In this fast-paced, unpredictable world, financial independence is no longer just an aspiration for women; it has become a necessity. Why? Because it puts you in charge of your life, empowering you with confidence to make meaningful life decisions, and that’s something today’s self-sufficient women value the most.
With changing times, women are now becoming the breadwinners, leaders, and key figures in the family and community. So, it’s only normal they are actively breaking the traditional norm of only men handling the finances, and savings accounts are one of the most essential tools helping them achieve it.
A savings account is not exactly a glamorous investment like stocks or gold. However, they are the safe vault where your money keeps growing even if at a slower rate.
Besides earning interest, they will empower you with the wings of freedom, so you as a woman can shape your life however you desire. So, let us check out some of the other reasons every woman must have a savings account.
Having a savings account with a regular habit of saving money puts women in the driver's seat of their lives, so they don’t have to rely on anybody else. Whether they are thinking of pursuing further education abroad or starting a business, financial security will always have their back.
If only life were predictable, everything would be easier, right? But it's not. That’s why savings accounts act as the safety net to support women during emergencies like job loss, family needs, or medical issues. Moreover, they provide a sense of financial security to keep them confident and prepared for any unforeseen circumstances.
Unlike investments in the stock market, savings accounts contain low to no risk as your balance won’t go down and are safe from volatility. Furthermore, keeping money in a bank is always a safer choice than keeping it with yourself.
Having a savings account encourages the habit of setting aside money regularly, which eventually leads to disciplined financial planning and success. In addition, women can become more familiar with financial services like credit cards, loans, and investments that can further enhance their economic potential.
Opening a savings account is relatively easy with simple KYC form submission. Within 30 minutes, give or take, you can have a savings account along with its benefits ready to use at your fingertips.
To empower women, financial organizations in Nepal developed a special savings scheme designed to meet the unique needs of Nepali women. While a regular account gets the job done for everyone, a Women Savings Account goes the extra mile to encourage women’s financial independence.
From better interest rates that help savings grow faster to lower fees, Women Savings Accounts offer significant plus points. So, let us find out those attractive benefits.
1. Higher Interest Rate
With a Women's Savings Account, you can enjoy much higher interest rates than regular account types, meaning your savings grow much faster. For example, Prime Commercial Bank offers just a 3% interest rate to regular savings accounts but offers 4.95% in Prime Supreme Bachat Nari Khata. To find the best interest rate offers for Women Savings Accounts from commercial banks in Nepal, visit the Compare Bank Deposits page on our Saral Banking Sewa.
2. Reduced Fees and Charges
In addition to lucrative higher interest rates, you also receive discounts on various banking services. For instance, you receive special discounts on locker security, loan facilities, domestic remittance, and even on the annual charge on debit card, mobile, or internet banking. Having said that, not all commercial banks provide all of those offers together, and the discounts and reduced fees may differ depending on the bank.
.jpeg)
3. Insurance Benefits
Some commercial banks also offer insurance benefits in Women Savings Accounts, giving their account holders peace of mind. It supports medical, disability, and accidental insurance of up to Rs. 5,00,000. Interestingly, NIC Asia offers insurance benefits of up to Rs. 84,00,000 for their Sarbashrestha Nari account holders, whereas Nepal Bank Limited provides accidental insurance of Rs. 5,00,000 for its Nari Samman account holders. If you want to check which other commercial banks in Nepal have insurance benefits with Women Savings Accounts, use our compare tool at Saral Banking Sewa.
4. Lower Minimum Balance Requirement
The minimum balance requirement is the smallest amount of money you need to keep in your bank account to receive some service benefit, such as keeping the account open or receiving interest. Financial organizations further reduced minimum balance requirements for Women Savings Accounts to make them more accessible to all women. For instance, some banks in Nepal allow you to open a Women Savings Account with as little as Rs. 0 while others require just Rs. 100 so that women from various financial backgrounds are eligible to open and maintain their savings.
Even though savings accounts may seem like a boring form of investment, they are the foundation of freedom, empowerment, and long-term security. They allow women to dream big, plan smart, and take control of their future without needing anyone else.
Start saving today, and gain the power to shape your destiny, one step at a time!
