BoI launches exclusive savings bank product for women

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Bank of India (BoI) has launched an exclusive savings bank product for women (Nari Shakti Savings Account) with an independent source of income.

The savings account, which was launched by MD and CEO, Rajneesh Karnatak, has features such as personal accident insurance cover of up to ₹1 crore, discounted health insurance and wellness products, rebates on locker facilities for gold and diamond SB A/C holders, among others, per the public sector bank’s statement.

Additionally, the account offers a concessional rate of interest on retail loans and waiver of processing charges on these loans, free issuance of credit cards and a higher usage limit of up to ₹5 lakh on POS.

Financial savings tool

The Nari Shakti savings account is conceptualised as a financial savings tool to support working women (18 years and above), with an independent source of income, enabling them to become self-reliant and enjoy a higher degree of financial freedom.

For each New Nari Shakti account opened, the bank said it will make a contribution of ₹10 towards the CSR fund, which will be utilised for the socio-economic development of underprivileged women and the girl child.

This account can be opened at all 5132 domestic branches and also through digital platforms.