5 Best Savings Accounts for Women in India

By: WE STAFF | Friday, 20 November 2020

Accept it or not, but it’s a bitter fact that women in India are always treated as subordinate and inferior to men. However, now things are definitely changing. Women are performing best in every domain, getting their rights back and even engraving their names as leaders, successful entrepreneurs and also influential icons all over the world. The Indian government and financial institutions are contributing their best, to help them flourish and excel further. The government have been initiating various programs, schemes and yojanas to help and empower the women community of India, and in the same context financial institutions are always coming up with products and facilitates to maintain the gender parity. In this article, we will focus on one of the important aspect related to the financial facility for women in India.

Today, various financial products can be found, aimed specifically at women, and one such product is the savings bank account. Many financial institutions now have a ‘Women’s Savings Account’ which come with benefits like cashback offers, lower processing fees on loans and other charges that regular accounts do not have. Most banks such as ICICI Banks, HDFC Bank, Kotak Mahindra and RBL offer customized bank accounts for women. But, many women, especially rural women are unaware of these savings account facility and there are many who often forget to plan their investment and thus depend on their spouse or father to decide it for them. Through this article we aim to help the women community of India to understand the importance of money and its investment aspect to avoid critical situations and be prepared to face it. To further provide a little guidance, we have curated top five personal savings account for women. Have a look:

Silk Women’s Savings Account - Kotak Mahindra Bank

With a dedicated savings account for women, Kotak aims to empower the women community of India by offering special benefits and features that are mentioned below:

• Earn up to 4.00 percent interest per annum on savings account with a balance above Rs. 1 lakh and 3.50 percent on savings account with a balance less than Rs. 1 lakh.
• Special services like cash pick-up, cash delivery, cheque/draft delivery and more at home.
• Earn cashback on transactions and get special offers and privileges with Kotak Silk Debit Card.
• Get 35 percent discount on Locker Rentals for the first year.
• 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.

Advantage Woman Savings Account - ICICI Bank

ICICI bank is one of the top two private banks in India. The institution believes that by offering special discounts and offers on various skill-building courses, they help women make the best use of opportunities available to them. With the goal, ICIC bank offers the Advantage Woman Savings Account to help the women community to manage their finances better and look after their family.

• The saving account offers special benefit attached with the debit card. Women can enjoy cashback up to Rs. 750 per month on various offers. The debit card also offers complimentary personal accident insurance for the account holder.
• Account-holders can enjoy 50 percent off on the rental of safety lockers for the first year.
• Advantage Woman Savings account holders receive discounts in interest rates while applying for personal loans, home loans and car loans.
• This account comes with convenient internet banking that lets the user access and transact anytime and from anywhere.
• Free passbook, free e-mail monthly statements, free cash withdrawal at any bank ATMs, direct line for customer queries are some of the stand-out features.

Women’s Savings Account - Axis Bank

Axis Bank’s dedicated Women’s Savings Account is aimed towards simplifying the banking activities and enhance the experience for the independent women of today. Axis says that this account allows users to save easily while easing the way they transact. Following are the facilities that users can get:

• Account-holders can earn up to 3 percent per annum on the balance less than Rs. 50 lakh and up to 3.50 percent per annum on the balance more than Rs. 50 lakh.
• Access to 13,000+ Axis Bank ATMs, 3,000+ Axis Bank branches.
• High daily withdrawal limit of Rs. 40,000 at ATMs and Rs. 1,00,000 for shopping transactions.
• No processing fees, prepayment fees and pre-closure fees on education loan.
• Account-holders can earn Axis EDGE reward points for completing transactions. The reward points earned can be spent on over 500 exciting rewards spread across various categories.

Super Shakti Savings Account - IDBI Bank

IDBI’s SuperShakti women account is a unique savings account, tailor-made for women, with an aim to support them with their financial activities. The IDBI savings account comes with a zero balance savings account for the women customer’s child (below the age of eighteen years). Some of the other primary features of IDBI Super Shakti Women’s Account are:

• Account-holders can earn interest up to 3.00 percent on savings accounts with balance up to Rs. 25 lakh, 3.25 percent per annum on balance above Rs. 25 lakh to less than Rs. 50 lakh, and 3.50 percent on balance up to Rs. 25 lakh.

• High daily withdrawal limit of Rs. 40,000 per day.
• 10 non-chargeable transaction at other Bank ATM and Free Statement by e-mail.
• 25 percent discount on Locker services.
• Auto Sweep out / sweep in facility above Rs. 15,000 included.
• 50 percent discount on Demat AMC.

Women’s Savings Account - HDFC Bank

A complete solution for a women’s banking, investment and lifestyle needs. HDFC Bank Women’s Savings Account offers great savings and deals with this special account facility. The account offers various special benefits cashback, discounts and offers on shopping, preferential rates on loans, free insurance cover and much more. Simply put, it works as a single solution for a woman’s banking, investment and lifestyle needs.

• Account-holders can get up to 0.50 percent cashback every time the account holder uses the Easy Shop Woman’s Advantage debit card to pay or shop.
• Account-holders can enjoy a wide range of special offers and discounts from HDFC bank for movies, utility bill payments, groceries, apparel, gadgets and more.
• 50 percent off the safety locker rental fees for the first year.
• The debit card offers a very high shopping limit of Rs. 1,75,000.
• Account-holders get access to super-premium credit cards.
• The account offers a total insurance cover worth Rs. 45 lakhs without paying any premium.
• Account-holders enjoy preferential interest rates while availing loans and qualify for pre-approved loan offers.

So, listed above are some of the best banks which can be considered for opening and leveraging the saving account facility. We hope that the list will help our readers to compare the features and benefits of these bank account and pick the right one that meets their financial objectives.