Best Bank Savings Account for Women in India
Few weeks back, I visited the ICICI Bank to open a Savings Account for my spouse. Bank Executive welcomed us and suggested that we open a Special Women’s Savings account for my spouse which has several additional features. I was going through them and excited with some of the features. I thought, it would be a good idea to explore some of the best bank savings accounts for women and share on this blog. In this article, I would elaborate some of such accounts which are top and best Women’s Bank Savings Account in India.
Why Banks are promoting Special Saving Schemes for Women?
The role of the Indian woman has witnessed a transformation in recent years. However, as per a study by CNBC, only 10% of the such women are able to make financial decisions. Balance 90% of the women financial decisions are either done by her father or brother or husband etc. One of such decision could be opening a bank saving account suitable for them. Banks have recognized the evolving financial requirements of the Indian woman and designing special schemes to meet their needs. Banks are creating awareness and encashing this situation by offering special advantages and schemes for women account holders.
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Best Bank Savings Account for Women in India
#1 – ICICI Bank Woman Advantage Savings Account
Some of the main features of this Savings Account are:
- Zero balance, if you can do recurring deposit of Rs 2,000 per month for 6 months. Such RD would any way earn RD interest.
- Unlimited cash withdrawals across all ATM’s.
- Money multiplier facility to get high interest on idle money in such saving account.
- Free cheque book
- A special international debit card designed for women
- Special discount on loan offers
- Other facilities like internet banking etc., are provided like any other bank account.
#2 – IDBI Super Shakti Women’s Account
Some of the main features of this Savings Account are:
- Zero Balance in Savings account.
- Two free accounts for children
- Auto sweep out facility for balance above Rs 15,000. Any amount above Rs 15,000 would earn you FD interest automatically.
- International debit card with add-on features suitable for women.
- ATM cash withdrawal limit of Rs 40,000 per day
- 25% discount on locker facility
- 50% discount on demat annual maintenance charges
- 10 transactions free at other bank ATM.
- Other facilities like internet banking etc., are provided like any other bank account
#3 – HDFC Bank Women Saving Account
Some of the main features of this Savings Account are:
- Minimum balance of Rs 5,000 in metro/urban cities and Rs 10,000 for rural and semi-urban areas
- Offers Easyshop woman advantage debit card which includes 5% cash back on every purchase
- Cash withdrawal limit per day of Rs 25,000
- Shopping limit of Rs 1.25 Lakhs per day (not so good for husbands who want to open an account in their wife's name ()
- Unlimited cash withdrawals across all ATM’s.
- Money Maximiser (Auto Sweep) facility to get high interest on idle money in such saving account.
- Free cheque book
- Special interest rates on all Loans like personal loan, home loan, car loan etc.
- Personal accident death cover for Rs 10 Lakhs.
- First year annual maintenance charges waiver if opted for demat account
- Other facilities like internet banking etc., are provided like any other bank account.
Also Read: How your mother can help you to manage your finances better?
#4 – Kotak – Silk – Women Savings Account
Some of the main features of this Savings Account are:
- Non maintenance charges on the child account waived for silk customers
- Discount on locker facility
- Daily shopping limit on debit card for Rs 1 Lakh
- ATM cash withdrawal limit of Rs 75,000 per day.
- Savings Bank Interest of 6% per annum. Your idle money in Silk account would earn this interest automatically.
- 60 free movie tickets when you open account.
- Rs 4,500 cash back in a year for transactions made on a debit card towards groceries, jewelry and other regular shipping (other than ATM withdrawals).
- Other facilities like internet banking etc., are provided like any other bank account
Conclusion: I am not saying that women investors should consider these as best savings account. One can review them and based on their requirement, they can open relevant Saving Accoun suitable for them. Such decisions would help them to plan their savings and expenses well.
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Suresh
Best Bank Savings Account for Women in India
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Dear Suresh,
Could you please update this article with latest information on best saving accounts for Women.
Thanks
Dilip
ICICI renewed their policy of 6 months RD, you will have to pay the amount Rs 2000 towards RS as long as you want to avail the benefits of women’s account, when you stop paying RD the account will get converted to normal savings bank a/c which expects a minimum balance of Rs 10000 or standard penalty will be applicable.
You will have to pay the amount of Rs 2000 towards RD (Typo)
Thats true Mallika. I recently visited an icici branch in hyderabad and the relationship manager told me that i would have to maintain 20,000 account balance and that there is no such thing as zero balance account or RD based balance, i.e., even if i am ok with the RD concept the bank is not giving any such provision now. He said all policies are changed effective Aug 2015.
What do you mean by “debit cards specially designed for women”? What are the add on features specially for women. Can you please elaborate.
thanks sir.
please suggest if there any fixed deposit for woment ,where interst can be tax free or wothout tds cutting..
No Shekhar
Hi Suresh,
I have woman account in Icici Bank. One have to make RD every month to enjoy zero balance facility. I have stopped making RD after almost 9 months and they have converted my account in.normal saving account where my minimum average balance should be 10k. I am charged penalty also for not maintaining 10k in my account.
This is surprising for me Anjum. Let me check with my bank manager too
I opened in IDBI for my spouse. Good and my kid also got account now.
Nice Article… very informative.
Please also tell various charges viz annual account maintenance charges, ATM card charges (quarterly or yearly) , Annual Internet Banking Charges… etc.
Rgds
i believe the icici bank requires you to have a rd permenently i.e. when you have an rd in place then no minimum balance. correct me if i am wrong
No Joseph. It is only for 6 months