IBNS-CMEDIA: India Post Payments Bank (IPPB), a Government of India-owned entity under the Department of Posts, Ministry of Communications, on Thursday announced the launch of its Self Help Group (SHG) Savings Account, a dedicated offering aimed at strengthening financial inclusion and empowering women-led SHGs across rural India.
Speaking at the launch, IPPB Managing Director and CEO R. Viswesvaran said, “At IPPB, our mission is to make banking simple, accessible and inclusive for every Indian. The SHG Savings Account is a step forward in empowering women-led SHGs by providing them with a reliable and cost-effective banking solution. By leveraging our doorstep banking model and digital infrastructure, we aim to enable SHGs to participate more actively in the formal financial ecosystem and drive sustainable economic growth.”
Self Help Groups have played a key role in driving rural economic transformation in India and are closely associated with flagship initiatives such as the National Rural Livelihoods Mission under the Ministry of Rural Development (MoRD) and programmes supported by the National Bank for Agriculture and Rural Development (NABARD).
Leveraging the extensive postal network of the Department of Posts (DoP) and its digital banking capabilities, IPPB aims to deepen financial access for SHGs through doorstep banking services and digital onboarding, supported by Postmen and Gramin Dak Sevaks (GDS).
The IPPB SHG Savings Account offers the following features:
- Zero-balance, zero-charges account to ensure affordability
- Digitally enabled simplified onboarding process
- Accessible through Post Offices and doorstep banking via Postmen/GDS
- No minimum initial deposit requirement
- No Monthly Average Balance (MAB) requirement
- Maximum balance limit of ₹2,00,000
- Quarterly interest payout as per applicable savings rates
- Nil charges on cash deposits and withdrawals
- One free physical account statement per month
- No account closure charges
- No QR card issuance charges
