Banks have launched a slew of measured to attract women towards the financial system, including exclusive banks, bank branches and investment schemes. Are these offers really worth your money? Here’s a reality check.
An oft-advertised offer for women is a waiver of the minimum balance requirement in savings accounts. To avail of this benefit, however, the account holder needs to promise a recurring deposit every month.
Some of the banks let woman customers use their ATM services for free. Still the account holders will end up paying every time they draw money from other banks’ ATMs. Pay attention to the small print.
Another offer for women is the cash back feature whenever they shop with a debit card. A fixed percent of the bill amount is given back to the shopper by the bank. This feature, unfortunately, is only available in high-end establishments such as jewelries and luxury hotels.
Offers such as free insurance for air travel and free insurance for pricey commodities bought with a debit card are often beyond the reach of ordinary people.
The key is to differentiate worthy offers from marketing strategies designed to lure you into opening an account. Always open an account with a bank which offer reduced fee and commission for frequent transactions.
You will benefit if the daily limit of withdrawal from an ATM is higher than normal accounts. You can also avail of benefits such as depositing or withdrawing money from the branches and cash deposit machines.
In other words, do not fall for the long list of offers printed on attractive brochures.