Why Should Women Open A Savings Account?

[Shashank Bhaskar]

Financial independence is a boon for everyone. With the rise in women empowerment and progress, we have seen a growth in the country’s Gross Domestic Product while they excel in all walks of life, whether handling the business or raising the family. They are an idol in society who know how to balance everything. Banks nowadays have a specific Women Savings Account to fulfil your needs and lead an independent life.

You are no longer a burden on your parents or husband as you save for the future. Whether you go shopping or pay your child’s school fees, you need not rely on others for funds. Consider these reasons:

Value-added services

Although the Saving Bank Account provides standard saving services initially, it now equips extra features that cater to your financial requirements. The services offered include net banking, passbook provisions, and chequebook amenities. Some accounts also dispense discounts, reward points, and cashback on transactions.

Building income

You usually earn interest on the balance held in the account. High interest is dependent on a higher balance. Accumulated interest is the most defining feature of online accounts, owing to their ability to encourage you to save more. Your aggregate income steadily begins to increase over time and, in most cases, motivates you to save more after earning the initial interest.

Ease of opening

With time, banks have ensured stringent security protocols on the Banking app where you get faster approval for online Saving Account opening. You need to fill out a form and give the bank a security deposit for a regular account. It is essential to research the schemes offered by other banks and compare them to ensure you do not overpay.

Safety measures

Unlike Current Accounts, there is hardly any risk associated with opening an Online Banking account. The Deposit Insurance and Credit Guarantee Corporation in India ensure Saving Account holders up to Rs. 1 lakh. In a press conference addressing the general public, India’s Union Finance Minister, Nirmala Sitharaman, proposed that Budget 2020 increase the bank deposit Insurance to Rs. 5 lakhs to ensure the safety of Indian citizens.

Backup plan

Due to the ease of access that comes with the online Bank Account, you always have a source of funds to rely on if you need to reduce some financial distress. This emergency fund buys you extra time while you figure out how to effectively tackle any unfortunate circumstance that you stumble upon.

Linkage capability

Many banks allow linking your Bank Account to your checking account or accounts held in other banks, adding convenience. Routine monthly transactions no longer require you to manually transfer funds from one account to another, as this linkage confirms the ease of your money transfer capabilities.