This article talks about the savings account schemes which are exclusively designed for women. It also discusses the spotlight features of these bank accounts to let you know how these are different from normal savings accounts.
There are several banks in India who offer exclusive savings account schemes for women. These are special saving account schemes tailored for all women who get to manage so many things in life. Such accounts understand the everyday financial needs of women and offer an easy, hassle free way to help them manage their finances.
Here are 11 banks in India who have introduced exclusive savings account schemes for women customers.
YES GRACE (Savings Account for Women)-Yes Bank
The YES GRACE Savings Account for Women is designed to help women manage their finances more efficiently without worrying much about additional charges.
The account earns 6% pa and requires Rs.10,000 for Average Monthly Balance as per the current fees. However, the MAB requirement can be completely waived if you maintain an FD or RD of specific amounts.
Some other services and advantages of the account are,
- Free SMS/Email alert for account credit, debits, and balance
- 25% discount on locker facility and cash backs on debit card purchases.
- Unlimited Free Transaction facility at any Yes Bank branch
- Unlimited transactions at other bank ATMs in India
Learn more about YES Bank Charges and Fees.
Silk – The Savings Programme for Women- Kotak Mahindra Bank
Kotak Mahindra Silk- the Savings Programme offers excusive financial benefits for women in terms of finance, lifestyle, health, and dining.
The account earns up to 6% interest p.a. Apart from the common benefits of a normanl Kotak Mahindra savings bank accounts, there are other facilities that women can avail from this special program. The account offers up to 35% discount on locker rent for the first year, which might be subject to availability.
With Kotak Silk debit card you can get movie tickets or cash backs on jewellery, fuel, hotel and dining, entertainment, health and beauty, and apparel. Further it offers high withdrawal limit with no annual fee with the Kotak Silk Debit Card
Woman’s First Savings Account- RBL Bank
RBL’s Women First Savings Account seems to offer a host of benefits round the year including high interest, health benefits, cash backs and many more.
The interest rate can get as high as 7.1% depending on the balance and you can avail 10% discount on locker rent for the first year.
The monthly average balance for the account is Rs.10000
Here are some benefits offered by Woman’s First Savings Account.
- Vouchers worth Rs.2500 on activation of debit card.
- Health benefits at discounted rates
- Unlimited cash withdrawals or transaction at any ATMs in India
- Zero Balance Kid’s account subject to a minimum RD account standing instruction of Rs.500 per month for a year.
Click here to know the fees and charges in details.
Mahila Plus Account- South Indian Bank
South Indian Bank Mahila Plus Account is in fact a package of savings account and RD account coined with a ‘house to house’ travel insurance and accidental death insurance cover for one year.
All women aged 18 years and above can open the savings account with Rs.5000 average monthly balance. The linked RD account should be opened with a minimum of Rs1000 monthly installment for a at least a year.
Take a quick glance on the key features.
- Unlimited ATM transaction at any ATM in India
- Free withdrawals/debits for other South Indian bank branches
- Free accidental death insurance of Rs.100000
- Free purchase of Demand drafts and pay order (limited)
Mahilamitra- Federak Bank
The excusive women saving account scheme of Federal Bank is known as Mahilamitra which means woman’s best friend.
The account can be opened with Rs 5000 as average monthly balance. It incurs 4% interest pa.
The account offers a Visa international Gold debit card and other additional benefits such as Free Demand Draft, Mobile & Internet Banking, and free fund transfer through NEFT and RTGS.
You can avail temporary overdraft facility through ATMs up to Rs.25000. The debit card enables you to make free cash withdrawals up to Rs.75000 through ATM and free POS transactions up to same Rs.75000 per day.
What’s free of cost?
- Internet banking facility
- SMS alert
- Mobile banking and mobile alert
- 50% concession on service charges on collection of out-station cheques
Click here to know the charges and fees.
INDUS DIVA- IndusInd Bank
Indus Diva Savings bank account is exclusively for its women customers.
It offers a specially crafted Platinum plus Debit Card along with 25% discount on the first-year fee for the standard bank locker.
Resident Indian women can open the account and are supposes to maintain Rs.25000 as Average Quarterly Balance. Otherwise they have to link a fixed deposit of Rs 500000 with the account in order the waive the minimum balance requirement. Learn More.
The minimum interest payable is 4% pa for daily balances up to Rs.1 lac. However, it may vary up to 6% pa with higher daily balances.
