Why should women have their own Savings Account?

For women to have their own savings account is not merely a practical step toward economic security but also a huge stride towards personal autonomy and equality. This article emphasises on the importance of women having their own savings accounts and how it influences their lives in a society.

At the heart of having a savings account is the promise of economic freedom. Financial security provides a buffer against unforeseen life events such as job loss, health issues, or family crises. For women, this financial security might be of particular significance. Historically, women have experienced economic disadvantages due to unequal pay, career disruptions, and the burden of unpaid care work. A savings account allows women something to fall back on during a financial crisis.

Moreover, having personal funds helps women to make their own life choices without depending upon others. This could imply the ability to pursue higher education, or start a business. Thus, it is a great tool to fuel one’s economic independence.

Opening and maintaining a savings account is the initial step towards learning financial planning and investment. Women who handle their own account become aware about budgeting, interest rates, and financial planning. This knowledge is crucial to make informed decisions about their finances and their future.

Financial literacy also has a rippling effect. Financially literate women can pass on this information to their children and communities, promoting a culture of financial awareness and responsibility. This generational transmission of knowledge is crucial in overcoming the cycle of financial dependency and poverty.

Single mothers and primary caregivers typically carry the twin strain of providing for and caring for their families. Having a designated savings account can be a lifesaver. It guarantees that families have money set aside for their children’s education, emergencies, and future needs. This financial cushion can alleviate stress and provide peace of mind, knowing that they have a safety net to fall back on.

For caretakers, a savings account might also represent the capacity to take breaks, obtain better healthcare, or engage in personal growth. Financial freedom for caregivers translates into better care for their dependents and a more balanced life for themselves.

Women entrepreneurs have specific hurdles, including access to capital. A savings account can offer the initial funds needed to create a business, cover start-up expenditures, or sustain the business during rough times.

Furthermore, displaying financial prudence through personal savings can boost creditworthiness, making it simpler to get loans or attract investors.

The knowledge that comes with maintaining one’s own savings account can considerably increase a woman’s confidence and self-esteem. Knowing that one has control over their financial future is empowering. It verifies their capacity to manage resources, prepare for the future, and negotiate financial issues.

This confidence typically transcends into other areas of life, pushing women to pursue their goals, demand their rights, and take on leadership roles. Financial empowerment is thus a catalyst for larger personal and social empowerment.

One of the important reasons for women to have their own savings account is to ensure a safe retirement. Women commonly encounter professional interruptions owing to child-care responsibilities, which can result in lower lifetime earnings and, consequently lesser pensions . A separate savings account allows women to actively contribute to their retirement funds, offering peace of mind and financial stability in their later years.

RBL Bank has taken a commendable step towards supporting women’s empowerment through its Woman’s First Savings Account.

This specialized savings account is designed to cater to the unique financial needs of women, offering a range of benefits that promote financial independence and security. RBL Bank ensures that women can save and grow their wealth effectively.

Here are a few listed benefits of owning a Woman’s First Savings Account:

Get welcome discount offers worth INR 2,500, complimentary insurance up to INR 10 lakhs and enhanced ATM withdrawal and POS limits on Woman’s First Debit Card.

Open a kid’s account, having zero balance requirement, subject to minimum standing instruction of INR 500.

This savings account, which guarantees simple accessibility around the world, to receive more benefits and earn higher interest. Don’t settle for less!

Our safe deposit and easy access lockers provide the ultimate security for your valuables. Get a 10% discount on your first-year locker rentals.

RBL Bank is not only fostering economic independence but also contributing to broader societal progress towards gender equality.

**Only one zero balance Kid’s Saving Account is allowed.

^Subject to locker availability.

Curious on how can you open your Women’s first Savings Account?

Here’s a detailed step-by-step guide to help you out:

1. Click “Apply Now” to start the account opening process.

2. As soon as you find a new window, enter your AADHAR linked mobile number to receive an OTP, enter the OTP and proceed. You would now be required to tick a few boxes to record your consent.

3. Once your AADHAR has been verified, you’d be asked to enter your PAN, then you have to read and agree to the T&C to proceed further.

4. You would then be seeing a welcome screen followed by a quick form asking for personal details, filling the same would take you to the next step towards adding a Nominee to your account.

5. After entering the nominee’s information, you will need to provide the guardian’s details if nominee is minor. You can complete the information if needed or skip this step.

6. All the information filled out by you would be displayed at the “Review details screen”. We suggest you to carefully read it to avoid any errors in account details.

7. Next step towards you’re account opening is the Video KYC , a mandatory process to open an account. Keep your PAN, a blank paper and pen handy during this step. Remember to enable Camera, Microphone and location access on your device to proceed further.

8. Post Video KYC, you are now offered to select debit card based on your requirement and pay a minimum fee of INR 590 to proceed further towards account funding.

9. Once you’re account has been funded, your Women’s first Savings account has now been created successfully.

Congratulations, welcome aboard!