Business

Savings Bank Account For Women to Keep Money Safe and Secure

A savings account is a basic financial product with banks that allows customers to store their money safely and offer interest on deposits. It is considered the safest option to keep money and ideal for individuals interested in modest returns on their deposits. Understanding the new-age woman’s financial needs, banks offer a specifically designed savings account. This specific account named Women’s Savings Account is the best savings solution considering safety, liquidity and interest income. Whether the customer is a working woman or a housewife, a women’s savings account offers privileges to meet all their banking needs with a host of advantages.

What Makes a Women’s Savings Account with a Bank Safe?

Money deposited in savings accounts is considered absolutely safe. Here are the reasons that make it safe:

  • DICGC-Insured Account

Each depositor in a bank gets insurance coverage of up to Rs Five Lakhs from the Deposit Insurance and Credit Guarantee Corporation (DICGC). It is the maximum limit that covers both principal and interest amounts held in all deposit accounts, including savings accounts. Customers can enquire about the insurance in the bank if its deposit accounts are DICGC-insured.

 Also Read: Small Businesses Opening The Best Salary Accounts in India

  • Accessibility

A savings bank account is a deposit account with the highest liquidity and flexibility. Though banks use a major portion of deposits to lend money to their customers who need it, savings account holders can easily access their money whenever they want. They can visit the branch or use an ATM of any bank to withdraw the required amount. Also, there is an overdraft facility to withdraw the amount over the savings account balance in case of an urgent need for more funds. Since the money is not invested anywhere by the customer or bank, funds are easily accessible for the savings account holder, making it the safest option.

  • Safety Measures of the bank

The banking sector has evolved with the adoption of the latest technologies. Digital banking is the demand of today’s customers. With robust security systems, they assure their customers about safe and secure banking transactions digitally. Leading banks have implemented two-factor authentication to ensure online security, protect their customers’ information, and maintain the confidentiality of payment data.

It enhances the confidence of customers in digital banking. Banks, leveraging technology, can handle massive data, and provide real-time information that a customer requires safely. Open the best Women’s Savings Account with a leading and trusted bank to enjoy seamless and safe banking services.

  • Complimentary Card Insurance Cover

Another safety feature of a women’s savings account is complimentary card insurance. It includes Air Accident Insurance, Personal Accident Insurance, Lost Card Liability, Purchase Protection, Loss of passport and other travel-related documents insurance, and other coverage. A women’s savings account holder can feel secure with insurance coverage in times of emergencies.

Know Special Privileges For Women’s Saving Account

– Online Account Opening Facility with Simple Documentation

Aimed at reaching more customers, banks allow customers to open a women’s savings account online with KYC (Know our Customer) documents. Approach a trusted bank offering the best women’s savings account with simple documentation following a 100% digital process that includes the following steps:

– Input the Aadhaar and PAN (Permanent Account Number) details in the online account opening form at the bank’s official website.

– Select the type of the savings account – Women’s Savings Account

– Provide personal information – full name, city, birth date, etc. 

– Year-long Discounts

Besides earning the best interest on savings accounts, customers can save on various costs. With the best women’s savings bank account, customers can enjoy year-round discounts on shopping, dining, health, entertainment, wellness, etc. Renowned banks also offer a discount on locker rentals to their women’s savings account holders for the first year.

– More Free ATM transactions

A women’s savings account holder can enjoy more free ATM withdrawal transactions. Depending on the bank, they can withdraw money at ATMs of other banks across India without incurring transaction charges.

– Free Kids Saving Account

Banks offer a free and zero-balance account to their women savings account holders. Opening a kids’ savings account is considered a good option for kids to inculcate the habit of savings at an early age.

 Also Read: Understanding Zero Balance Bank Accounts Spam 

Risk-averse customers can open savings accounts to store their funds. Simply enjoy peace of mind as there is no risk of loss in the market or theft at home. Customers can earn the best interest on savings accounts with a bank offering as high as up to 6.5% interest rate with special privileges, offers, and more for a seamless banking experience.