Punjab & Sind Bank Launches ‘PSB Naari Shakti’ Savings Account for Women

Punjab & Sind Bank has introduced a new savings account product called PSB Naari Shakti, which is aimed exclusively at women customers. The bank describes it as “banking designed just for her”, and highlights features such as annual health check ups, enhanced returns and special privileges. Under the scheme, women account holders can choose between two variants (labelled “PSB Pink” and “PSB Smile”) and will be eligible for complimentary preventive health check services, tele consultation support and insurance covers including for example cancer cover up to ₹10 lakh and group accidental cover up to ₹20 lakh. In addition, the scheme offers a Platinum Rupay debit card and promises higher interest on flexi deposits together with reduced service charges for women customers.

From a broader perspective, this launch aligns with growing efforts in the banking sector to design gender sensitive financial products. By packaging health benefits, insurance and preferential banking terms together, the bank aims to appeal to women who may seek more than simply a standard savings account. On the one hand, the initiative may help promote greater financial inclusion and encourage women to engage with formal banking services with added benefits.

On the other hand, a few observations merit attention. While the extra health  and insurance related add ons are attractive, the actual value will depend on the fine print of eligibility, the extent of the cover and how easy it is for women to access the services (e.g., whether preventive check ups are conveniently available, or claims handling is straightforward). Also, offering “better returns” sounds promising, yet the differential in interest rates needs to be transparent and significant in practice for it to be a meaningful incentive.

(Source: Rediff , HT syndication , The WEEK)