In a significant move towards women’s financial empowerment, Bank of India has recently introduced the Nari Shakti Savings Account. This exclusive savings bank product is designed to cater specifically to women aged 18 and above who possess an independent source of income, marking a progressive step in fostering economic independence for women.
Financial Independence for Women
The Nari Shakti Savings Account is conceptualized as a robust financial savings tool, aiming to support working women with an independent income source. The primary objective is to empower women, enabling them to become self-reliant and experience a higher degree of financial freedom.
Social Responsibility with Every Account
In a commendable gesture, Bank of India has pledged to contribute Rs. 10/- to the Corporate Social Responsibility (CSR) fund for every new Nari Shakti Account opened. This fund will be dedicated to the socio-economic development of underprivileged women and the girl child, reflecting the bank’s commitment to social responsibility.
Exclusive Privileges and Features
The Nari Shakti Savings Account offers a range of enriched privileges and features aimed at enhancing the financial well-being of its account holders. These include:
1. Personal Accident Insurance Cover
Account holders can benefit from a Personal Accident Insurance cover with an impressive limit of up to Rs 1 crore, providing a safety net for unforeseen circumstances.
2. Discounted Health Insurance & Wellness Products
Women with Nari Shakti Savings Accounts can avail of discounted rates on health insurance and wellness products, promoting overall well-being.
3. Attractive Rebates on Locker Facilities
Gold & Diamond Savings Account holders are entitled to attractive rebates on locker facilities, making it a lucrative option for those seeking secure storage.
4. Free Facilities for Platinum Account Holders
Platinum Savings Account holders enjoy free facilities, adding an extra layer of convenience to their banking experience.
Additional Financial Benefits
In addition to the exclusive privileges, the Nari Shakti Savings Account offers various financial benefits to its account holders, such as:
1. Concessional Rate of Interest on Retail Loans
Women opting for this savings account can access retail loans at a concessional rate of interest, making financial assistance more affordable.
2. Waiver of Processing Charges on Retail Loans
The account comes with the added advantage of a waiver on processing charges for retail loans, reducing the financial burden on borrowers.
3. Free Issuance of Credit Cards
Nari Shakti Savings Account holders can enjoy the convenience of free issuance of credit cards, further facilitating seamless transactions.
4. Higher Usage Limit on POS
For increased financial flexibility, the account provides a higher usage limit of up to Rs 5 lakh on Point of Sale (POS) transactions.
Easy Access Through Multiple Channels
The Nari Shakti Savings Account is accessible at all 5132 domestic branches of Bank of India, ensuring a widespread reach. Additionally, account opening is facilitated through digital platforms, making it convenient for women to initiate their journey towards financial independence.
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Important Questions Related to Exams
Q: What is the target demographic for Bank of India’s Nari Shakti Savings Account?
Answer: The Nari Shakti Savings Account is aimed at women aged 18 and above with an independent source of income.
Q: How does Bank of India contribute to corporate social responsibility (CSR) with the Nari Shakti Savings Account?
Answer: For every new Nari Shakti Account opened, the bank contributes Rs. 10/- towards the CSR fund, dedicated to the socio-economic development of underprivileged women and the girl child.
Q. What is the significance of the Personal Accident Insurance cover offered with the Nari Shakti Savings Account?
Answer: The cover provides a safety net with a limit of up to Rs 1 crore, offering financial protection in case of unforeseen accidents.