What is Women's Savings Account?
17 May 2023
Table of Content
Financial independence is a necessary component of modern society. With more women becoming self-sufficient and self-employed, the need for financial security and stability is more important than ever. Women have unique financial needs, which the traditional banking system has not always met. To meet these needs, women’s savings account have emerged as a practical and tailored solution. In this blog, we will discuss women's savings accounts and their benefits.
What is a Women's Savings Account?
A Women's Savings Account is a type of savings account that is specifically designed for women’s financial needs. It has a variety of features, benefits and facilities that cater to the specific needs of women. Any woman, regardless of profession, income, or age, can open a women’s savings account. These accounts can be opened with zero or low minimum balance requirements and offer interest rates comparable to regular savings accounts.
Is a Women's Savings Account Better than a Regular Savings Account?
Yes, women's savings accounts are better than regular savings accounts because they address the specific financial needs of women. They provide a variety of benefits, such as cashback offers, shopping discounts, free insurance coverage, and personalised services such as internet banking and SMS banking. Regular savings accounts do not provide such advantages and conveniences. Women's savings accounts also offer unique benefits such as no minimum balance requirements, free chequebook issuance, and free NEFT/RTGS transactions. In addition, some banks provide specialised women's savings accounts with higher interest rates than regular savings accounts.
Why should Women have their Separate Savings Account?
Women's separate savings accounts provide them with financial security and independence. Having a separate savings account helps women in effectively managing their finances, tracking their expenses, and planning their savings and investments. It also allows them to set financial goals and work towards them. Women's savings accounts provide a variety of benefits, facilities, and features that are tailored to the specific financial needs of women. It ensures that women have access to financial services tailored to their specific needs, making it easier for them to manage their finances and achieve their financial objectives.
Exclusive Benefits of Savings Account for Modern Working Women
Women's savings accounts provide a variety of benefits and services to meet the unique financial needs of modern working women. Here are some of the exclusive benefits of having a savings account for modern working women:
Higher Interest Rates: Women's savings accounts frequently offer higher interest rates as compared to regular savings accounts. This can help working women in earning more on their savings and achieving their financial goals more quickly.
Personalised Services: Women's savings accounts often come with personalised services such as internet banking, SMS banking, and mobile banking. These services help working women to manage their money and stay on top of their finances, even when they are juggling with work and family obligations.
Cashback Offers: Women's savings accounts frequently include cashback offers on various purchases such as groceries, petrol, and travel. This can help working women save money on their daily expenses and achieve their financial goals more quickly.
Insurance Benefits: Women's savings accounts frequently included insurance benefits such as accidental death and critical illness coverage. These benefits provide financial security and protection for working women in case of unforeseen events such as accidents or medical emergencies.
Tips for Women to Boost Their Savings
Set Financial Goals: Women should set and work towards financial goals. It could be anything from saving for a holiday to buying a house, or creating an emergency fund.
Track Expenses: Women should keep track of their expenses and identify areas where they can save money.
Automate Savings: Savings can be automated by setting up automatic transfers from their salary account to their savings account.
Invest in Mutual Funds: Women should think about investing in mutual funds, which can provide higher returns than traditional savings accounts.
Use Credit Cards Wisely: Women should use credit cards wisely and pay off their bills on time to avoid interest charges.
Avoid Impulse Buying: Women should avoid impulse purchases and exercise self-control when shopping.
To Conclude
Women's savings accounts are an excellent financial tool that caters to the specific financial needs of women. They provide a variety of benefits, facilities, and features that make it easier for women to manage their finances and achieve their financial goals. Women should take advantage of these benefits and use the above mentioned tips to boost their savings. Women can gain financial independence and security by having a separate savings account, making them more confident and empowered in their financial decisions. Women should explore different options available and choose the best savings account for them, such as Baroda Mahila Shakti Saving Account, which provides a variety of exclusive benefits and features to women. By taking charge of their finances and using these tools, women can achieve financial freedom and independence.
Also Read - Government Schemes for Women Entrepreneurs in India
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The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
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