|There was a time when women were confined to homes, and only work they did were the household chores. But with liberalization of society, and later of the economy, there has been a huge change in this norm. Women today are getting as good an education as men, and performing excellent in education as well as on the professional front. Who would have imagined 50 years ago that in a society where women were still fighting for their rights, there would be women Indira Nooyi and Chanda Kochharcoming up to lead multi billion dollar global corporations.
There is still a lot of scope for improving and increasing the involvement of women in retail and commercial banking. The government directs banks to offers special facilities and provisions to women customers for instance banks are mandated by the central government to have 5% of the total loans with women customers. This is primarily done to promote the idea of the benefits of banking services to women and provide financial independence to them.
The customized facilities provided by bank vary from special interest rates to products like women's credit cards/debit cards, loan accounts, infact some banks have even opened bank branches specifically to meet the needs of women. Savings bank account is one product in which almost all of the major banks are offering customized solutions to meet the need of women.
Savings bank account allows the customer to keep deposits with the bank for non-specified time frame, and unlike term deposits and recurring deposits, money can be taken out at any point of time. Depending on the bank, savings bank for women are provided to women above the age of 18-21 years.