Women know how to balance professional life and their family members’ lives. Over the years they have been doing the same. And to improve their finance management a savings bank account is the best. It is the best saving tool for both a housewife and a working woman.Â
Amid the rising interest rate scenario, many banks have increased their deposit rates. Banks offer various variants of savings accounts and one of them is a women’s savings account – an account specifically designed for women. Learn why women prefer to open these special savings accounts below.
Savings Accounts for Women – Financial Independence
Savings accounts help us with various financial services. Here are the steps that customers can take to be financially independent and achieve their goals:
Start Saving and Investing Thoughtfully and Regularly
When it comes to financial management, save in order to attain future financial goals rather than spending the money on unnecessary things. However, savings isn’t easy with the increasing cost of living. Savings need to be deployed thoughtfully. If you see it as an investment avenue, you’ll know its potential.Â
Investing is an individualistic exercise as each one possesses a different risk profile, financial standing, investment goals and time horizon. Mirroring someone else’s portfolio or following unsolicited advice will not work to achieve specific financial goals. So it is necessary to make informed investment decisions by keeping all important aspects in mind.
Create an Emergency Fund
Life is not all sunshine and unpleasant days may surprise anyone, especially in post-pandemic times. To save for rainy days, set aside an amount that equals at least six months of your living expenses. If there are loan EMIs, increase the amount up to twelve months living expenses.Â
The accumulated money can be kept safely as emergency funds in a savings account. With a separate women’s savings account you have the flexibility to compromise on liquidity in the hour of need. Women’s savings account holders are offered more free ATM withdrawal transactions.Â
So keep your money safe in the best women’s bank savings account. To open such an account online, just complete a video KYC (Know Your Customer). Customers who want to open bank account online without video KYC can visit the bank branch.
Buy an Optimal Insurance Cover
Individuals should buy optimal life and health insurance for peace of mind. Every woman, particularly one who is a single parent, should have a life insurance plan. It will ensure financial security for dependents. Similarly, the cost of healthcare is rising and an unforeseen medical emergency can cut a big hole in one’s pocket.Â
Purchasing adequate health insurance coverage is inevitable. These days, the odds of facing diseases or medical conditions are high. The higher the health insurance coverage, the better it can help you avoid draining your savings.
Renowned names in the banking sector offer Air Accident Insurance and Personal Accident Insurance as complimentary with the women’s savings account.
Also Read: What Is A Zero Balance Bank Account? 5 Features You Should Know About
Engage in Retirement Planning
Retirement planning may get ignored by many as they believe that this part of financial planning can be left for the latter days of working life. Women should realize that saving early for retirement allows them to take advantage of compounding. They can ensure that their investments grow over time at a faster pace and stay away from a lot of hassles later on in life. So it is crucial to chart out a plan and start investing early to enjoy golden years in life.
Make Tax Payments for Free
Financial planning is complemented by saving, investing, and insuring. Tax planning is another activity involved in financial planning. It is a well-known fact that a penny saved from tax is like a penny earned. Therefore, individuals plan their taxes. Many individuals invest in fixed deposits to save taxes with Section 80C, Income Tax Act, 1961. Using a women’s savings account, individuals can open an FD account online. Also, reputed banks allow their customers having women’s savings accounts to avail of the tax payment facility using Net Banking.Â
Thus, open the best women’s savings account to gain better control over personal finances considering long-term financial security and freedom. Visit the bank branch to open a bank account online without video KYC or follow an online process as per your choice.
