It is essential to have financial independence to survive in society without any restrictions. As women are becoming more and more self-sufficient, the need for saving accounts is also increasing.
A savings account provides women with financial security and stability. Usually, the special needs of women are not addressed by the Indian banking system, so Women’s savings accounts are the solution to it.
Here let’s discuss in detail the Women’s saving accounts and benefits:
What is a women’s savings Account?
Women’s Savings accounts are offered by the banks in India for the women customers. This account caters to the special needs of women and provides various benefits for the betterment of women in society. Any Indian woman can open this savings account regardless of their profession, age, or income. The minimum balance for Women’s savings accounts is usually Zero and provides higher interest rates.
5 Major Benefits of Women’s Savings Account
There are various benefits that Women’s Savings account offers to meet the needs of the modern earning women. Have a look at the benefits of Women’s savings account:
1. Higher Interest Rates
Banks offer higher interest rates as compared to other accounts under Women’s Savings Accounts. It allows women to earn more in their savings and reach their financial goals faster. The higher interest rates on Women’s savings accounts offer more independence to the women and work as the support to the working women in the society.
2. Personalized Services
Women’s Savings Account provide Net Banking, SMS banking, and mobile banking. All the queries raised by the Women’s savings accounts are given priority and solved as soon as possible. These services help women to manage their finances and juggle their work and family without worrying about money.
3. Cashback offers and gift vouchers
The Savings accounts for Women offer more rewards and gift vouchers including cashback. When you buy tickets, shop grocery or make any payment using your Women Savings account, you get amazing cashback and gift vouchers. It further helps women to achieve their financial goals easily.
4. Insurance and investment Benefits
Under a Women’s savings account, you can leverage insurance benefits such as accidental death or critical illness coverage. Banks provide these benefits to safeguard women against financial crises if they face any mishap in life such as an accident or medical issue. You can also invest in Mutual funds, RDs, PFs, etc. It encourages women to make investments and enjoy additional benefits.
5. Unlimited transactions through ATM
Regular savings accounts charge transaction fees on ATM transactions, but ATM transactions done through a Women’s savings account don’t charge any fees. Also, the transaction limits are higher.
Documents required for Women’s savings account
If you wish to open the Women’s savings account, you must submit the following documents to the bank:
- ID proof: Passport, Driving License, Aadhar Card, or Voter ID.
- Signature proof: PAN, Passport, or Driving License.
- Address Proof: Driving License, Aadhar card, Passport, electricity bill, etc.
- Passport-sized photo.
Conclusion
Women’s Savings Accounts are the best source of Women empowerment in modern society. If you are a working woman and want to attain financial security, you must opt for the Women’s savings account. Amazing offers, cashback, unlimited transactions, higher interest rates, and many other benefits are providing help to women to reach their financial goals easily.
FAQs
How can I open the Women’s Savings Account?
Ans. To open the Women’s Savings account, visit the nearest and fill out the form for account opening. Attach the documents such as Aadhar card, PAN Card, and passport-sized photo.
Is a women’s savings account better than a regular account?
Ans. Yes, women’s savings accounts are better than regular accounts because they offer many benefits such as cashbacks, rewards, higher interest rates, and unlimited transactions.
