Women in India are experiencing financial independence like never before. Conventional ideas about men being the sole bread winners are taking a back seat, and women have become equal contributors financially.
To encourage women to manage their money better, several banks are now offering special accounts for women which are linked to certain benefits that they can enjoy. Let’s take a look at the benefits that some banks offer and you can decide what’s best for you based on your need.
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ICICI Bank’s Advantage Woman Savings Account
Designed for hassle-free banking, this account offers some great benefits for women. Any resident Indian woman aged 18 and above is eligible to open an Advantage Woman Savings Account.
Some of the benefits offered by this account are Zero balance with Recurring Deposit of Rs.2000, free at-par cheque book, special women’s International debit card with several discounts and other offers, Internet Banking, Phone Banking and Anywhere Banking to name a few.
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Axis Bank’s Women’s Savings Account
The bank’s attempt at redefining “banking to suit your requirements”, this account has some great benefits to offer as well. In urban centers, a minimum quarterly balance of Rs.5000 is required, while in semi-urban centers it is Rs.2500 and in rural centers, Rs.1000. Other benefits include free at-par cheque book and SMS & Internet Banking.
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South Indian Bank
There are two savings account types designed exclusively for women, namely the Mahila Savings Bank Account and the Mahila Plus Savings Bank Account. Indian resident women aged 18 and above are eligible to open these accounts.
Apart from the regular benefits of women’s accounts, one important feature of the Mahila Savings account is free insurance cover for the first one year (travel insurance and accidental death). They also offer free cash remittance facility from other accounts.
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HDFC Women’s Saving Account
According to the HDFC website, the features and benefits offered include an EasyShop Woman’s Advantage Debit Card with transaction limit of Rs. 25,000 per day for cash withdrawal and shopping limit of Rs. 40,000 per day. Conversion of your surplus money into high earning fixed deposits through an Optional Money Maximizer (sweep out) facility is also one benefit.
Special Privileges include Insurance benefits of Rs. 10 lakhs Accidental Death Cover and Rs. 1 lakh per annum of Accidental Hospitalisation Cover as well as daily cash allowance of Rs.1000 per day, maximum for 10 days per year. Loan benefits include special discounts on gold loans and personal loans.
Apart from these, many banks offer special credit and debit cards for women with plenty of benefits. These cards are linked with retail outlets, health and fitness centers, health checkups at premier hospitals, and restaurants where women customers can avail of discounts.
While women in India are climbing high on the earnings ladder, they are also becoming very aware of how to manage their money. With special benefits offered by banks for women, this process becomes a lot easier.
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