Do you know about the Mahila Shakti Savings Account? It offers higher interest rates and discounts on every loan..

Mahila Shakti Savings Account: Banks and the government introduce various schemes specifically for women. However, some people miss out on these benefits simply due to a lack of awareness. For instance, few people are aware of Bank of Baroda's 'Mahila Shakti Savings Account.' This account differs from a standard savings account; it offers higher interest rates and various concessions on loans.

As the name suggests, this savings account is exclusively for women. Any Indian woman over the age of 18 can open this account. It can be opened either as a single account or a joint account. In the case of a joint account, both holders must be alive, or at least one of the account holders must be alive. If a joint account is opened, the primary benefits accrue to the first account holder.

**Minimum Balance Rules**
Bank of Baroda has simplified the minimum balance requirements for this savings account. Women opening this account in urban and metro areas are required to maintain a minimum balance of ₹3,000. For accounts in semi-urban areas, the requirement is ₹2,000, while for accounts opened in rural areas, the minimum balance required is only ₹1,000. There is no maximum limit for this account. Failure to maintain the minimum balance may attract a charge of 6%, ranging from a minimum of ₹50 to a maximum of ₹100.

**A Long List of Benefits**
**Locker:** Women holding this savings account receive a 25% annual discount on the rental fee for small-sized lockers.

**Auto Loan:** A 25% discount on processing fees is offered when taking an auto loan to purchase a car.

**Home Loan:** Women also receive a 25% discount on processing fees for home loans. Interest: A concession of up to 0.25% is offered on the interest rate for loans availed through this savings account. This benefit also applies to two-wheeler loans.

Other Benefits: Customers receive a 25% discount on travel insurance; additionally, Demat account charges are waived for the first year, and the account comes with a Platinum RuPay debit card.

Great Shopping Offers
This Bank of Baroda savings account also offers shopping benefits to women, with various discount offers available on the bank's cards. Furthermore, the account facilitates the opening of a complimentary account for children, meaning there is no need to submit a separate application for a child's savings account. Women opening this account also receive personal accident insurance coverage. The account can be opened either online or offline by visiting the bank.

Disclaimer: This content has been sourced and edited from News18 Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.