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The Evolution of Women: From Penny Pinching to Power Planning

RBL Bank Mar 07, 2024

Throughout history, women's involvement in finance has been restricted by social norms and limited access to resources. However, in recent decades, a profound shift has unfolded, marking a significant departure from the status quo. With expanded opportunities in education and employment, women have stepped forward as dynamic contributors in the financial decision-making process. This transformative journey harmonizes effortlessly with the worldwide movement toward women empowerment and financial inclusivity.

Women Shaping the Future: Contributions and Progress

Women entrepreneurs are changing the business landscape and contributing to the country's overall economic growth. They are also making their mark in a variety of industries, from traditional ones such as textiles & handicrafts, to fast-growing fields such as technology & e-commerce. They are, hence, driving innovation, generating jobs, and driving social and economic change. Their impact goes beyond the immediate success of their businesses, as they often work to empower other women and promote social responsibility.

There is a growing awareness among Indian women about financial literacy & investment opportunities. This shift is due to various factors, such as increased access to education & financial resources, as well as targeted government programs & awareness campaigns. This newfound confidence in financial management allows women to make better investment decisions for themselves & their families, which contributes to a better financial future.

While there are still many challenges to overcome, Indian women are making great strides in the business world. Celebrating their success and building an ecosystem that supports their continued participation will go a long way in building a more inclusive & prosperous future for India.

Inspiring Inclusion: Fostering Equal Access for Women's Financial Empowerment

On International Women’s Day 2024, the theme “Inspire Inclusion” emphasizes the need to work towards a world free of gender-based prejudice and discrimination, while ensuring women empowerment. Below are a few ways to achieve the same:

  • Financial Literacy Programs: Bridging the knowledge gap is crucial for empowering women to make informed financial decisions. Specialized workshops and seminars focused on financial planning, investment options, and risk management, can equip women with the necessary skills to navigate the financial landscape confidently. These programs should be designed in a language and format accessible to women from diverse and educational backgrounds.

  • Accessible Banking Products and Services: Financial institutions can play a vital role in fostering inclusion by offering a variety of deposit accounts, investment products and services tailored to women's specific needs and preferences. This can include accounts that prioritize financial independence, savings for children's education or healthcare, and micro-loans with flexible repayment options to support female entrepreneurs.
    Also read: Reasons Why You Should Opt for a Women-Specific Bank Account

  • Digital Banking Solutions: Digital banking platforms and mobile apps should be user-friendly, as women are increasingly comfortable with technology. They should be designed with financial literacy features in mind, such as budgeting, investment simulators and calculators, and educational resources in local languages. Women should have a secure online banking experience that allows them to manage their money independently and effectively.

  • Entrepreneurial Support: Women entrepreneurs face unique challenges, often requiring targeted support to navigate the business world. Initiatives such as loans with lower interest rates, flexible repayment terms, mentorship programs led by successful women entrepreneurs, and business guidance specific to female-led businesses can play a vital role in fostering an ecosystem conducive to their growth and success.
    Also read: Fostering women entrepreneurship in rural India through financial inclusion

These inclusive practices combined with a focus on access on finance, education and support can help women take control of their financial future, make a positive impact on the Indian economy and inspire future generations to overcome the obstacles that remain.

Empowering Women: Banking Products, Tools, and Resources

It is important for women to actively manage their finances and make informed decisions about their financial well-being. Fortunately, a wide range of products and services are available to cater to various life stages and financial goals.

Exploring Banking Products and Services:

  • Savings Accounts: Savings Account offers a safe and convenient way to store money and earn interest, making them ideal for emergencies or short-term savings goals like travelling or home improvement.
  • Recurring Deposits (RDs): RDs encourage saving regularly by setting aside a fixed amount at regular intervals, promoting discipline and building a corpus for future needs.
  • Fixed Deposits (FDs): FDs offer a higher interest rate for a fixed tenure, making them suitable for long-term financial goals like retirement planning or children’s education.
  • Investment Options: Banks may offer various investment schemes for women like mutual funds, fixed deposits linked to the stock market, or insurance policies, providing opportunities for wealth creation over the long term.
  • Loans: Whether you are looking to pursue higher education, start a business, or finance a personal need, various loan options like education loans, business loans, home loans, and personal loans can provide the necessary capital to achieve your goals.

