Multiply India - Information on Financial Planning

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What Are the Benefits of a Women’s Savings Account?

The benefits of a women’s savings account are given below:

They have a low minimum opening deposit:

Generally,

– ₹ 10,000 for urban areas
– ₹ 5,000 for rural-urban areas
– ₹ 2,500 for rural areas
They give rewards on payments and benefits on online shopping. Cashback and discounts are some examples of this.
They may offer free accidental cover.

They may also offer life insurance policy benefits.

Let us look at some examples of the benefits provided by a women’s savings account:

HDFC bank provides:

accidental death benefit of up to ₹10 lakhs*, and

up to ₹1000* daily allowance for 10 days during hospitalization in case of an accident.

*subject to change as per bank’s policy

South India Bank Mahila Plus account comes with:

travel insurance of up to ₹50,000* in case of theft,

₹10000* in case of misfortune,

accidental death insurance of up to ₹10* lakhs and

hospitalization expenses for up to ₹1* lakh for ₹275* per year

*Subject to change as per bank’s policy

Pro Tip

There are many such options available. Based on your needs, it is important to pick the right Women’s Savings Account.

Let's learn more about women's savings account so that you can decide if it is the right option for you.