Any individual’s first step into the banking system is opening a savings account. A savings account is necessary for men and women alike to make everyday financial transactions. They can deposit or withdraw cash, transfer funds, and save money while earning interest. Various financial institutions offer specially crafted bank accounts for women with several offers and benefits designed for homemakers. The best bank account for housewife also comes with an exclusive debit card to promote financial empowerment among women, allowing them to plan their finances better even during emergencies.
Let’s look at the top features of savings accounts for women and the benefits they can enjoy to fulfil their needs.
Enhanced Banking Services
The most significant benefit of a women’s savings bank account is the higher interest rate than standard accounts. Higher interest rates on savings accounts mean bigger savings and more money earned for the account holders. Moreover, it comes with an exclusive debit card that enables free transactions at all other banks’ ATMs. These accounts offer higher cash withdrawal and deposit limits, with a 10% discount on the bank locker rent for the first year.
Special Offers and Discounts
Most women are shopping lovers and buy several fashion and household items, gifts, etc. The best savings account in India offers several shopping benefits to female account holders. Most importantly, they have a specially designed debit card that they can use to withdraw cash for free at any ATM across India. Moreover, they get discount offers worth Rs. 2,500 on card activation.
Year-round discounts and offers at favourite brands are also a part of the women’s debit card. They receive discount coupon codes via email, which they can use to save money while shopping or paying for food, health, wellness, entertainment, etc. Promoting healthcare among women, female account holders also get various medical and health services at discounted rates.
Stay Protected
Realising the significance of privacy and security for women account holders, several ISO-certified banks control operations via layered perimeter monitoring and security features, providing them with greater protection while transacting. The secure net banking facility makes transactions absolutely free across the globe. Furthermore, they can avail of tax and bill payment facilities through net banking without paying extra charges. Each female account holder can also open a zero-balance kid’s account. However, they must maintain a minimum balance of Rs. 500 pm for at least one year.
Card Insurance Benefits
The best bank account for a housewife offers multiple insurance benefits to account holders for free. For instance, some banks offer accidental life insurance benefits of up to Rs. 5 Lakh on personal accidents and up to Rs. 10 Lakh on air accidents.
Account holders can claim insurance coverage of up to Rs. 1 Lakh in case of a robbery while on their way from a bank or ATM. If they lose their card or someone steals it, they get coverage over misuse for up to Rs. 1 Lakh. Their online and offline purchases get insured for up to Rs. 25,000. Significant insurance coverages are also available for lost passports, travel documents, or checked-in baggage while travelling.
Transact with Ease
The facility of net banking that comes with the best savings account in India ensures that account holders do not need to issue cheques for each transaction, as they can transfer money and make payments electronically. IMPS allows immediate fund transfers 24/7, even on holidays. NEFT is a free service that allows fund transfers during the bank’s working hours. RTGS is another free service that allows transferring larger amounts from Rs. 2 to 10 Lakh. Account holders can conduct all these transaction types without visiting the bank branch or disturbing their daily routine. Moreover, they can pay their bills, renew subscriptions, make donations, or pay insurance premiums from the comfort of their homes.
With several special benefits, offers, discounts, and features banks offer on women’s accounts, every female should invest to save money and grow in the future. The most notable benefits are the higher interest rates, easier online transactions, and other key facilities that come with the best bank account for a housewife. They can open an account online without hassle, serving their requirements and being suitable to their needs.
