Bank of India unveils Nari Shakti Savings Account: From features to benefits; all you need to know

Bank of India has introduced a unique savings account called Nari Shakti, specifically designed for women aged 18 and above who have an independent source of income. This account aims to provide them with enhanced privileges and features to support their financial empowerment.

Here are features and benefits of Nari Shakti Savings Account

Personal accident insurance cover: This account comes with a comprehensive personal accident insurance cover of up to Rs. 100 lakhs, ensuring the safety and security of women account holders.

Discounted health insurance and wellness products: Women holding the Nari Shakti Savings Account can avail attractive discounts on health insurance and wellness products, promoting their overall well-being.

Attractive rebates on locker facilities: Gold and diamond SB account holders enjoy appealing rebates on locker facilities, ensuring the safekeeping of their precious belongings.

Free facilities for platinum SB account holders: Account holders with platinum status can benefit from various free facilities, adding more value to their banking experience.

Concessional rate of interest on retail loans: Women with the Nari Shakti Savings Account are entitled to a special concessional rate of interest on retail loans, making borrowing more affordable and accessible for them.

Waiver of processing charges on retail loans: As an added benefit, women account holders do not have to pay any processing charges on retail loans, further reducing their financial burden.

Free issuance of credit cards: Nari Shakti Savings Account holders can enjoy the convenience of a free credit card, offering greater financial flexibility and convenience in transactions.

Higher usage limit on POS: Account holders can benefit from a higher usage limit of up to Rs. 5.00 lakh on point-of-sale (POS) transactions, allowing them to make larger purchases with ease.

A financial tool for empowerment

The Nari Shakti Savings Account is not just a regular savings account; it is a financial tool designed to empower working women with an independent source of income. It offers them the opportunity to become self-reliant and enjoy a higher degree of financial freedom.

Supporting social causes

In a bid to support underprivileged women and the girl child, the bank has pledged to contribute Rs. 10 towards the CSR fund for every new Nari Shakti Account opened. This fund will be utilised for socio-economic development initiatives for these marginalised groups.

Easy access and convenience

Women interested in opening a Nari Shakti Savings Account can do so at any of the 5132 domestic branches of Bank of India. It is also possible to open an account through digital platforms, providing ease and convenience to potential customers.