You know what a regular savings account is, now there is a personalized version of that account known as a women’s savings account. Many private banks are offering this new feature to all the women who want to open a bank account with them. But is this suitable for your needs lets find out:
What exactly are they?
Woman’s Savings account is like a regular savings account with minimum balance requirement but it has certain additional benefits catering towards Indian women’s saving & spending habits. The benefits offered with these accounts differ from bank to bank. It can be opened either individually by a woman or as a primary holder in case of a joint account.
Whats so different?
You get the following benefits with the women’s savings account, but whether or not these are actually useful depend on your requirements and how you are going to use the account.
- Insurance Options: The women’s savings account that offer insurance cover do not make sense if you already have a full-fledged insurance policy separately. For example, Citibank Women’s account comes with a critical illness insurance cover for women less than 55 years, worth Rs.50,000.
- Children’s Account: UTI’s Bank Smart Privilege Account can be applied for by any women above 18 years. This comes with the benefit of opening a zero-balance children’s account if required. The children’s account itself has so many advantages. This might be an good to consider if you are planning to open a savings account for your child.But for all the single ladies who don’t have a child then this option doesn’t make sense for you!
- Debit and Credit Cards: Many of the women’s savings account comes with an international debit card which allows the users to avail exclusive discounts and offers on products from select merchant partners. For example, Citibank Women’s Account offers a photo debit card that will also delight the customer with special discounts from restaurants, jewellers and department stores.
Check out these popular women’s savings account in detail:
- HDFC Women’s Savings Account
- Axis Bank Women’s Savings Account
- ICICI Bank Women’s Savings Account
- Yes Bank Women’s Savings Account
- South Indian Bank Women’s Savings Account
Other banks also offer these account you can find them by doing a simple google search.
Compare them, weigh your options and see which one you need and if you need one then only get it.
Remember this isn’t like a regular sale or discount offer, it is your savings account which you might use daily for many years so pick it very carefully.
If you feel you’re happy with the regular savings account you are using and this will not make much of a difference then don’t change your account.
Checklist to consider before getting a women’s savings account:
- Are your being offered an insurance cover? What is the charge that you must pay for the cover?
- What are the minimum balance requirements? What are the charges for non-maintenance of account? Will you be able to maintain the minimum balance?
- Do you get a debit or credit card with the account? What are the charges for the cards? What benefits do you get with the cards?
- Are any investment options offered with the savings account?
- Is the savings account for women any different to that of normal savings account? Which account will serve your purpose to the maximum?
- Is internet, mobile and phone banking facilities offered with the card?
(The above checklist is taken from BankBazaar.com)
Between so many varied bank choices I’m sure you are spoiled for choice. That’s why MissManage recommends you to look at what each one has to offer and select the one which is suitable to your lifestyle and will in turn benefit you in the future. If the minimum balance requirement is same as a regular savings account then pick a women’s savings account because that has better benefits.
For any further questions on such accounts comment and let us know!