According to the latest data from the National Statistical Office (NSO), women account for only 20.8 per cent of India’s total bank deposits. At the same time, women account for 36.4 per cent of all bank account holders. Women’s deposits in metropolitan areas are only 16.5 per cent while in rural areas it is 30 per cent. Axis Bank claims that its ARISE Women’s Savings Account will increase women’s participation.
Axis Bank, one of the largest in the private sector, has launched ‘ARISE Women’s Savings Account’. Its aim is to meet the financial needs of women along with giving them necessary health benefits. Talking about the features of this savings account, it includes benefits like dedicated female financial experts, customized basket of stocks and helping their health, lifestyle and family.
Why did Axis Bank launch savings account for women
According to the recent data from the National Statistical Office (NSO), women account for only 20.8 per cent of India’s total bank deposits. At the same time, the share of women among all bank account holders is 36.4 percent. Women’s deposits in metropolitan areas are only 16.5 percent, while in rural areas it is 30 percent. This shows that there is a need to remove financial inequality and increase women’s participation. Axis Bank claims that its ARISE Women’s Savings Account will play an important role in this direction.
Amitabh Chaudhry, MD and CEO of Axis Bank said, “In the current financial scenario, there can no longer be a single solution for all. Now the time has come to focus on the specific challenges and opportunities faced by women. The ARISE savings account will greatly help women reach their power and potential. We believe that empowering women financially creates a ripple effect. This strengthens the family, community and the entire country. ”
- Family Banking Program – Extended benefits to three family members. This includes the option of linking children’s accounts even without initial funds.
- Locker Benefits- No rent for the first year on small and medium lockers. 50% discount on normal rates from the second year onwards.
- Arise Debit Card- High transaction limit with Rs 5 lakh at POS and Rs 1 lakh at ATM. Lounge access and reward points included.
- Complimentary Neo Credit Card- Instant 10% discount on BookMyShow (up to Rs 100/month), up to 40% discount on Zomato orders and 1 Edge Reward point on every Rs 200 spent.
Financial Benefits of ARISE Women’s Savings Account
- Financial guidance by women experts.
- Waiver on AMC for Demat account in the first year.
- Option to invest in a customized basket of stocks.
- Stock recommendation with 50% discount on SmartEdge
Healthcare Benefits
- Up to 70% discount on specialized diagnostic tests for women including Pap smear, mammogram and cancer screening.
- Unlimited consultations with top hospital specialists including general physicians, nutritionists, psychologists and pediatricians.
- Up to 10 per cent discount on pharmacy prescriptions, access to wellness sessions including unlimited on-call consultations with dermatologists.
Lifestyle offers and discounts
- Exclusive childcare benefits with FirstCry Club membership.
- Free Swiggy One membership.
- 10 per cent discount on beauty and fashion products at Nykaa.
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