Axis Bank, a leading private financial institution in India, has introduced the ‘ARISE Women’s Savings Account.’ This new offering is designed specifically to cater to the financial requirements of women, while also providing vital health benefits. Key features of this savings account include access to dedicated female financial advisors, tailored investment options, and advantages aimed at supporting health, lifestyle, and family needs.
Why was the ARISE Women’s Savings Account Introduced?
Recent statistics from the National Statistical Office (NSO) reveal that women contribute only 20.8% of the total bank deposits in India, despite making up 36.4% of all bank account holders. The disparity is even more pronounced in urban areas, where women represent just 16.5% of deposits, compared to 30% in rural regions. This data underscores the urgent need to address financial disparities and enhance women’s engagement in banking. Axis Bank aims to narrow this gap through its ARISE Women’s Savings Account.
Empowering Women Through Financial Independence
Amitabh Chaudhry, MD and CEO of Axis Bank, emphasized, “In today’s financial landscape, a one-size-fits-all approach is inadequate. It’s essential to recognize the unique challenges and opportunities that women face. The ARISE Savings Account is designed to empower women, enabling them to realize their full potential. We believe that when women are financially empowered, it creates a positive ripple effect that strengthens families, communities, and the nation as a whole.”
What Benefits Does the ARISE Savings Account Offer?
Family Banking Program
- Extended benefits for up to three family members.
- Children’s accounts can be added without any initial deposit.
Locker Benefits
- First year free rental for small and medium lockers.
- 50% discount on standard rates for subsequent years.
ARISE Debit Card
- Transaction limits of ₹5 lakh at POS and ₹1 lakh at ATMs.
- Includes lounge access and reward points.
Complimentary Neo Credit Card
- Instant 10% discount on BookMyShow (up to ₹100/month).
- Discounts of up to 40% on Zomato orders.
- Earn 1 Edge Reward point for every ₹200 spent.
Financial Advantages of the ARISE Women’s Savings Account
- Access to financial advice from women experts.
- First-year exemption from annual maintenance charges (AMC) for Demat accounts.
- Opportunity to invest in a personalized basket of stocks.
- 50% discount on SmartEdge for stock recommendations.
Healthcare Benefits
- Discounts of up to 70% on specialized diagnostic tests, including Pap smears, mammograms, and cancer screenings.
- Unlimited consultations with leading hospital specialists across various fields.
- Discounts of up to 10% on pharmacy prescriptions.
- Access to wellness sessions, including unlimited on-call consultations with dermatologists.
Lifestyle Offers and Discounts
- Exclusive childcare benefits via FirstCry Club membership.
- Complimentary Swiggy One membership.
- 10% discount on beauty and fashion products available at Nykaa.
In summary, Axis Bank’s ARISE Women’s Savings Account is a progressive initiative aimed at empowering women financially and enhancing their overall wellbeing through a suite of thoughtful benefits.
