Banks nowadays have specific woman’s savings accounts which have been created to satisfy more benefit-hungry customers.
Some of the differences between a standard savings account and a woman’s savings account are detailed below, followed by the benefits of RBL Bank’s woman’s savings account and why it is considered to be a popular choice among woman’s savings accounts in India.
Why must you open a woman’s savings account?
1. Value Added Services
Although a woman’s savings account initially provided more standard saving services at first, it is now equipped with supplementary features that cater to your more robust financial requirements. The spectrum of services offered includes net banking, passbook provisions and cheque book amenities. Some woman’s savings accounts also dispense discounts, reward points and cashbacks on transactions.
2. Building Income
Interest is normally earned based on the balance held in the woman’s savings account. High interest is dependent on a higher balance. This facility is normally the most drool-worthy characteristic of a woman’s savings account as it is one of the greatest reasons to open a savings account. Accumulated interest is one of the most defining features of woman’s savings accounts because of its ability to encourage you to save more in the future. Your aggregate income steadily begins to increase over time and in most cases, individuals have stated that their motivation to save increased after they earned their initial interest. Individuals have further expressed that due to the automatic compounding of their interest over time, they need to hardly put any effort into the maintenance of their account.
3. Ease of Opening the Account
Opening a woman’s savings account for the first time is a very easy process and with the passage of time, banks have begun ensuring that in addition to an increase in security measures, the approval process for the account is faster as well. Providing your bank with a form (which can be filled online), a security deposit and being at least 18 years of age is all it takes to open an account in most banks. It is crucial that an individual first researches the minimum amount needed by banks, before creating a woman’s savings account, as these amounts vary from bank to bank.
4. Safety and Security measures
In addition to the ease of opening an account, woman’s savings accounts are also one of the most secure accounts an individual can open. There is hardly any risk associated with a woman’s savings account unlike that of a current account where its conditions vary significantly across banks. In fact, the Deposit Insurance and Credit Guarantee Corporation (DICGC) in India ensures saving account holders up to Rs. 1 lakh. In a press conference addressing the general public, India’s Union Finance Minister, Nirmala Sitharaman, proposed that Budget 2020 increase the bank deposit insurance to Rs. 5 lakhs to ensure the safety of Indian citizens.
5. Back-up Plan
Due to the ease of access that comes with this type of account, you will always have a source of funds to rely on in case you need to reduce some financial distress that comes along your way. This emergency fund buys you extra time while you figure out how to effectively tackle any unfortunate circumstance that you stumble upon.
6. Linkage Capability
Many financial institutions permit you to link your woman’s savings account to your checking account or accounts held in other banks, thereby adding to the existing convenience you hold. Routine monthly transactions no longer require you to manually transfer funds from one account to another as this linkage confirms the ease in your money transfer capabilities.
RBL Bank – Woman’s First Savings Account
- RBL Bank’s woman’s savings account extends auxiliary features such as free unlimited cash withdrawals at every RBL Bank automated teller machine (ATM) in India & for other banks’ ATMs, there is a free limit of 10 withdrawals per month.
- RBL Bank is known for holding one of the most preferred woman’s savings account in India with its impressive features. Security is of utmost importance to the Bank and, therefore, it is ISO-certified and layered with perimeter security and monitoring.
- In addition to their year-long discount and high interest rate provisions, the Bank will also provide you with a 10% discount on locker rent for the first year.
- For the benefit of your child, it offers a zero balance child’s account with a minimum of Rs. 500 per month, for a tenure of one year and more.
- Finally, inclusive in this account is a complimentary insurance card. This card is very thorough in the level of insurance it covers. Air accidents, lost liabilities, personal accidents, purchase protection, loss of checked-in baggage, delay in checked-in baggage and loss of travel documents are some of the insurance covers, it provides.
All in all, opening a woman’s savings account is definitely worth the hype that surrounds it, especially after considering its numerous benefits and overall higher reward structures. RBL Bank’s woman’s savings account, which is one of the most reputed woman’s savings accounts in India because of its supplementary benefits, is definitely worth looking into and investing in.