Do the Digit Insurance

A savings account tailored for women is called a women’s savings account. It simplifies banking for the independent women of today. This account addresses the specific financial needs of women and provides them with several benefits. Any woman, regardless of age, income or profession, can open a savings account.

Moreover, one can open these accounts with minimal or no balance requirement. 

Most savings accounts for women have better features and facilities than regular savings accounts. These features help you to plan and manage your finances effectively. Here are the features of a women’s savings account:

• Personal Accident Insurance: The most significant feature of savings accounts for women is that financial institutions offer personal accident insurance coverage, accidental death cover, accidental hospitalisation cover, etc.

  It is the insurance benefit which provides financial assistance during an accident. As a result, it gives a sense of security and protection for yourself and your family.

• Special Offers: Some banks come with a feature where they waive the annual maintenance charge on the first year for Demat Account. Women also receive preferential rates on loans and discounts on loans, if they have such a savings account.

• Easy Banking Facility: These accounts offer easy banking facilities with debit cards where you might receive higher daily cash withdrawal limits. Additionally, you receive free transactions at any other bank's ATMs, net banking, phone banking, and mobile banking facilities.

• International Debit and Credit Cards: Many of these accounts come with an international debit card. It allows users to choose exclusive offers and discounts from select merchant partners.

One of the key benefits of a women’s savings account is that she can track her expenses. It helps her to plan savings and investments accordingly. Below are the other benefits of these accounts:

• Cashback and Discount: This savings account comes with additional benefits such as providing discounts on shopping, travelling and entertainment, cashback offers, free insurance coverage, an internet banking facility and SMS banking. 

• Higher Interest Rate: Women having savings accounts in a bank or financial institution receive a higher interest. It helps a woman, working or a housewife earn more on her savings and gain their financial goals more quickly and easily.

• Free Children's Savings Account: Women search for savings account benefits for their children. Keeping this factor in mind, several banks and financial institutions offer free children's accounts. A woman can open such an account apart from opening her savings account.

• Low-Opening Deposit: Some banks offer savings accounts for housewives and offer low-opening deposits. This benefit allows them to set their financial goals and work towards them. Furthermore, it helps the bank to have more deposits from women and in turn allows them to lend more money.    

• Low Average Monthly Balance: Most banks also offer a low average monthly balance facility. It reduces the stress of depositing money when the balance gets reduced from the set value.

Below are the eligibility criteria for women who wish to open a savings account in their name at their preferred bank:

• She must be at least 18 years of age.

• A woman must be a resident of India.

• The woman must have a minimum amount to deposit in case the bank has a minimum balance maintenance feature.

• The first account holder must be a woman in case of a joint account.

• Foreign nationals residing in India are also eligible to open such an account.

The following are the documents required to open an account:

Age and Identity Proof:

• Aadhaar Card

• Voter ID 

• Passport

• Driving Licence

• Employment Certificate (if any)

Address Proof:

• Driving Licence

• Utility Bill

• Voter ID 

Apart from these, you must have two latest passport-size photographs.

In case one applies for joint women's savings account, the following are the documents they need:

• Address and age proof documents as mentioned above of both the applicants.

• Photographs of both applicants.

A woman can open a savings account in their preferred bank via online and offline methods. Both these processes require minimal documentation and are hassle-free. 

Offline Method

A woman can open a savings account by visiting the nearest branch of her preferred bank. Here are the steps to follow:

Step 1: Ensure the primary applicant is a woman when filling up the application form. This is applicable if you are applying for a joint savings account. Visit the nearest branch of your bank. Collect an application form to open a savings account.

Step 2: Duly fill up the application form providing every detail asked in it. 

Step 3: Carry all the KYC documents for verification. You must enclose these documents with the application form. However, ensure to bring the originals and copies of your documents for verification. 

Step 4: After double-checking the application form, submit it by attaching copies of your documents.

Step 5: A bank official will verify your application and then process it for KYC verification.

Step 6: After completing the verification process, the bank will provide a Customer ID and an account number. In addition, the bank officials will send an ATM/Debit Card to the given address. Ensure to reset the PIN of this ATM/Debit Card to use in future.

Online Method

Follow the below methods to open a savings account online. The procedure to open a savings account for a woman can be done in two methods – phone banking and Internet banking.

