Savings Accounts Designed for Women: Key Features to Watch Out For
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Unlike traditional banking, savings accounts have evolved over time and offer specialised features for a select customer segments to optimise their banking journey. A women savings account is one such example. While fundamentally, it serves the purpose of earning interest on deposited money, it is now customised for women with features that benefit them beyond conventional banking facilities.
Banks like IDFC FIRST Bank have curated a women savings account that offers zero charges on transactions, higher daily withdrawal limits, complete digital banking, insurance at competitive rates, shopping offers, and much more. Let us explore the benefits that are available with a women’s savings bank account.
Key Features of a Women’s Savings Account
Several banks, like IDFC FIRST Bank, offer women-centric savings accounts that combine everyday banking with additional benefits designed to be practical and relevant, especially for women. Let us look at some features:
Competitive Interest Rates: A women savings account earns interest on the balance, with interest calculated daily and credited monthly. This helps your savings grow steadily over time without extra effort. Some banks like IDFC FIRST Bank offer interest as high as 6.5% per lakh per annum.
Zero Charges on Banking Services: Certain women savings accounts like what IDFC FIRST Bank offers, come with zero fees on services such as NEFT, IMPS, and unlimited ATM withdrawals. Minimum balance requirements may vary by account variant and should be reviewed before applying.
Exclusive Debit Card Benefits: Women savings accounts often include debit cards with features such as higher withdrawal and purchase limits, lifestyle offers, and access to select partner deals.
Complimentary Services: Many accounts provide personal accident and air accident insurance as part of their benefits, adding a layer of financial security at no extra cost. IDFC FIRST Bank, apart from complimentary insurance, also offers one complimentary airport lounge access to select women’s savings account variants.
Health and Wellness Offers: Some accounts may include health-related benefits, such as free online doctor consultations or discounts on health services, for example, IDFC FIRST Bank’s MediBuddy benefits.
Bank Locker Benefits: IDFC FIRST Bank even offers 50% off on locker services in the first year of opening the account (offered with the 25K AMB Account variant).
These features are designed to support and empower women to take control of their financial activities while providing additional benefits.
Open Your Women’s Savings Account Digitally
Follow the steps for an easy and hassle-free online bank account opening.
Step 1: Visit the bank’s official website: Navigate to the personal banking, savings account section on the bank’s website and select account opening.
Step 2: Click on “Apply Now”: Choose the women savings account variant and begin the application process.
Step 3: Enter details: Provide details such as your name, mobile number, and email address to start the application process.
Step 4: Aadhaar and PAN details: Enter your Aadhaar and PAN details to initiate digital identity verification as per RBI regulatory guidelines.
Step 5: Complete OTP-based verification: An OTP is sent to the mobile number linked with Aadhaar. Entering this OTP completes the verification process securely.
Step 6: Select account preferences and submit: Review the details, choose relevant account preferences, and submit the application. Once verified, the account is opened digitally without paperwork.
Eligibility and Documentation
It is crucial to check basic eligibility and keep the required documents ready.
1 - Who can apply
Adult resident Indian women applying as sole or joint account holders.
Foreign national women residing in India, subject to valid documentation and regulatory norms.
2 - Documents required
Aadhaar card for identity and address verification
PAN details
These details are vital for completing Know Your Customer verification digitally, allowing the online bank account opening process to be completed.
Women savings accounts are well-suited for working professionals, self-employed women, and homemakers who require flexibility, digital access, and value-added features. When choosing a women’s savings account, reviewing features, eligibility, and the account opening process helps ensure the option selected aligns with your current needs and long-term financial goals.
IDFC FIRST Bank offers Women First savings accounts that can be opened online in a few minutes and are loaded with exclusive benefits for women embarking on their financial journey.