We live in a country where the goddess of wealth is a woman and yet only half of women possess a bank account, to use it in a limited manner or not at all. Even though reports show that 80 percent of Indians hold a bank account and the pay parity is only 6 percent, the story is far from true.

According to the findings of the DSP Winvestor Pulse 2019 Survey, just 33 percent of women take independent investment decisions as compared to 64 percent of men. But we are slowly witnessing a paradigm shift and women are taking charge of their financial independence.

Financial independence is an absolute necessity in such challenging times and apart from the government, various banks are offering lucrative products exclusively for women to make them more empowered.
Financial independence is an absolute necessity in such challenging times and apart from the government, various banks are offering lucrative products exclusively for women to make them more empowered.

Various government initiatives such as the Training and Employment Programme for Women (STEP), Pradhan Mantri Kaushal Vikas Yojna (PMKVY), Jan Dhan Yojana (JDY), Bhartiya Mahila Business Loan, and Cent Kalyani scheme are encouraging women’s participation in economic development. Financial independence is an absolute necessity in such challenging times and apart from the government, various banks are offering lucrative products exclusively for women to make them more empowered.

Advantage Woman Savings Account – ICICI Bank

You can apply for this account online or visit your nearest ICICI bank to open the Advantage Woman Savings Account. ICICI bank, one of the top two private banks in India, offers account holders various discounts in interest rates while applying for personal loans, home loans, and car loans. The debit card offers complimentary personal accident insurance and a cashback of up to Rs 750 per month on various offers. Advantage Woman Savings Account offers four variants namely – Regular, Silver, Gold, and Platinum – with different features. Indian residents aged above 18 years can avail the facilities of this account with a minimum available balance of Rs 10,000.

HDFC Bank Women’s Savings Account

The HDFC Bank Women’s Savings Account offers various special benefits, cashback, discounts and offers on shopping, preferential rates on loans, free insurance cover, and much more. The debit card offers a shopping limit of up to Rs. 1,75,000 and 0.50 percent cashback every time the account holder uses the Easy Shop Woman’s Advantage debit card to pay or shop. Any resident Indian woman and foreign national women residing in India for more than 180 days can open this account online, or by visiting their nearest HDFC Bank branch. The account offers a total insurance cover worth Rs 45 lakh, without paying any premium along with accidental death and hospitalisation cover of Rs 10 lakh and Rs 1 crore respectively. They also offer 2 percent lower interest rates on two-wheeler loans, and 50 percent less processing fee exclusively for women.

Axis Women’s Savings Account

This account for women can be opened with just Rs 10,000 in metro cities. The account holder receives a Visa Classic Debit Card with annual charges as low as Rs 150. The bank provides e-monthly statements, simplifying banking for the modern, independent women of today. The account holder can enjoy Axis eDGE rewards plan and personal accident insurance cover of up to Rs 2 lakh without paying any additional premium.

IDBI Bank Super Shakti Women’s Account

IDBI Bank SuperShakti Women’s account is unique in its way as it offers a zero balance account for girls below 18 years. The application process is simple and you can avail 50 percent discount on your Demat account. The account holder can avail of several other benefits such as minimal documentation to open the account, faster funds transfer, online bill payments, etc. The IDBI Debit Card for women is a specially designed international ATM cum debit card with cash withdrawal at ATMs up to Rs 40,000 per day.

Kotak Mahindra Bank Silk Women’s Savings Account

Kotak Mahindra Bank’s Silk product truly empowers women by offering the best deals in dining, lifestyle, health, and finance. Women can enjoy high withdrawal limits, attractive cashback offers, and special offers on dining, shopping, movies, and other purchases. Enjoy doorstep banking services like cash pick-up or delivery, cheque pick-up and more that are tailored for the account holders. Kotak Mahindra Bank Silk Women’s Saving Account can be opened online with a MAB of Rs 10,000 in metro cities or by visiting your nearest Kotak Mahindra Bank branch.

(Edited by Kanishk Singh)

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