In today’s evolving financial landscape, economic independence is a cornerstone of women's empowerment. Recognizing this, specialized banking solutions like the PNB Women Power Savings Account have been designed to cater specifically to the needs of resident individual women. This account isn't just a place to store money; it is a comprehensive financial tool equipped with lifestyle benefits, insurance, and credit facilities.
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Investment Plans
Generate wealthEarn 1 Cr# in maturity with Zero LTCG tax¶
Double tax savings^On premiums (under 80C) and on maturity (under
10(10D))
Key Eligibility and Account Setup for PNB Women Power Savings Account
The account is designed for accessibility, ensuring that women from all walks of life can begin their savings journey with ease.
Eligibility: Open to all resident individual women. Joint accounts are permitted, provided the first applicant is a woman.
Flexible Balances: The Minimum Quarterly Average Balance (QAB) is tailored to your location:
Rural: Rs. 500
Semi-Urban: Rs. 1,000
Urban/Metro: Rs. 2,000
Scheme Codes: Depending on your preference for liquidity and interest, you can choose between SBPWR (without sweep facility) or SBPWS (with sweep facility) in your savings account.
Banking Benefits and Digital Convenience for PNB Women Power Savings Account
This account removes the friction of daily banking by offering a suite of free and discounted services:
Zero-Fee Transactions: Enjoy free NEFT and RTGS transfers (for non-business purposes), free cash deposits, and free SMS alerts.
Cheque Facilities: Receive 50 free cheque leaves per year, giving you plenty of resources for offline payments.
Digital Freedom: Access 24/7 Retail Internet Banking and mobile banking without any additional service charges.
Demand Drafts: One free Demand Draft per month (up to Rs. 1,00,000) for your personal administrative needs.
Lifestyle and Protection Features for PNB Women Power Savings Account
The Women Power Savings Account goes beyond basic banking by offering security and lifestyle perks:
Insurance Cover
To ensure your family’s security, the account provides a Personal Accidental Insurance (PAI) cover. If you maintain a quarterly average balance of Rs. 25,000 or more during the previous calendar quarter, you are eligible for a PAI of Rs. 3.00 Lakh.
Specialized Debit Cards
Upon opening the account, you can choose between the Rupay Classic or Rupay Platinum Debit Cards with no issuance fees. These cards come with high daily limits:
ATM Withdrawals: Up to Rs. 1,00,000 per day (Platinum variant).
Shopping (POS): Up to Rs. 3 Lakhs per day (Platinum variant).
Exclusive Concessions
Locker Rent: Get a 50% concession on small locker rentals for the first year.
Investment Discounts: A 25% discount on demat account fees to encourage your participation in the stock market.
Financial Growth and Loan Facilities for PNB Women Power Savings Account
For women looking to build assets, this account acts as a gateway to easier credit:
Retail Loans: Enjoy a 100% discount on documentation and processing charges for Housing, Car, and Personal Loans.
Pre-approved Loans: Eligibility for pre-approved personal loans based on your Quarterly Average Balance and overall relationship value with the bank.
Credit Against Savings: Avail of an Overdraft (e-OD) facility against your fixed deposits or get a Credit Card with no annual or joining fees when backed by an FD.
Conclusion
The PNB Women Power Savings Account is more than just a savings vehicle; it is a partner in your financial growth. By combining low entry barriers with high-value perks such as free insurance, loan waivers, and digital convenience, it provides women with the tools they need to manage their wealth confidently. Whether you are saving for your children's future or planning your next big investment, this account ensures that your money works as hard as you do.
FAQs
Is the "Sweep Facility" mandatory for this account?
No, the sweep facility is optional. You can choose the scheme code SBPWR if you prefer a standard account without sweep, or SBPWS if you would like the sweep facility to automatically move surplus funds into a higher-interest-earning deposit.
Are there any charges for issued Debit Cards?
There is no issuance fee for either the Rupay Classic or the Rupay Platinum Debit Card under this scheme. However, annual maintenance charges may apply as per the bank's general card policy.
Are digital transactions like NEFT and RTGS really free?
Yes, NEFT and RTGS transactions initiated through the Women Power Savings Account are free of cost, provided they are for non-business purposes.
˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
Past 10 Years' annualised returns as on 01-12-2025
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
Tax benefit is subject to changes in tax laws. Standard T&C Apply
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
**Returns are based on past 10 years’ fund performance data (Fund Data Source: Value Research).
Generate wealth Earn 1 Cr# in maturity with Zero LTCG tax¶
Double tax savings^ On premiums (under 80C) and on maturity (under 10(10D))
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