- Free internet and mobile banking
- Unlimited at par cheque books
- Unlimited withdrawals at any ATMs in India and 1 international ATM withdrawal free per month
- Free unlimited pay orders and own bank demand drafts
- Free funds transfer through NEFT or RTGS
- Free monthly statement- both offline and email
Apart from this, the account offers free doorstep banking at select locations, including cash or cheque pickup and cash/ demand draft delivery. This is really a useful feature for elderly women or women who are unable to travel.
BOI Star MAHILA SB ACCOUNT- Bank of India
Bank of India Star Mahila Savings bank account is designed for every resident women aged 18 or above including salaried, self employed and independently earning women.
The account doesn’t have a daily minimum balance requirement. But account holders have to maintain an Average Quarterly Balance of Rs.5000.
It provides a free Global debit-cum-ATM card and a personalized cheque book of free 50 leaves.
Women who are working with govt organization, private organization and MNCs can avail easy overdraft facility.
Advantage Woman Savings Account- ICICI bank
The Advantage Woman Savings Account by ICICI bank is available for all resident Indian Women aged 18 or above.
The minimum monthly average balance requirement of the account is Rs. 10000.
The account holders are provided with a debit card loaded with discount offers on shopping, beauty, health and wellness and many more.
- You can completely waive the minimum balance requirement by opening a RD account linked with the savings account for a minimum amount of Rs.2000.
- Free ATM transaction at home bank and non-home bank ATMs in India
- Free monthly statement facility
- No charges on multicity cheque payment
Women’s Savings Account- Axis Bank
Axis Bank Women’s Savings Account is exclusively for women who want easy hassle free management of finances.
The account can opened with minimum deposit of Rs.10000 in branches located in metros, Rs.5000 in semi-urban and Rs.2500 in rular locations.
The accoutn offers 4% interest on daily balances which is paid quarterly paid.
The first five transactions at Axis Bank ATMs and the first three to five transactions at non Axis Bank ATMs can be made without any charges in metro and non-metro locations.
Apart from this, it offers one free payable at par cheque book per quarter.
Women’s Savings Account- HDFC Bank
HDFC Women’s Savings Account offers a complete banking solution to its women customers.
While rest of the women specific savings account schemes is only for resident Indian women, HDFC Women’s Savings Account is available for both resident Indian and foreign national women(who are residing in for more than 180 days).
The minimum balance (Average Monthly Balance) requirement for the account is Rs.10,000 in metro/urban branches and Rs.5000 in semi urban/rural branches.
What else you get?
- EasyShop Woman’s Advantage Debit Card with Re.1 cashback for every Rs.200 spent
- Free 25 leaves multi-city cheque book per quarter
- Free lifetime BillPay
- Free email statement
- Accidental death insurance coverage and accidental hospitalization coverage
IDBI Bank SuperShakti (Women’s) Account
SuperShakti Women’s Account by IDBI is tailored for women which aims at financial empowerment of women.
If an woman account holder has children below the age of 18 years, she can open up to two zero balance account for them without any extra charges.
The minimum monthly average balance requirement is Rs.5000 in metro/urban, Rs.2500 in semi urban and Rs.500 in rural.
The account offers a specially designed Women’s International ATM cum Debit card, personalized payable at par cheque book, and auto sweep/sweep-in facility above Rs.15000.
Apart from this, women account holders can also avail free statement via email, free fund transfer from NetBanking, and free ten transactions at other bank ATM.
Dhanam Vanita Savings Account- Dhanlaxmi Bank
Exclusively designed for women, the Dhanam Vanita Savings Account by Dhanlaxmi Bank values the needs of women customers and promises a comprehensive package of facilities for a superior banking experience.
The account can be opened in the name of any resident Indian women aged 18 and above and it requires to maintain Rs.500 Average Monthly Balance.
The account offers Sweep in/Sweep out facility where the account balance above Rs.25000 converts in to fixed deposit in multiples of Rs.5000 on a fortnightly basis for a period of 45 days.
The debit card offered with the account allows up to Rs.30000 ATM withdrawal and Rs.75000 POS transaction per day.
Women customers who agree to maintain an AMB of Rs.5000 are eligible for free Insurance Coverage for Accidental Death of Rs.4,00,000 for one year.
- 5 free other bank ATM withdrawals per month
- 2 RTGS and 2 NEFT free from branch per month
- Free RTGS and NEFT made through Internet Banking
- Unlimited free anywhere banking funds transfer
- Free Internet Banking
- Free Phone Banking
If you are planning to open your account, consider these savings account schemes for women.