In today’s time, special attention is being given to the economic independence and empowerment of women. In this series, many banks are offering special savings accounts for women which provide them many additional benefits and facilities. These accounts not only help women manage their financial needs better but also give them additional benefits like a variety of discounts, cashback and insurance covers.
In this article we will know in detail about the special accounts provided by major banks like SBI, PNB and Bank of Baroda for women and their benefits. Also, we will understand how these accounts can help empower women financially and make their lives easier.
What is Women Savings Account?
Women Savings Account is a special type of bank account specially designed for women. These accounts aim to provide women with better access to financial services and help them better manage their money. These accounts offer many additional benefits and features that are not found in normal savings accounts.
Key Features of Women Savings Account
| Speciality | Description |
| Eligibility | Women only (above 18 years of age) |
| minimum balance | Low or zero minimum balance requirement |
| interest rate | Higher interest rates in some cases |
| debit card | Free or discounted debit cards |
| Cheque Book | free check book facility |
| Loan Benefits | Discounts and concessions on various types of loans |
| insurance cover | Free or low cost insurance facilities |
| shopping benefits | Discounts and cashback on various brands |
| locker rent | discount on locker rent |
SBI Women Savings Account
State Bank of India (SBI) offers a variety of special savings accounts for women. One of the major accounts is “SBI Women Plus Savings Account”. This account offers many attractive features and benefits to women.
Key Benefits of SBI Women Plus Savings Account:
- Zero Minimum Balance: There is no minimum balance required to be maintained in this account.
- High interest rates: Higher interest rates than normal savings accounts.
- Free Debit Card: Free Platinum Debit Card for first year.
- Accident Insurance: Free accident insurance cover up to ₹2 lakh.
- Loan Rebates: Rebates in processing fees on home loans, car loans and personal loans.
- Shopping Benefits: Attractive discounts and cashback offers on various brands.
PNB Mahila Shakti Savings Account
Punjab National Bank (PNB) also offers a special savings account for women called “PNB Mahila Shakti Savings Account”. This account is designed with the aim of providing financial freedom and security to women.
Key Features of PNB Mahila Shakti Savings Account:
- Low minimum balance: Minimum balance of ₹500 in rural areas, ₹1,000 in semi-urban areas, and ₹2,000 in urban/metro areas.
- Free Checkbook: 50 free check pages per year.
- Accident Insurance: Free accident insurance cover of ₹2 lakh on RuPay Platinum Card.
- ATM Transactions: Unlimited free ATM transactions.
- Loan Benefits: 100% waiver on documentation and processing fees on Home Loan, Car Loan and Personal Loan.
- Locker Rent: 50% off on small lockers for the first year.
Bank of Baroda Mahila Shakti Savings Account
Bank of Baroda (BOB) also offers a special savings account for women called “BOB Mahila Shakti Savings Account”. This account provides women with financial security and independence along with many additional benefits.
Key Benefits of BOB Mahila Shakti Savings Account:
- Free RuPay Platinum Debit Card: Free RuPay Platinum Debit Card for the first year.
- Accident Insurance: Free accident insurance cover up to ₹2 lakh.
- Rebate on Two-Wheeler Loan: 0.25% rebate in interest rate on two-wheeler loan.
- Loan processing fee waiver: Waiver in processing fee on auto loans, mortgage loans and personal loans.
- Free NEFT/RTGS: Free NEFT and RTGS facility.
- Shopping Benefits: Attractive discounts and cashback offers on various brands.
Benefits of Women Savings Account
Women savings accounts benefit women in many ways. Here are some of the key benefits:
- Financial Freedom: These accounts help women better manage their money and make financial decisions.
- Low or zero minimum balance: Most women’s savings accounts require low or zero minimum balance, which allows them to easily open and maintain an account.
- Higher interest rates: Many banks offer higher interest rates on women’s savings accounts than normal savings accounts.
- Free Insurance Cover: Most women savings accounts offer free accident insurance cover, which provides additional protection to women.
- Loan benefits: Women savings account holders often get discounts and concessions on various types of loans.
- Shopping Benefits: Many banks provide discounts and cashback offers to their women customers on various brands and stores.
- Free Banking Services: Most women savings accounts offer services like free chequebook, debit card and internet banking.
Process to open women savings account
The process for opening a women’s savings account is similar to the process for opening a normal savings account. Here are some essential steps:
- Bank selection: Select the bank and account type that best suits your needs.
- Fill the application form: Download the online application form from the bank’s website or collect it from the bank branch and fill it.
- Required Documents: Keep the following documents ready:
- Identity Proof (Aadhar Card, PAN Card, Passport etc.)
- Proof of address (electricity bill, telephone bill, Aadhar card etc.)
- Recently taken passport size photograph
- KYC Process: Complete the KYC (Know Your Customer) process prescribed by the bank.
- Initial Deposit: Deposit the minimum amount required to open an account.
- Account Activation: Wait for the bank to activate the account.
Disclaimer
This article is for general information and educational purposes only. The information given herein is not complete or final and may change from time to time.
Important Notes:
- Contact the concerned bank directly to see the latest terms and conditions of the bank
- Seek professional advice before making financial decisions
- Plan details may change
- This article is not officially endorsed by any bank or financial institution
Reality: The information provided is based on the current situation and is subject to change.
