phone and online banking help save time and reduce hassle. This is especially beneficial for women balancing multiple responsibilities, providing a more convenient banking experience.
· Investments options
Beyond just savings, many women’s accounts give access to easy investment options like mutual funds, Public Provident Fund (PPF) and National Pension System (NPS). Banks provide simplified access to mutual funds and systematic investment plans (SIPs), helping them grow wealth for long-term goals like retirement or child’s education.
Tips to make the most of your women’s savings account
- Set financial goals for your savings account, like building an emergency fund or saving for a vacation and track your progress regularly.
- Link your savings account to a recurring deposit to automatically save a fixed amount every month without extra effort.
- Opt for digital banking features to easily manage your savings and monitor transactions on the go.
- Take advantage of any loyalty rewards or cashback programs associated with your account to maximise your everyday spending benefits.
- Stay updated on promotions or special offers exclusive to women account holders, such as discounts on loans or locker fees.
- Use your account as a stepping stone to explore other financial products like insurance or mutual funds available through your bank.
Endnote
Any woman who wants to be financially independent should begin by asserting herself financially and familiarising herself with the available choices. It is therefore possible to make good choices for the future by learning about savings accounts and investments and, where necessary, seeking help. These steps may not appear to be very significant, however they make a big difference in making you feel more secure when making financial decisions.
It is important to note that it is not only about funds but also about confidence, options available and actions that one can take. With the help of what is available to you, you can build a financial plan that will allow you to pursue your dreams and goals without worrying about money.
