Reasons Why You Should Opt for a Women-Specific Bank Account

If you are an Indian, no matter what generation you belong to, your first brush with the financial world is a bank savings account. A lot of us open our first savings account before we even start earning. It is a great way to keep savings in a secure place and also earn some interest. With additional facilities that come with a savings account nowadays, you can take care of a lot of financial transactions with just one account.

Savings accounts are one of the primary needs of a working woman. Once a woman starts earning, she needs an account with good features to maintain her savings and handle her expenses.

In order to promote financial independence for women, a lot of banks offer a women’s bank account. It is a special account meant only for women and comes with specific benefits tailor-made for them. Here are a few reasons why a woman should definitely opt for a women’s account instead of regular savings accounts.

Almost everyone uses a debit card nowadays. But they aren’t just meant for payments anymore. They are a convenient financial tool. They also help you to earn rewards and reward points/loyalty points, etc. A women’s bank account can get you exclusive privileges like a monthly cashback which will only add to your savings and even give you more purchasing power. Not just this, there are also a lot of gift vouchers available on various products. Plus, you can also enjoy discounts on online shopping and for services like cabs, etc. which you use on a regular basis.

With a regular savings account, a lot of banks would charge transaction fees for withdrawals from ATMs after a certain permissible limit. However, in case of a bank account for women, the limit of free withdrawals can be extended. In fact, with some accounts, all withdrawals are free of charge. Likewise, deposits are not charged either.

As a parent, you are constantly worried about how your children understand and handle money. It is important for them to learn the basics of finance and banking, right from childhood. Many banks will also offer to open a kids’ account for your children along with your women’s bank account. The kids’ account usually has a zero-balance feature. While you manage your finances and expenses with the benefits of a bank account for women, you can also inculcate the habit of saving in your child’s account.

Women’s accounts don’t just provide discounts for shopping and other related activities, they also provide services for necessary payments such as utility bills. You can pay your taxes conveniently too through a bank account for women. Plus, there are health benefits and concierge facilities too, if you select the right account. When almost all of your financial transactions are concentrated in one account, handling money becomes all the more easier for you. All you have to do is use the net banking facility of your bank. You can also do the same from the convenience of your mobile phone with a mobile banking app provided by your bank. You can even apply for loans and credit card facilities with a women’s account.

Conclusion

A lot of banks offer a women’s account with different features and benefits. It is important to check not just interest rates, but also the other benefits provided by each bank. Conduct your research thoroughly and select an account which suits your needs best.

When you choose a bank account, you basically choose a bank to trust your money with. You can surely consider RBL Bank, as your partner in the financial journey. It has an expanding presence across India with a network of 1,631 offices, offering a variety of specialized services.

To know more about RBL Bank Woman’s First Savings Account, please click here.