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1 Minute Read – Should You Open A Woman’s Savings Account?

Adhil Shetty

With an intent towards financial inclusion of women, the government and financial institutions are always eager to launch special financial products designed solely for them. Women’s savings account is an example of the latest service offering special benefits. Here’s a look at what they offer to help you decide if you need to open one.

  • Compared to salary accounts, these are not zero balance accounts and will require some minimal balance in most cases; however, this requirement is lower than other savings account. Some banks offer zero balance if this account is linked to a recurring deposit.
  • The debit card linked to some of these accounts offer unlimited free cash withdrawals from country-wide ATMs, cashback, and rewards.
  • These include discounts on locker fees for the first year, vouchers and discounts on lifestyle spends, discounts on shopping with partner merchants, and discounts on deposit and withdrawal fees based on the bank you choose.
  • You can enjoy home banking services such as cash, cheque, and demand draft pick up, cash delivery, document collection, and others offered by certain banks and NBFCs.
  • Some women’s savings accounts offer insurance such as accidental hospitalisation and death cover and charge lower processing fees on loans.
  • Other services that are linked to these accounts are tax filing services and financial planning either free or at discounted rates, but this varies across banks.

Sign up for it if your regular savings account or salary account doesn’t offer the benefits you get with a special women’s savings account.