Women Savings Account Vs Regular Savings Account: The Differenceby Giselle Lobo Writer & Blogger
Women are creating a mark for themselves in every sphere, be it personal or professional. Some decide to become entrepreneurs while some homemakers are having a say when it comes to finances. However, they need some special storage space where they can park their hard-earned money. With women power in demand, some banks and other financial institutions have a unique space on their name, called women savings account.
However, many are concerned if these are marketing gimmicks by the bankers or does it exist? Let us compare some of the features and learn the difference between women and regular savings account.
- Balance requirement: Generally, savings account requires customers to maintain a minimum balance on a monthly or quarterly basis. It is on this balance they earn interests. However, banks have introduced the zero-balance savings account that follows a no-string attached policy. On women’s savings account, there is no relaxation. Some banks require women to maintain an average balance of INR 10,000, in urban as well as rural India.
- Auto-sweep facility: The auto-sweep service allows customers to enjoy the liquidity of savings account and interest of the fixed deposits at the same time. So, if you have surplus amount in your account, you can inform your bank to create a fixed deposit account on the same. However, if there are insufficient funds, banks will close your fixed deposits, and the proceeds will be credited to your savings. This service is not available on a regular savings account. As the balance requirement is similar for women and regular account, opting for the former is favourable in this case.
- ATM withdrawal and shopping limits: Women savings account offers higher withdrawal and shopping limits. They can make ATM withdrawal for at least INR 1 lakh every day and retail shopping of almost INR 2 lakh. Regular account cash withdrawal limit is INR 50,000, and retail shopping restrictions are up to INR 1 lakh.
- Account for children: The best part about women savings account is the zero-balance account at the offing for their children. This instils a saving habit in the child.
- Insurance cover: Some banks also provide an insurance cover along with a women savings account. Certain banks offer free group personal death insurance cover.
- Health check-ups: Additional benefits that women savings account delivers are health check-ups with a discount of up to 40 per cent on the prevailing market rates. Other banks provide a special discount on interest rates of a two-wheeler, gold, auto and personal loans.
One can also open savings account online for women, just like a regular account. What are you waiting for ladies? Get your account now!
Created on Jan 16th 2019 06:32. Viewed 621 times.