Women’s Saving Account

ALL ABOUT WOMEN’S SAVING ACCOUNT

A.    Women’s Savings Account:

Women’s Savings Account is a standard interest bearing bank account that allows the female citizens to access a wide range of banking services with dignity. It is an insurance backed savings account designed to empower the female citizens to independently carry out their day-to-day banking transactions with enhanced convenience, dignity and confidence. It is also offering priority services for the females in every arena of banking.

 

B.    Purpose:

The purpose of a Women’s Savings Account is to empower the female citizens of the country to independently carry out their day-to-day banking transactions with enhanced convenience, dignity and confidence. Women’s can save their earnings on a secured location and can independently carry out their day-to-day banking transaction with priority services.

 

C.    Benefits:

Priority service;

Easy to operate;

High interest rate;

Secured in nature;

Low fees & charges;

Growth of investment;

Life insurance coverage;

Interest on daily balance;

Building an emergency fund;

Financial preparedness in case of an emergency;

 

D.    Some Basic & Common Features:

Banks are offering a wide range of attractive features for the consumers, who wants to operate a Women’s Savings Account. Following are some basic and common features offered by most of the Banks:

-  SMS Banking;

-  Online Banking;

-  Internet Banking;

-  Debit Card facilities;

-  Convertible facilities;

-  Unlimited transaction;

-  Cheque book facilities;

-  Online payment facilities;

-  Transaction notification;

-  Electronic A/C statement;

-  Collect foreign remittance;

-  Life insurance coverage;

-  Safe deposit locker facilities;

-  Real-time gross settlement;

-  Automated clearing facilities;

-  Minimum documentation;

 

E.    Interest Rates:

Women’s Savings Account mainly is a standard interest bearing bank account then a regular savings account. Most of the banks are offering 3% - 4% of interest rates calculated on daily account balance.

 

F.    Fees & Charges:

Most of the Banks are offering no/minimum fees & charges for a Women’s Savings Account. Most common fees & charges are as follows:

-  Account maintenance fee;

-  Cheque book fee;

-  Debit card fee;

-  Internet banking fee;

-  Paper statement fee;

-  Account closure fee;

-  Other fees & Charges;

 

G.    Women’s Savings Account Opening Eligibility Factors:

Women’s Savings Account opening eligibility depends on many more factors. Most of the Banks are considering following eligibility factors before approving any Women’s Savings Account opening application.

 

       (a)   Who Can Open Account?

              Any women individual bodies with a valid source of fund.

 

       (b)   Age Limit

              Most of the Banks are maintaining minimum 18 years age limit.

 

       (c)   Professional Experience

There is no minimum professional experience required to operate a Women’s Savings Account in any Bank.

 

       (d)   Minimum Monthly Income

There is no minimum monthly income level to operate a Women’s Savings Account in any Bank.

 

       (e)   Proof of Identity

To open a Women’s Savings Account every individual have to provide proof of identity with supportive documents in accordance of respective Bank and applicable law of the land.

 

H.    Things to Consider Before Applying to Open a Women’s Savings Account:

Before applying to open a Women’s Savings Account, consumers should consider following things.

-  Interest rate;

-  Initial deposit;

-  Fees & charges;

-  Withdrawal limit;

-  Transaction facilities;

-  Withdrawal frequency;

-  Internet banking facilities;

-  Minimum maintaining balance;

-  Required documents list;

-  Compare all financers rates & features;

 

I.     Required Documents:

To open a Women’s Savings Account there are various types of documents are required. Proper documentation the only possible way to open an account. Most of the Banks are considering similar guidelines in respect to the documents required. A generic list of such documents has been provided below:

-  Complete account opening form;

-  Nominee;

-  Introducer;

-  Photograph;

-  Proof of age;

-  Proof of identity;

-  Proof of income;

-  e-TIN certificate;

-  Proof of address;

-  Proof of nationality;