If you are an earning individual, saving should become your top priority. It helps build emergency funds, retirement planning, and achieve other financial goals. Banks facilitate this process for you with different types of Bank Accounts. They categorise the accounts to cater to varied requirements. Also, they come with distinct benefits and characteristics which are easily accessible through Online Banking.
One such category is Savings Account for women. It aims to give women financial freedom and let them save for children’s education, handling monthly expenses, and short-term objectives. The growing demographic of high-income, influential, and professional women has inspired banks to address their needs. They do this by offering several beneficial features:
Women enjoy various perks under this account category. This involves discounts and cashbacks during shopping, payments, and transfers. If you prefer using banking cards, you get to capitalise on such benefits. However, it is worth noting that such discounts come with specific terms. It is best to understand them to get clarity. Once you compare offers calculatedly, an online Saving Account opening in this category proves highly beneficial.
You get a higher interest rate when you open a Bank Account meant for women. This is because women enjoy a slightly higher interest. If you meet the eligibility criteria, it is better to leverage it than go for a Regular Deposit Account.
Low minimum balance
A regular Bank Account requires you to maintain a considerable sum. While regional banks have a requirement of Rs. 2,000 commercial banks extend their limit up to Rs. 10,000. On the other hand, the Women’s Account is manageable, with an average balance of Rs. 5000 in urban areas. This limit reduces to Rs. 2,500 in semi-urban areas. Such a low balance requirement gives you higher liquidity to manage expenses with your online Bank Account.
Loan & investment benefits
Women go through various milestones in their careers and personal life. This increases their saving needs. To fulfil the same, banks offer a host of Loan benefits. It includes preferential interest rates and flexible equated monthly instalments. Similarly, you get to make investments in varied avenues. They include stocks, systematic investment plans, Fixed Deposits, Insurance Plans, etc. You get to manage them efficiently through Banking apps.
As women have distinct needs, they get appropriate services under this category. This includes faster processing, privileged banking zones, and a higher monthly average balance. You get a dedicated relationship manager as well if you subscribe to premium services.
You should leverage these benefits by opting for the Women’s Account if you qualify under the category. Check the services to decide their compatibility with your needs.