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The first step for every individual into the banking system is savings account. It is used to deposit, withdraw and carry out other banking transactions. A savings account is used not only to save your hard-earned money, transfer funds, withdraw money but it also earns you interest on your savings.
Savings account is essential for every individual. Not only men, but women have also started to open their individual savings accounts to make day to day banking transactions. To encourage women, various banks and financial institutions are now offering specially crafted high-interest savings account for women that come loaded with several benefits and offers especially designed for women.
Banks also provide debit cards with various discounts and offers, waiver on demat accounts and low-interest rates on loans as well for their female customers. The idea behind this is to promote financial empowerment among females so that they can learn to plan their finances and also make investments to avoid critical situations. Let’s look at the top 7 savings account for women and the benefits that they offer to fulfil your needs.
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Note: The above-mentioned savings account interest rates are updated as on 13th May 2024.
RBL Bank Woman’s First Savings Account
| Account Name | Account Balance | Rate of Interest (p.a.) |
Woman’s First Savings Account | Up to Rs. 1 lakh | 4.25% |
| Above Rs. 1 lakh up to Rs. 10 lakh | 5.50% | |
| Above Rs. 10 lakh up to Rs. 25 lakh | 6.00% | |
| Above Rs. 25 lakh up to Rs. 2 crore | 7.50% | |
| Above Rs. 2 crore up to Rs. 3 crore | 7.00% | |
| Above Rs. 3 crore up to Rs. 7.5 crore | 6.50% | |
| Above Rs. 7.5 crore up to Rs. 25 crore | 6.25% | |
| Above Rs. 25 crore up to Rs. 50 crore | 6.25% | |
| Above Rs. 50 crore up to Rs. 100 crore | 5.25% | |
| Above Rs. 100 crore up to Rs. 200 crore | 6.00% | |
| Above Rs. 200 crore up to Rs. 400 crore | 4.00% | |
| Above Rs. 400 crore | 6.75% |
Note: The above-mentioned savings account interest rates are updated as on 13th May 2024.
RBL Bank’s Woman’s First Savings Account lets women enjoy a host of great features including higher interest rate, exclusive Woman’s First Debit card with best offers on dining, health, lifestyle and more. Some of the other key features of RBL Bank’s Woman’s First Savings Account are:
- Minimum balance requirement – Rs. 10,000
- One zero balance kid’s account, subject to minimum standing instruction of Rs. 500 per month., for a minimum tenure of one year
- Enhanced cash deposit and withdrawal limits
- Free tax payment and bill payment facility via internet banking
- 10% discount on locker rental for the first year
- Exclusive Woman’s First Debit Card with vouchers worth Rs. 2,500 on activation, free cash withdrawals at all ATMs across India and offers and coupons on food, shopping, entertainment, etc.
- Complimentary insurance on debit card
Equitas Eva & Eva Elite Savings Account
| Account Name | Account Balance | Rate of Interest (p.a.) |
| Eva & Eva Elite Savings Account | Up to Rs. 1 lakh | 3.50% |
| Above Rs. 1 lakh up to Rs. 5 lakh | 5.00% | |
| Above Rs. 5 lakh and up to Rs. 50 crore | 7.00% | |
| Above Rs. 50 crore | 7.80% |
Note: The above-mentioned savings account interest rates are updated as on 13th May 2024.
Equitas Small Finance Bank offers two types of savings account for women- Eva Savings Account and Eva Elite Savings Account. These savings accounts come with an array of features including preferential interest rates on gold loans, exclusive offers on debit cards and more. Some key features of Eva Savings account and Eva Elite Savings account are:
| Eva Savings Account | Eva Elite Savings Account |
Relationship Value*-
| Relationship Value- Rs. 2,50,000 |
| 25% Discount on locker rentals | 50% Discount on locker rentals |
| Unlimited tele – health consultation valid post 3 months of registration | Complimentary health check-ups valid post 3 months of registration |
| Additional benefits on family banking | Additional benefits on family banking |
| Reward points on every debit card spend | Reward points on every debit card spend and goal based savings |
| Dedicated relationship manager and comprehensive wealth management system |
*Total balances in Savings , Recurring deposit and Term deposit under the same customer ID is known as Relationship Value
Kotak Silk Women Savings Account
| Account Name | Account Balance | Rate of Interest (p.a.) |
| Silk – Women’s Saving Account | Balance up to Rs. 50 lakh | 3.50% |
| Balance above Rs. 50 lakh and up to Rs. 100 crore | 4.00% |
Note: The above-mentioned savings account interest rates are updated as on 7th May 2024.
With Silk Women Savings Account, Kotak brings specially crafted benefits and features for women. Some of the primary features of Kotak Silk Women Savings Account are mentioned below:
- Earn cashback on transactions and get special offers and privileges with Kotak Silk Debit Card
- Get 35% discount on Locker Rentals for the first year
- Enjoy services like cash pick-up, cash delivery, cheque/draft delivery etc. at home
- For zero balance savings account for your child, make monthly Recurring Deposit or Mutual Fund SIP instalment value of Rs 2000 (Rs. 1000 or above for Semi-Urban & Rural Branches) for a tenure of 36 years or above (Maximum RD monthly instalment – Rs 25,000 for tenure up to 120 months / Rs. 1,00,000 for tenure up to 36 months
- Avail 50% discount on the issuance fee of Best Compliments Card
- High POS limit of Rs 2 lakh and ATM Withdrawal Limit of Rs. 40,000 (Domestic) and Rs. 50,000 (International
- Avail great offers across categories including restaurants, travel, shopping, electronics, health & wellness, entertainment, etc. as well as special EMI offers
Also Read: Top Zero Balance Savings Accounts in 2024 for Indian Citizens
Axis Women’s Savings Account
| Account Name | Account Balance | Rate of Interest (p.a.) |
| Women’s Savings Account | Less than Rs. 50 lakh | 3.00% |
| Rs. 50 lakh and up to less than Rs. 2,000 crore | 3.50% |
Note: The above-mentioned savings account interest rates are updated as on 13th May 2024.
