India Post Payments Bank launches SHG savings account

New Delhi, April 30: India Post Payments Bank (IPPB), a 100% Government of India-owned entity under the Department of Posts, Ministry of Communications, today announced the launch of its Self Help Group (SHG) Savings Account, a dedicated offering aimed at advancing financial inclusion and empowering women-led SHGs across rural India.

Speaking about the launch, R Viswesvaran, MD & CEO, IPPB, 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 been pivotal in driving rural economic transformation in India and are closely linked with flagship initiatives such as the National Rural Livelihoods Mission under Ministry of Rural Development (MoRD) and programs supported by National Bank for Agriculture and Rural Development (NABARD).

Leveraging unmatched Postal Network of Department of Posts (DoP) and its own digital capabilities, IPPB aims to deepen financial access for SHGs by combining doorstep banking services with digital on-boarding, assisted by extensive network of Postmen & Gramin Dak Sevaks (GDS).

The IPPB SHG Savings Account is a zero-balance, zero-charge account designed to make banking affordable and accessible for Self Help Groups.

It offers a fully digital onboarding process and is delivered through the extensive network of post offices and postal staff, including Gramin Dak Sevaks.

The account comes with no requirement for an initial deposit or monthly average balance, allows a maximum balance of ₹2 lakh, and provides quarterly interest payouts as per applicable rates.

Customers benefit from free cash deposits and withdrawals, one complimentary physical statement per month, and no charges for account closure or QR card issuance, making it a cost-effective and user-friendly banking solution.

Designed specifically for Self Help Groups (SHGs), the IPPB SHG Savings Account provides a simple, accessible, and zero-cost banking solution that aligns with national priorities of inclusive growth and sustainable livelihoods.