4 Financial Products That Every Woman Should Have
06 March, 2023
When it comes to finances, the modern Indian woman has become increasingly independent. Her involvement in the family’s financial decision-making has grown considerably in the past two decades. So, in this era of growing consumerism, it is not surprising to see the market flooded with a variety of financial products targeted at women.
Why women-centric products?
Educate a woman, and her whole family is educated, or so they say. Similarly, empowering a woman to manage her finances strengthens her family’s financial situation. Goals such as buying a home, investing in land/property, or children’s higher education become possible when there’s financial assistance. Besides, financial planning is critical for a woman to meet her professional and personal aspirations without having to depend on anybody. Familiarity with the basics of personal finance can also help women avoid costly mistakes. For example, financial literacy will ensure that credit cards are used judiciously.
So, what are the products designed especially for women?
Insurance (life, health, and others)
Insurance providers offer plans designed to cater to the concerns and ailments of women, such as complications during pregnancy, critical illnesses such as cervical and breast cancer, and so on. These products may offer benefits such as a maternity cover, anti-natal care, costs for hospitalisation etc.
Loans (personal, home, and more)
When a woman applies for a car or housing loan, even as a co-applicant, banks may offer a lower rate of interest. A substantial difference can therefore be seen on higher loan amounts borrowed as these may have an extended tenure. A joint home loan with a female spouse helps save on income tax and reaps the benefits on the principal (Sec 80C) and interest (Sec 24). Lenders may also offer a lower rate of interest for women on loans for education, marriage, or buying land. There are also exclusive gold loan schemes for women.
Today, banks provide special savings accounts to encourage women to save for financial stability and cater to other needs such shopping and travelling. These customised savings bank accounts offer cashback and rewards, and other benefits such as lower minimum account balance and health and life insurance benefits when opening an account.
The Women’s Savings Account from HDFC Bank includes a range of features such as Annual Maintenance Charge waivers on the first year for Demat Accounts, preferential rates on loans, 90% finance and up to 7 year tenures for Auto Loans along with a wide range of shopping benefits with select brands.
Debit and Credit Cards
Depending on income, there are Debit and Credit Cards for working women and add-on cards for non-earning women. Customers can reap benefits such as unlimited cash withdrawals and additional discounts and rewards. For instance, HDFC Bank EasyShop Woman’s Advantage Debit Card offers cashback in the form of points. Cardholders also get higher cash withdrawal limits and can make contactless payments for quick and easy transactions.
Explore the benefits of the Solitaire Credit Card Here.
Financial products designed specifically for women can provide an unmatched level of convenience and comfort if used prudently. By getting accustomed to banking, and banking products, women all over the country can take control of their own financial future. This Women’s Day make the choice to take control of your financial future with HDFC Bank.
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To learn more about Financial Tips To Become A Strong Female Entrepreneur by clicking right here.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.