The working class of India has seen a rising population of women. More females are entering businesses and making a significant impact. Gone are the days when women would only do household chores. The Indian women of today are empowered, confident, and constitute a decent section of the working class.
Women have realized the importance of being financially independent and hence understand the need to save and invest for their future.
Given these circumstances, banks and NBFCs also understand a woman’s specific needs and wish to customize their products to suit her particular needs.
Hence, many banks now offer customized and unique women saving bank account. For finding the best savings bank account for women, below are some factors you must consider:
- Women’s only savings accounts often have a higher rate of interest than a regular savings account. Private banks have also entered this segment and the tough competition between banks to grab business ensures that they offer desirable interest rates for these accounts. Figure out which bank offers you the best and highest interest rate on your savings.
- Many banks offer unique and free benefits for women’s savings bank account. Services such as cheque pick up, cash pick up, cash delivery, etc. are also available in selected cities. Similarly, some banks also offer unlimited cash withdrawals, and they do not levy any charge on using other bank ATMs either.
Insurance and other tie-ups
- For their customized women’s only account, some banks also offer additional tie-ups in the form of medical, health, or life insurances. Some banks also offer loans – home loans, car loans, personal loans at a better rate on the savings account for women. There are discounts for the locker charges as well.
- If you require any such additional privileges, you can accordingly choose a savings account that would take care of this requirement as well. You should research the market as to what offers are available at the lowest possible deals.
- Banks would expect that you maintain a certain balance in your account. Some banks may allow you to operate a zero balance account provided you open a deposit or opt for an investment scheme with them. Further, the chances are that for a low balance, the offers on the savings account may not be desirable. Hence, you should do a cost and benefit analysis concerning the balance required and the benefits that the account has to offer.
In conclusion, the financial market has realized the growing segment of women needing their own savings account. Having recognized this and understanding the exponential potential this business has, many banks are offering excellent and noteworthy services and benefits on their women’s savings bank account.