CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Bank of India has launched the Nari Shakti Savings Account, a significant step toward financial empowerment for women. This exclusive savings bank product is intended specifically for women aged 18 and up with an independent source of income, signifying a significant step forward in developing economic independence for women.
Women's Financial Independence
The Nari Shakti Savings Account is envisioned as a strong financial savings tool designed to provide working women with an independent income stream. The major goal is to empower women, allowing them to become self-sufficient and enjoy greater financial freedom.
Social Responsibility With Every Account
Bank of India has vowed to give Rs 10/- to the Corporate Social Responsibility (CSR) fund for each new Nari Shakti Account established, which is a good effort. This fund will be dedicated to the socioeconomic development of disadvantaged women and girls, representing the bank's social duty.
Exclusive Benefits And Features
The Nari Shakti Savings Account provides a variety of enhanced benefits and features designed to improve the financial well-being of its account holders. These are some examples-
- Personal Accident Insurance Protection
Account users can take advantage of Personal Accident Insurance with a limit of up to Rs 1 crore, offering a safety net in the event of an unanticipated event.
- Discounted Health Insurance & Wellness Products
Women who have Nari Shakti Savings Accounts can get discounts on health insurance and wellness products, which promotes general well-being.
- Attractive Locker Facility Rebates
Gold and Diamond Savings Account holders are eligible for substantial refunds on locker services, making it an appealing alternative for individuals looking for secure storage.
- Platinum Account Holders Get Free Services
Platinum Savings Account holders have access to free services, which enhances their banking experience
Additional Financial Advantages
In addition to the special perks, the Nari Shakti Savings Account provides its account holders with a variety of financial benefits, including:
- Concessional Interest Rates On Retail Loans
Women who choose this savings account have access to retail loans at a lower interest rate, making financial assistance more reasonable.
- Waiver Of Retail Loan Processing Fees
The account also includes a remission of processing fees for retail loans, lessening the financial strain on borrowers.
- Free Credit Card Issuance
Nari Shakti Savings Account customers can take advantage of free credit card issue, further enabling seamless transactions.
- Increased POS Usage Limit
The account offers a larger usage limit of up to Rs 5 lakh on Point of Sale (POS) transactions for greater financial freedom.
Easy Access Through Multiple Channels
The Nari Shakti Savings Account is available in all 5132 domestic Bank of India branches, ensuring a broad reach. Furthermore, account opening is made easier through digital platforms, making it easier for women to begin their journey toward financial independence.
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