This Axis Bank Savings Account helps you to save your money easily and start with low opening deposit of Rs 10000. Below mentioned are some of the primary features of Axis Women’s Savings Account:
- Get one free payable-at-par chequebook per year
- Access to 17,000+ Axis Bank ATMs, 4,400 + Axis Bank branches
- Internet and mobile banking facility
- Rupay Platinum Debit Card at an issuance fee of Rs. 200 and annual fee of Rs. 200 in metro and urban locations
- High daily withdrawal limit of Rs. 40,000 at ATMs and Rs. 2,00,000 for shopping transactions
- First 5 transactions free at Axis Bank ATMs
- First 3/5 transactions free at Non-Axis Bank ATMs in a metro / non-metro location respectively
- No processing fees, prepayment fees and pre-closure fees on education loan
- Swipe your card at least once every 6 months to avail a personal accident insurance cover of up to Rs. 2 lakhs
- Earn Axis eDGE reward points for completing transactions
ICICI Bank Advantage Woman Savings Account
| Account Name | Account Balance | Rate of Interest (p.a.) |
| Advantage Woman Savings Account | Less than Rs. 50 lakh | 3.00% |
| Rs. 50 lakh and above | 3.50% |
Note: The above-mentioned savings account interest rates are updated as on 13th May 2024.
ICICI Advantage Women’s Savings Account provides unlimited cash withdrawals across all ATMs and a debit card that provides more rewards. The Advantage Woman Savings Account is designed keeping in mind the varying needs of women. Some of the main features of this ICICI Bank Savings Account are:
- Zero balance savings account, if you invest Rs. 3000 per month for 6 months in a recurring deposit (if you don’t maintain a recurring deposit, then monthly average balance should be Rs. 10000)
- Earn cashback up to Rs. 750 using Debit Card on dining, entertainment, and jewellery
- Preferential home loan interest rates
- 50% discount on first-year locker rentals – an exclusive offer for Advantage Woman Savings Account holders
- Take iProtect Smart to get a comprehensive premium for Life, Accidental Death & 34 Critical illness cover
- Earn higher interest by setting a balance limit above which money in the Savings Account will get converted into Fixed Deposit on request
- Other facilities like internet banking etc. are provided like any other bank account.
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IDBI Super Shakti Women’s Account
| Account Name | Account Balance | Rate of Interest (p.a.) |
| Super Shakti Women’s Account | Up to Rs. 5 Crore | 3.00% |
| Above Rs.5 Crore up to Rs.100 Crore | 3.25% | |
| Above Rs. 100 Crore | 3.35% |
Note: The above-mentioned savings account interest rates are updated as on 13th May 2024.
IDBI has introduced a special savings account for women with which they are also offering a zero balance savings account for your child below 18 years of age free of cost. Some of the other primary features of IDBI Super Shakti Women’s Account are:
- Earn interest up to 3.00% on savings accounts balance up to Rs. 25 lakh, 3.25% p.a. on balance above Rs. 25 lakh to less than Rs. 50 lakh, and 3.50% on balance up to Rs. 25 lakh
- MAB – Rs. 5000 (Metro & Urban), Rs. 2500 (Semi Urban), Rs. 500 (Rural)
- The savings account comes with Auto Sweep out / sweep in facility above Rs. 15,000
- Get a specially designed Women’s International ATM cum Debit card with this account
- Higher ATM cash withdrawal Limits- Rs. 40,000/- per day
- Personalized PAP Cheque Book
- Up to 15% discount on Locker services
- 50% discount on Demat AMC
- 5 non-chargeable transactions at other Bank ATM and Free Statement by e-mail
HDFC Bank Women’s Savings Account
| Account Name | Account Balance | Rate of Interest (p.a.) |
| Women’s Savings Account | Less than Rs. 50 lakh | 3.00% |
| Rs. 50 lakh and above | 3.50% |
Note: The above-mentioned savings account interest rates are updated as on 7th May 2024.
Minimum average monthly balance of Rs. 10,000 for metro & urban branches, Rs. 5000 for semi-urban & rural branches. This HDFC savings account comes loaded with some great features like an automatic sweep out facility. Some of the other main features of HDFC Bank Women’s Savings Account are:
- Accidental Death Cover of Rs. 10 lakhs and Accidental Hospitalization Cover of Rs. 1 lakhs
- A daily cash allowance of Rs. 1,000 per day for a maximum of 10 days per year, for each day of hospitalization due to an accident
- Get Annual Maintenance Charge (AMC) waiver on the first year for Demat Account
- Enjoy daily cash withdrawal limit of Rs. 25,000 and a daily shopping limit of Rs. 2.75 lakh
- Get up to 90% finance on the on-road price of a vehicle and 7-year tenure when you apply for an Auto Loan
- Get up to 3.5% lower interest rate on Two Wheeler Loan and up to 50% discount on processing fees
- Easy banking with facilities like Netbanking, Phone banking, and Mobile banking
Conclusion
With special features, benefits, offers and discounts offered by banks and financial institutions, every woman should make timely investments to save and grow their money in future. They should consider the interest rate offered, debit card charges, other key facilities/ benefits offered when opening a new savings account. They can also open a savings account online with minimum hassle, which serves their requirement and is suitable for them.
Hasiba writes about personal loan and personal finance for Paisabazaar. She is also a fitness enthusiast who loves to travel, bake and read books in her free time.
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