What Are Women’s Savings Account? And What Are Its Features?

Unlike the yesteryears, women are equally contributing monetarily to run a family. The hunger for financial independence has gripped women not only in urban areas but in rural districts as well. The concept of ‘sole breadwinners’ has changed over the years. Since women have their finances to deal with, they need some form of investment tool. There are banks who offer savings account facility that caters to all segments in the country. Women, too, are leading under this category.

What is a women savings account?

Banks offer all kinds of financial services to women today: from mutual funds to loans to insurance to accounts. Banks have started providing a saving account just for women that require a minimum balance and often comes with insurance options.

You can open a savings account for women either online or by personally visiting the bank.

What are the features of a women’s savings account?

You can avail of an array of advantages if you apply for a women savings account. The crucial ones being:

• Insurance option: In case you already have an insurance policy in place, you can ignore this feature. However, a women savings account generally comes attached with an insurance option based on factors such as age and income.
  
  

• Children’s account: You also have the option to open a saving account with the choice of zero-balance children account. The children’s account has their set of benefits. This could be one of the crucial factors if you are expecting a child and have dreamt of opening a savings account on their name.
  
  

• Debit/credit card: If you open a saving account, you are bound to receive a debit/credit card along. These cards, however, provide some rewards and discounts that you can use at select retail merchant partners such as jewellers, clothes, restaurants or groceries.

But before you jump to invest in these women savings account, consider the following factors:

• If you take up a saving account with insurance, ensure to know the charges involved regarding the cover
• Ask the bank representative about the following factors:
• Minimum balance requirement
• Non-maintenance fees

Also, see how much you can save every month.

• If you are applying for a credit/debit card, take up one considering the charges and the terms, benefits, etc.
• Ask for investment options when opening a saving account
• You can also avail of the internet, mobile and phone banking facilities when you open a women’s savings account

Such a savings account is not just a boon for the gen-next women but also helps them structure their finances in a better fashion.

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Created on Sep 18th 2018 09:03. Viewed 835 times.

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