Savings accounts have been around since decades and have helped many individuals realise their personal and professional goals. However, there are very few who know about savings account that are especially designed for women achievers that may have small wallets but have larger aspirations. These accounts facilitate better reward points, low transaction fees and reduced minimum quarterly balance maintenance.
Here’s a list of five popular savings bank account schemes by both private and public sector banks designed exclusively for women –
- Advantage Woman Savings Account by ICICI Bank
ICICI Bank offers Advantage Woman Savings Account, designed exclusively for its female customers. The account offers unlimited free cash withdrawals across all ATMs and a debit card that offers additional rewards.
The account allows savings bank portability, which means that you can transfer your Savings Account from one branch of ICICI Bank to another by submitting a written request at the branch. The minimum Monthly Average Balance (MAB) to be maintained in your Advantage Woman Savings Account is INR 10,000. The primary applicant of this savings scheme has to be a resident Indian woman above 18 years of age.
- Women’s Savings Account by Axis Bank
Women’s Savings Bank Account by Axis Bank has specially been designed after taking into consideration the needs of all working women. The account offers 4 per cent rate of interest on daily balances, which is paid quarterly. With Axis Bank’s women’s Savings Account, women can get access to over 11,500 Axis Bank ATMs and 2,300 Axis Bank branches.
The first five transactions at Axis Bank ATMs and the first three to five transactions at non Axis Bank ATMs can be enjoyed free of cost in metropolitan as well as non-metropolitan locations. The account has a low minimum opening deposit of INR 10,000 in metros.
- BOI Star Mahila Savings Account
Bank of India offers its Star Mahila Savings Bank Account for women, which is designed to offer maximum advantage for both salaried and self-employed women. The account does not have a daily minimum balance requirement. However, an average quarterly balance (AQB) of INR5,000 has to be maintained.
The account also provides a free global debit-cum-ATM card along with a personalised cheque book per calendar year.
- Indus Diva Savings Account by IndusInd Bank
Indus Diva Savings bank account is a popular service offered by IndusInd Bank for its women customers. It offers a specially crafted Platinum plus Debit Card along with a 25 per cent discount on the first-year fee for the standard bank locker.
Apart from free internet and mobile banking services, the account offers free doorstep banking at select locations, including cash or cheque pickup and cash or demand draft delivery. So, Indus Diva Savings bank account is ideal for the elderly women or women who are unable to commute to the bank. IndusInd bank gives all women account holders the option to open add-on accounts free of charge for their family members, offering them various grouped account benefits from time to time.
- Mahilamitra by Federal Bank
The Savings Bank Account offered by Federal Bank exclusively for women is known as Mahilamitra, which translates to a woman’s best friend. One gets an international gold debit card with this account. The account holders enjoy additional benefits like free Demand Draft service, mobile and internet banking along with free RTGS and NEFT fund transfer facilities.
Women can also avail of free daily cash withdrawal up to INR 75,000 through ATM and a 50 per cent concession on service charges for outstation cheques. All Mahilamitra account holders also get 50 per cent concession on the processing fee or administration fee for all retail loan products. To avail all the above mentioned facilities, you have to maintain an average monthly balance of INR 5,000.
For women who want to start ventures after their pregnancy or after gaining significant experience in their respective industries, these Savings Account features are an ideal investment. With enough capital, a vision and the conviction to pursue it, any woman can become the reiner of her dreams.