The Financial Benefits of a Dedicated Women’s Account
The importance lies in its features that cater to your unique needs and simplify financial management. Read on to learn all about the benefits that make this account special.
As you excel in your preferred field or choose to engage in multiple roles, it’s only fair that your finances keep up. Banks support your journey with a dedicated savings account that comes with special perks. You may wonder what is the need for this account as opposed to the standard savings bank account. The importance lies in its features that cater to your unique needs and simplify financial management. Read on to learn all about the benefits that make this account special.
High interest rate
Banks offer a very competitive interest rate on women savings account. Such a substantial percentage helps your savings grow steadily. So, even if you want to park your money periodically in the savings account, it’ll fetch you decent returns.
Complimentary health benefits
Some banks account for your health needs and maximise savings on routine medical expenses. This includes online consultations for common problems like diabetes, orthopaedic care, and general physicians.
You can also tend to your routine body checkups for free. Other discounts apply to pharmacies, special medical programmes, etc. Among others, IDFC FIRST Bank is emphasising benefits like a complimentary MediBuddy membership with their Women’s as well as Senior Citizen Savings Accounts.
Exclusive debit card deals
Savings accounts are no longer only about storing funds and making regular transfers. You can do so much more thanks to digital convenience. In that light, your debit card for a women’s savings bank account comes packed with discount offers on movie and event tickets, dining, grocery, luxury spends, and more. You can also store your jewellery and other valuables with a discount on the locker facility.
Zero fees on crucial services
You should be able to do the most with your savings account without having to think of limits or restrictive charges. This is why the best banks waive fees from services like transfers via IMPS, NEFT, and RTGS, cheque book issuance, demand draft, and other hidden costs to let you enjoy the savings account experience to the fullest.
Monthly interest credit
You earn interest on your daily closing balance, but it is typically credited to your account on a quarterly basis. Some banks, like IDFC FIRST Bank, make this more rewarding through monthly interest credits alongside competitive savings account interest rates up to 6.50% p.a. This way, you get a steady cash flow in your account, and because the interest is compounded frequently, you earn interest on interest. As a result, you get better returns on your savings.
Unlimited ATM withdrawals
As you manage day-to-day transactions, most of the local vendors still rely on cash. Also, having a bit of cash at home provides an extra sense of assurance for regular payments. To that end, you enjoy the freedom of ATM withdrawals at no cost.
Similarly, there are typically no limits on POS transactions to enable convenient fund transfers to merchants for routine expenses.
Free insurance coverage
Although coverage amount may vary, customer-centric banks, including IDFC FIRST Bank offer complimentary insurance with the women’s savings bank account. Some of the common covers offered are personal accident insurance, lost card liability, air accident, and more. You can check this in the features section to understand the total coverage amount and other details.
Simple process & documentation
You don’t need to go through a lengthy process, thanks to fully digitised systems today. You can easily initiate online bank account opening with basic details and documents.
Onboarding involves filling out a form with details like your name, date of birth, contact number, Aadhaar, PAN, etc. This is followed by uploading KYC documents to facilitate verification. Once you’re done, the request is processed instantaneously, and you receive account details swiftly.
Final words
A dedicated savings account for women aligns with your financial life, managing both household and work-related expenses, while making financial management rewarding. You can save, spend, secure valuables, and enjoy discounts and essential transactions.
Bundled with thoughtful benefits, these accounts speak to your specific financial needs better than a regular savings account would. Hence, if you are a female aged over 18 years, a women’s savings bank account is worth checking out for specialised benefits.