Phone Banking

Follow the below steps to open a savings account for a woman through the phone banking method:

Step 1: Ensure the primary applicant is a woman when applying for a savings account. Download the mobile application of your preferred bank on your smartphone and signup. Set username and password. 

Step 2: There is a list of services available. Choose ‘Open Savings Account’.

Step 3: Duly fill in the application form and provide all the supporting documents for further verification.

Step 4: Submit your documents for KYC. An official from the respective bank will contact you for verification. You can also undergo the verification process via a video call from the bank official. For that, you must give them access to your camera, microphone, and location on your smartphone.

Step 5: After completing the verification process, you will get a Customer ID and account number. This helps a woman to operate her savings account through her mobile.

Internet Banking

Here are the steps to open a savings account for women through the Internet banking process:

Step 1: The primary applicant must be a woman when applying for a savings account. First, visit the banks’ portal online and sign up. Set your username and password accordingly.

Step 2: Choose the link that says ‘Open Savings Account’.

Step 3: Now, duly fill in the application form for opening a savings account. Finally, enclose all the necessary documents.

Step 4: Double-check the application form. Then, submit your KYC documents and verify yourself online. You can do it via a video call from a bank official.

Step 5: After completing the verification process, you will receive a Customer ID and the account number. Your debit card will reach your given address within a few days.

Step 6: Now, you can start using your savings account. Log in via net banking or internet banking to make transactions.

Several banks offer a woman's savings account to cater to the specific financial needs of these women. They provide a variety of facilities and benefits that help a woman to boost their savings. 

This empowers a woman and makes them more confident in their financial decisions. So, some of the banks that offer the best savings account for women are as follows:

• RBL Bank Woman’s First Savings Account

• Kotak Silk Women Savings Account

• Axis Women’s Savings Account

• ICICI Bank Advantage Woman Savings Account

• IDBI Super Shakti Women’s Account

• HDFC Bank Women’s Savings Account

• South Indian Bank Mahila Plus Account

• Baroda Mahila Shakti Saving Account

A savings account for a woman comes with some services which might not be available in your regular savings account. However, it might be applicable and available in selected cities only. Here are some differences between a woman’s savings account and a regular savings account:

1. Monthly Average Balance

While a woman's savings account offers a zero balance facility, most regular savings accounts have a minimum average balance requirement. If you fail to maintain a minimum account balance in a bank, the bank might charge a fine for the same.

2. ATM Transactions

With a regular savings account, banks put a monthly limit on their respective ATMs and non-bank ATM transactions. You will be charged a transaction fee for using ATMs above a certain limit, set by the bank. 

However, there might be no such ATM transaction limits with a savings account for women. It means that with such accounts, a woman can use ATMs of any bank, several times in a month without paying any transaction fees.\

3. Gift Vouchers and Cashbacks

Banks and financial institutions offer several benefits to debit cards associated with a woman’s account. These debit cards have enhanced cash withdrawal limits compared to regular debit cards. Furthermore, banks also offer special cashback points on shopping, and discount coupons, for such accounts. This might not apply to a regular savings account.

4. Higher Interest Rate

Some banks might offer higher interest rates to women's savings account holders. Regular savings account holders might not receive such benefits.

5. Insurance Cover

Most financial institutions do not offer insurance coverage on regular savings accounts. In contrast, most banks provide accidental death insurance coverage to women's savings account holders. However, the sum assured might differ from one bank to another depending on the insurance policy they offer.

6. Loan Facilities

While most financial institutions offer discounts on loan processing fees to women's savings account holders, institutes might not provide the same for regular savings account holders.

7. Locker Facility

Some banks offer a free locker for the first year to women having a savings account in their name. In addition, they might also offer attractive discounts on locker rent to women's savings account holders. However, regular savings account holders might not receive such benefits.

8. Family Accounts

Many financial institutions offer one add-on account with a women's savings account. This is generally a minor account, and it requires maintaining a minimum balance. However, regular bank account holders might not receive this facility.

9. Dedicated Relationship Manager

Certain banks provide a dedicated relationship manager for a woman's savings account. These managers help the account holders choose the specific financial products and services that the bank offers for a woman.

However, banks might not provide a dedicated relationship manager for regular savings account holders.

A women’s savings account ensures that a woman has access to financial services tailored to her specific needs. They can plan their investments and finances without depending on anyone else. Moreover, a woman can appoint a nominee for their first savings account. Also, one can appoint one nominee for the account no matter if it is a joint or a single account.