Are you aware about some exclusive financial benefits for women in India ? This is the right place to explore about top 06 financial benefits for women. In recent years, the landscape of the financial world has been experiencing a significant transformation as women increasingly take on prominent roles and make substantial contributions. This shift marks a departure from traditional norms and underscores the growing recognition of women’s capabilities and expertise in finance. From investment banking to asset management, women are making their mark across various sectors, bringing fresh perspectives, innovative ideas, and a commitment to diversity and inclusion. In this blog, we’ll explore 10 must know financial benefits for women in India towards achieving greater representation and equality in this dynamic industry.
06 Must know financial benefits for women in India are
- Discount in Insurance and lower premium rates
- Saving bank account specially designed for women
- Sukanya Samridhi Yojana
- Lower loan interest rates for women
- Concession on stamp duty
- Special financial assistance for women entrepreneurs
1. Discount in Insurance and lower premium rates
Many Insurance companies issuing women specific Insurance plans like health insurance plans, term insurance plans etc. Sone examples of these plans are HDFC life smart women plan, TATA AIG’s wellsurance women policy, Bajaj Allianz’s women specific critical illness plan etc. These insurances are specifically designed for women hence the insurance cost is low. In the other hand some insurance companies like new India Asha Kiran health plans are offering upto 50% discounts for women buyers. This financial benefits for women in can help them to insured against any medical emergencies.
2. Saving bank account specially designed for women
Various banks offers specially designed accounts for women, where multiple additional financial benefits for women are provided some of the examples are Axis Bank’s Women’s savings account, it offers benefits like low opening fee, free check book , low monthly balance, discount on locker charges. accidental insurance cover etc. The ICICI bank Advantage women savings account offers various skill development courses designed for women along with upto 50 % discount for locker rental.
3. Sukanya Samridhi Yojana
Sukanya Samrdhi Yojana is an uniquely planned financial benefits for women in India by the government of India for the girl child below 10 years. Parents or the legal guardian of the girl child can open the SSY account with a minimum investment of 250₹ and maximum 150000₹ per anum. The maturity period is 21year and the interest rate is decided by the government quarterly. The maturity amount is tax free and deductible under section 80C upto 1,50,000₹. The account can be opened in post offices or the branches of the public sector branches.
4. Lower loan interest rates for women
Various banks provides loans with lower interest rates for women for an example for home loans this is typically 0.05 to 5 basis point lower then the normal interest rates. This is may seems low but has a great impact on the loan tenure and the cost of EMI also relatively reduces. This financial benefits for women make them save a lot of money.
5. Concession on stamp duty
In order to encourage more and more women to own property various states gives concession on stamp duty to the women owner if the house/ property is registered in their name. For an example if you are registering a house worth 1 crore, you could save around 2 to 3 lakhs in stamp duty if you are a woman. However the stamp duty is different in different states. This varies state to state but a great financial benefits for women in India.
6. Special financial assistance for women entrepreneurs
Central and state governments runs various financial benefits for women entrepreneurs those are seeking financial assistance in their respective businesses. Mentioned below some of those schemes that greatly helps women to became financially independent
- Mudra Yojana
- Stand-Up India Scheme
- Mahila Coir Yojana
- Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE
- Economic Empowerment of Women Enterprises and Start-up by Women
- Trade-Related Entrepreneurship Assistance and Development (TREAD)
You can refer the fallowing link https://www.bankofbaroda.in/banking-mantra/investment/articles/government-schemes-for-women-entrepreneurs to know more about these schemes.
Conclusion
In conclusion learning and understanding more about these financial benefits women can take control of their financial destinies. It important for every women in India must be aware of these financial benefits to be independent and self reliance. Do let us know in the comment section what are other financial benefits are available for women in India.