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Savings Accounts For Women: Interest Rates, Minimum Balance Rules Of Key Banks Compared

A savings account is a basic account that keeps customers' money safe and helps them grow their savings moderately.

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Savings Accounts For Women: Interest Rates, Minimum Balance Rules Of Key Banks Compared

Lenders across the country offer the facility of opening a regular savings account with a certain interest rate.  A savings account is a basic account that keeps customers' money safe and helps them grow their savings moderately. State-run SBI currently offers 3.5 per cent interest rate on balance up to Rs. 1 crore in its savings bank accounts - which can be opened either with or without a cheque book facility. Private-sector banks HDFC Bank, ICICI Bank and Kotak Mahindra Bank additionally also offer specially designed savings account for women customers.

Given below are the features of women's savings accounts offered by HDFC Bank, ICICI Bank and Kotak Mahindra Bank:

HDFC Bank women savings account

To open a women's savings account with HDFC Bank, the first account holder should be a resident Indian women. Foreign nationals residing in India for a period greater than 180 days, who possess a valid passport, a valid visa, FRRO (Foreign Region Registration Office) certificate, and a residential permit can also open women's savings account with HDFC Bank, according to lender's website- hdfcbank.com. HDFC Bank offers an interest rate of up to 4 per cent annum on this account.

A minimum initial deposit of Rs 10,000 is required for metro and urban branches, Rs 5,000 is required for semi-urban and rural branches and Rs 2,500 is required for rural branches for opening women's savings account, according to the bank. If the required average balance is not maintained in savings account, the following non-maintenance charges are levied:

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Description of ChargesWomen's Savings Account
Minimum Average Balance RequirementsRs. 10,000 (Metro / Urban branches)
Rs. 5,000 (Semi-Urban / Rural branches)
Charges applicable on non-maintenance thereofAMB Slabs (in Rupees)Metro & Urban AMB Requirement –Rs. 10,000/-Semi Urban & Rural AMB Requirement –Rs. 5,000/-
>=7,500 to < 10,000Rs. 150/-Not available
>=5,000 to < 7,500Rs. 300/-Not available
>=2,500 to < 5,000Rs. 450/-Rs. 150/-
0 to < 2,500Rs. 600/-Rs. 300/-

(According to hdfcbank.com)

HDFC Bank also offers a range of other features like EasyShop women's debit card with cashback offers, along with daily shopping and ATM card cash withdrawal limits with its women savings account.


ICICI Bank women savings account

ICICI Bank's advantage women savings account can be opened by any resident Indian woman of 18 years and above, according to the lender's official website- icicibank.com. It offers an interest rate of up to 4 per cent per annum. The minimum balance requirement is Rs 10,000, according to the bank.

ICICI Bank offers cashback up to Rs 750 per month on dining, entertainment and jewellery with its women savings account. The lender also offers complimentary personal accident insurance protection and purchase protection cover on the women savings account's debit card.

Here are the high withdrawal limit and transaction limit of ICICI Bank women savings account's debit card:

 Daily cash withdrawal limit at ATMDaily purchase limit at retail outlets and on merchant websites
Domestic50,0001,00,000
International50,0001,00,000

(As mentioned on icicibank.com)

Kotak Mahindra Bank women savings account

Any resident Indian women of 18 years of age or above can open a women's savings account with Kotak Mahindra Bank, according to bank's website- kotak.com. Known as silk- women's saving account, this account offers up to 6 per cent interest per annum on savings, 35 per cent discount on locker rentals for the first year, and services like cash pick-up, cash delivery, cheque/draft delivery etc. at home.

Here are the additional features of Kotak silk debit card:

Silk POS LimitRs. 2,00,000
Silk ATM Withdrawal limitRs. 40,000-Domestic
Rs. 50,000-International
Lost Card Liabilityup to Rs.3,50,000/-
Purchase Protectionup to Rs.1 ,00,000/-
Debit Card TypePlatinum card
Personal Accidental Death Coverup to Rs.10 lakhs
Lost baggage Insuranceup to Rs. 1,00,000/-
Air Accidental Death Insuranceup to Rs. 50 lakhs

(According to kotak.com)

Axis Bank also offers the facility of opening a  women savings account. On the daily balance, this bank offers up to 4 per cent interest quarterly, according to the bank's website, axisbank.com.



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