It is important to remember that there is no "one-size-fits-all" approach to financial planning. The key is to identify your specific goals, risk tolerance, and investment horizon.

Resources Available:

Many banks offer valuable resources to empower women on their financial journey. These may include:

  • Online financial calculators: Help assess loan eligibility, calculate potential returns on investments, or estimate retirement savings needs.
  • Financial planning guides:Provide comprehensive information on various financial topics, from budgeting and savings to investing and retirement planning.
  • Access to financial advisors: Connect with experienced professionals who can offer personalized guidance and answers to your financial queries.
  • Financial Apps: With the advent of technology, financial apps have garnered interest. These digital platforms offer automated investment solutions, portfolio management services, and personalized financial advice, catering to investors seeking convenience and cost-effective options.

Taking the First Step:

Empowerment starts with acknowledging the importance of financial planning and taking the initiative to learn about available options. By exploring various banking products and services, utilizing available resources, and seeking professional advice when needed, women can gain the confidence to make informed financial decisions and navigate your financial journey with greater ease.

Remember, financial well-being is an ongoing process, and taking control can pave the way towards a secure and empowering future!

Our goal at RBL Bank is to empower women to take control of their finances and achieve financial success. We provide a variety of resources and tools to help women make informed financial decisions and understand investment schemes for women. Our Knowledge Zone provides valuable insights into various financial topics, including budgeting, investing, and retirement planning. These resources equip women with the knowledge and confidence to navigate the complexities of the financial landscape effectively.

RBL Bank Woman’s First Savings Account: Tailored Benefits for Financial Independence

For women seeking a convenient and feature-rich savings account, RBL Bank's Woman's First Savings Account caters to the specific needs of women, encouraging financial independence and offering:

Woman’s First Debit Card:

Enjoy greater control over your money with increased daily and monthly withdrawal limits. RBL Bank offers a Debit Card specifically catering to fast-paced lives. Upon activation, cardholders receive a discount worth INR 2,500, along with access to year-round deals and unlimited coupons across various categories like shopping, food, entertainment, health, and more. This card goes beyond financial transactions, offering discounted health benefits and medical concierge services, providing valuable support for women's well-being. Additionally, cardholders enjoy the convenience of free cash withdrawals at any ATM in India.

Free insurance coverage:

Gain peace of mind with complimentary insurance coverage in case of unforeseen circumstances:

  • Air Accident Insurance: You are insured against loss of life in an air accident for up to INR 10,00,000.
  • Personal Accident Insurance: You are insured against loss of life in an accident up to INR 5,00,000.
  • Cash in Transit Liability: In case of robbery, while money is in transit from any ATM/Bank to the destination, cover up to INR 1,00,000.
  • Lost Card Liability: If your card is lost or stolen, you hold no liability in case of any misuse up to INR 1,00,000.
  • Purchase Protection: To protect your purchases and e-purchases, you are insured for up to INR 25,000.
  • Loss of Checked-in baggage: Insurance up to INR 25,000.
  • Loss of Passport and Travel Related Documents Insurance: Insurance up to INR 10,000.
  • Delay of Checked in Baggage Insurance: Insurance up to INR 10,000.

Zero balance kid’s account:

Maintain flexibility with no minimum balance requirement, making it accessible to all women. You can open a kid’s account, subject to minimum standing instruction of INR 500 transfer in Kid’s account.

Combined with the convenience of online banking and mobile app access, the Woman's First Savings Account empowers women to manage their finances effectively and confidently.

 

This International Women’s Day, let us contribute towards women empowerment to take charge of their financial future. With the help of RBL Bank, you can take the first step towards financial independence and peace of mind. Let us work together to create a world where every woman has access to the knowledge, tools, and support she needs to succeed financially.

Disclaimer: Articles published on the website are merely indicative and suggestive in nature and do not amount to solicitation. The contents do not guarantee the desired returns and/or results. Reader is advised to exercise discretion and consult independent advisors for achieving desired result. Visitors to this blog/ website w.r.t products & services offered by RBL Bank Limited herein, shall ensure that the comments / feedback posted shall be restricted to the contents published herein and shall not contain such language that may be un-parliamentary or against any religion, caste, section of society, political view etc. While our endeavor is to publish the comments that are submitted, however, all comments/feedback shall be subject to internal review by RBL Bank Limited. We do not guarantee that the comments that are submitted will be published.

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