Money

Your Money: Bridging the gap between women and finance

The SBI SimplyCLICK Credit Card prices Rs 499 per year, however provides 10 instances the reward factors if you spend on a bunch of e-commerce web sites, together with Amazon, BookMyShow, Cleartrip, Lenskart, Netmeds and UrbanClap.

By Preety Pruthi

The fashionable Indian lady is financially conscious and tech savvy. She desires to be an astute investor, a diligent saver and a wise spender. The monetary companies business helps her reach these endeavours by customising their merchandise to fulfil her wants. Here are just a few merchandise that banks and different monetary intermediaries have designed for her.



Credit playing cards for women
There are a whole lot of bank cards on supply, every tailor-made for patrons with particular utilization patterns. Choose a card that rewards your spending habits. For occasion, women who wish to dine out continuously could discover the HDFC Solitaire bank card interesting. You get 50% extra reward factors on eating spends and grocery bills. There are additionally vouchers from main shops, which greater than make up for the Rs 999 annual payment.

Saving on gas is the high precedence for many automobile homeowners. You can’t deliver down the worth of petrol, however you will get a gas surcharge waiver on some credit score and debit playing cards. Co-branded gas playing cards similar to the Indian Oil Citi Platinum Credit Card and a number of different playing cards not solely reimburse gas surcharge, but additionally supply reward factors each time you swipe at a gas station.

Travel aficionados ought to go for playing cards that provide lounge amenities at airports. For occasion, the ICICI Coral Credit Card not solely provides reward factors on all purchases and reductions on films and eating places but additionally provides one complimentary airport lounge go to in India per quarter and one complimentary home railway lounge go to per quarter.

The SBI SimplyCLICK Credit Card prices Rs 499 per year, however provides 10 instances the reward factors if you spend on a bunch of e-commerce web sites, together with Amazon, BookMyShow, Cleartrip, Lenskart, Netmeds and UrbanClap.

Savings financial institution accounts
Banks are additionally providing financial savings accounts tailor-made to the wants of women. Female clients of some banks have to take care of a decrease minimal stability in a financial savings account and get cheaper loans. The Women’s Saving Account from HDFC Bank provides an unintentional demise cover of Rs 10 lakh, unintentional hospitalisation cover of Rs 1 lakh, preferential rate of curiosity and prolonged tenure on loans. Customers additionally get a waiver of first year’s locker rental and the EasyShop Woman’s Advantage Debit Card. The Advantage Woman Savings Account from ICICI Bank provides decrease charges for house loans, personal loans and automobile loans. Kotak Bank’s Silk Women’s Savings Account provides doorstep supply of money.

Cheaper loans for women
Many banks cost women clients decrease charges of curiosity as the danger of default is decrease. Female debtors are inclined to repay their loans on time. Most banks supply a reduction of 5-25 bps on the curiosity rate. Make your spouse a co-applicant when shopping for a home to get the decrease curiosity rate. Besides, the stamp responsibility fees are decrease for women in sure states, together with Delhi, Bihar, Haryana, Punjab, Maharashtra, Orissa, Uttar Pradesh and Uttarakhand. Some lenders additionally loosen up the phrases and partially waive the processing payment.

The author is director, MyMoneyMantra.com

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