For most people in India, the first point of contact with the banking system is through a Savings Account. It allows you to deposit your savings and access the same as and when you need while also earning handsome interest on the maintained balance.
In this age of women empowerment where women are excelling in all walks of life, a Savings Account is now a must for women too to manage their banking transactions. To promote this, many top banks including ICICI Bank now offer women-specific Savings Accounts. Let us have a look at five reasons why such accounts are better than a regular Savings Account:
1. Cashback, gift vouchers and discounts
Debit Cards are prevalent for the convenience they offer. But apart from this convenience, your Debit Card transactions can now help you earn rewards too. Many women Savings Accounts allow you to earn monthly cashback on the transactions done with Debit Cards.
Gift vouchers and discounts for online shopping, booking cabs, and more are some additional benefits of such exclusive savings account for women.
2. Unlimited ATM Transactions
With a regular Savings Account, most banks now charge a transaction fee for using bank and non-bank ATMs after the permissible limit of 5 and 3 transactions in a month respectively. However, with many women-specific bank accounts, these charges are waived off.
If you regularly use ATMs for withdrawing money and other banking transactions, with this feature of women accounts, you can use ATMs of any bank unlimited times in a month without worrying about the transaction charges.
3. Loan Benefits
To help women achieve the milestones in their lives, many of the bank accounts now also offer a host of loan benefits. For instance, the Advantage Savings Account for Women by ICICI Bank offers preferential rates and discounts on loan processing fees.
These benefits are available for many different types of loans such as Home Loan, Auto Loan, Personal Loan and Two-Wheeler Loan.
4. Investment Benefits
Banks don’t just want to encourage women to save more, but invest too. As a result, accounts like Advantage Woman Savings Account from ICICI Bank offer additional benefits if a woman decides to invest through the account.
Such benefits are available when a woman opts for investment options such as PPF and Mutual Fund SIPs. If you are interested in stock trading, the fee for opening a trading account and maintenance charges of the Demat Account is also waived off by some banks.
5. Priority Processing
A lot of Indian bank accounts for women come with priority processing benefit. With this facility, your offline transactions are completed faster when you visit any bank branch. A few banks also have exclusive Privilege Banking zones at their branches just for female customers who have such women-specific accounts.
Some of these accounts with a higher Monthly Average Balance (MAB) also come with a Dedicated Relationship Manager.
Women Savings Account for the Best of Banking Benefits
With such amazing benefits, features, discounts and offers, there is no reason why a woman should not prefer such women-specific accounts. Moreover, many of the banks allow you to apply for such accounts online.
Make use of this facility to get yourself a bank account for women and experience the best of banking benefits.
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