NEWS & ADVICE : SAVINGS ACCOUNTS
Personal Finance for the 21st century woman: Savings Bank Accounts
By Neelima Shankar
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Some of the salient features of such savings bank account includes, concessions on minimum balance/ average quarterly balance (AQB) which varies from bank to bank, Karnataka Bank Limited for example requires Rs. 1000 of AQB on KBL Vanitha; while Federal Bank requires AQB of Rs. 5000 for its Federal Bank MahilaMitra accounts.

Women can also save on tax by investing in such deposits, for instance, South Indian Bank which offers Mahila Account makes no tax deduction at source (TDS) on interest earned on savings bank and recurring deposits.  

Banks also disburse personal loans linked savings bank account with reduced interest rates, Corporation Bank's Corp Mahila Power is provides 3-in-1 benefits of savings bank account, personal loan, and personal accident cover of Rs. 1 lakh. The interest rate on this loan is 12.5%, which is less than the normally charged 13.5%.

Women with minor kids can also avail benefits with add-on accounts for 2 minor children and free shop and save card for children above 12 years of age. Women clients are also entitled to special woman's debit card from banks like HDFC Bank and ICICI Bank. 


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