Bank Account for Women: A Customised Product

Banks keep introducing specially designed products or differentiated products from time to time in order to attract more customers and thereby, grab more and more market share. They bring tailor made products for different categories of people that suit multiple needs of their customers.

It is necessary to understand that any of the banks doesn't offer any product which is not profitable for it. So before selecting ay differentiated product/ special product, you must consider all its benefits as well as shortages beforehand.

Savings Bank Account for women is a customised product which is offered by many banks to their women customers. Women's savings account provides many discounts, offers, free insurance cover, door-step service, etc. to the customers.

Who can open Woman's Savings Account?

A Woman's savings account can be opened as follows:

1. Individually by a woman
2. Jointly, by a woman as a primary holder

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Woman's Savings Account is Suitable to whom?

Woman's Savings Account is best suited to those women who are looking for a savings account that provides more benefits and offers at the same minimum balance requirement as that of a regular savings account.

What offers are available in Woman's Savings Account?

Bank account for women which is a customised Product offers the account holders following benefits in general:

• Great cash back rewards and other exciting offers geared to meet a woman's daily needs
• No monthly cap on free ATM Transactions
• Discount on locker rent
• Specially designed debit cards
• Healthcare benefits
• International Insurance coverage on purchasing air ticket through Women's Debit Card
• Special discounts on processing fees on loans

Best Woman's Savings Account

• ICICI Bank Advantage Women Savings Account: It offers skill-building courses like IT certifications, music lessons and personality development. Free unlimited access to all banks ATMs. Preferential rates on Home Loan. Cashback up to Rs.750 per month on dining, entertainment and jewellery on usage of Debit Card.
• IDBI Super Shakti Women's Savings Account: It offers Higher ATM cash withdrawal Limits- Rs. 40,000/- per day, Two zero balance account for your child below the age of 18 years and Auto Sweep out / sweep in facility above Rs. 15,000.
• Yes Bank Womens Account: It offers unlimited access to ATMs of any bank across India and account holder can enjoy upto 70% more with her regular YES BANK Savings Account.
• HDFC Womens Account: It offers accidental hospitalization cover of Rs 1 lakh and accidental death cover of Rs 10 lakh.
• Silk Women Savings Account: It offers home banking service where an account-holder can enjoy services like cash pick-up, cash delivery, cheque/draft delivery etc. However, this service is available in select cities only.

One may find that the minimum account balance (MAB) requirements of woman's saving account is the same as MAB of a regular savings bank account but woman's saving account offers many additional benefits like special discounts, insurance cover on debit card transaction limits, free unlimited ATM transactions, etc. hence if you are a woman then why not open a woman's saving account! Still one must do a cost-benefit analysis as per her needs before going ahead.

Share This : Anupama is a Co-Founder of CodeForBanks.com. She is an MBA (Finance) and Chartered Financial Analyst (CFA). She also carries a Fellowship degree in Life Insurance Sector and is a Master of Computer Application (MCA). She is an expert in Finance Field with an experience of over 18 years on different managerial positions in finance industry including Stock Market, Depository and Mutual Fund Sectors. Apart from that she has remained for few years in the field of marketing as well. Her suggestions and advice for investments have been very useful to many people.
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