5 Benefits of Women's Savings Account You Should Know

Financial independence is important for every individual, more so for women. That’s because taking control of your finances equates to taking control of your life and making decisions with confidence. The government and many financial institutions such as banks have introduced various financial schemes and instruments for women keeping in mind specific women-centric needs. Amongst these financial instruments, a women's savings bank account is one of the popular options. Discussed here are the benefits of a women’s savings account and how to open a savings account for women.

Benefits of a women’s savings account

1. Cashback, gift vouchers and discounts

Debit cards not only offer great convenience in conducting daily transactions, but they also assist you to earn reward points, discounts, and cashback. Discounts and gift vouchers on online shopping, groceries are some of the benefits you get on opening a women's savings bank account.

2. Loan benefits

Discounts on processing charges and preferential rates of interest are offered on loans by banks for women’s savings bank account holders. You can avail such benefits on loans like gold loans, car loans, two-wheeler loans, personal loans, and home loans.

3. Unlimited transactions through ATM

On a regular savings account, many banks usually levy a transaction fee if you go over the allowed limit on non-bank ATMs. However, with women's accounts, such fees may be waived. The transaction limits, too, may be higher allowing for better accessibility to your funds.

4. Investment benefits

Using a savings account not just encourages you to park your money but also invest it. To encourage you to make investments, your account may provide you with additional benefits. Such benefits may be on investment products like mutual fund systematic investment plans, recurring deposits, public provident fund, and others.

5. Priority processing

There are many women's savings accounts that come with priority processing advantages. With such facilities, your transactions via the offline route are processed instantly on approaching their branch. You may also receive doorstep services such as cash pickup and delivery and demand draft or cheque delivery.  

How can you open a women’s savings account with Kotak?

To open the Kotak Silk Savings Account for women through the online or offline mode, you must meet the following eligibility criteria and provide the required documents.

Eligibility criteria

• Silk savings programme is provided only to women customers over 18 years of age.
• In the case of a joint account, the primary holder must be a woman.
• Silk savings accounts are not offered to non-residents, foreigners, minors, or customers with BSBDA (Basic Savings Bank Deposit Account) or small bank accounts.

Required documents 

• Identity proof – Passport, driving license, Aadhaar, or voter’s ID.
• Signature proof – PAN, passport, or driving license.
• Address proof – Driving license, passport, voter’s ID, utility bill, Aadhaar, etc.
• Latest passport-size photos

Once you have these documents ready, you can either apply online or offline. The online account opening process is quick and simple and you can complete it from the comfort and convenience of your home.

With advantages like cashback, discount offers on debit card transactions, preferential interest rates on loans, higher withdrawal limits, priority processing, etc., there are no reasons to not opt for a women’s savings account with Kotak.