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Shanthi Venkataraman

IF you are a woman who values financial independence, you certainly would like to have your own savings account.

If you have not opened one already, you may want to consider accounts that are tailored for your special needs. Over the past year, quite a few banks have introduced special accounts targeted at women. Citibank and ICICI Bank's "Woman's Account", UTI Bank's "Smart Privilege" and the more recent ABN Amro's "Shakti Account for Working Women" are some that come to mind. Do they really have anything significant to offer you besides the plain vanilla account?

In opening an account with these banks, you are really buying into an entire bouquet of products.

If you have not been the one to take charge of the finances in the family, these accounts could help you make a start. All of them offer you special access to other products, without you having to go through the usual hassle of applying for them separately.

Citibank and ABN Amro offer special terms at the time of granting a loan to Woman's Account or Shakti Account holders.

This could be in the form of enhanced loan amounts or special rates. This is probably among the more compelling reasons for having a Woman's Account.

You can also make some bolder investment decisions with the help of your banker.

For instance, Citibank assigns you a special financial advisor to assess your financial needs and help you explore investment options.

UTI Bank offers to help you with a systematic investment plan in mutual funds, while ICICI Bank's Women's Account allows you to deposit small sums in the form of a recurring deposit. Remember that most bankers now offer financial advice. So do not let this be a major reason for your considering a Woman's account. You may have to pay a fee, depending upon the quality of investment advice.

If you are a working-woman, then convenience is probably at the top of your priorities. If you are a Shakti Account holder, for instance, you can pay your utility bills as you draw money from the ATM. Or you can instruct the bank to make bill payments on a set date. This takes the pressure off from having to remember making your bill payments.

You also get a few freebies thrown in. For instance, a Shakti Account holder gets a free debit card the first year. At Citibank, you get a Woman's Citibank Credit Card free for the first year. If you want your children to be initiated into the world of banking early on, you can easily open a zero balance account for your minor child at UTI Bank. This is a feature offered by the other banks as well.

Suitability

Competition has forced several banks to include many of these features in their regular accounts. If you have always been in control of your finances and bank regularly, chances are, you already enjoy many of these "special" features that these accounts promise to offer. If you are a novice, however, these accounts may be a place to start, as they offer you to a number of options.

These features however come with a cost, which may not be small. If you are diligent, disciplined and capable of doing the groundwork on your own, then these accounts are not for you.

Citibank's Woman's Account and ABN Amro's Shakti Account are options worth considering, as they offer preferential terms if you want to apply for a loan.

ABN Amro also allows you to maintain a lower minimum daily balance of Rs 5,000 against the Rs 10,000 that is required of regular customers.

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