India Post Payments Bank (IPPB), operating 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)," Ministry of Communications said in a statement.

The IPPB SHG Savings Account is designed to be:

• Zero balance, zero charges account to ensure affordability.
• Digitally enabled for simplified on-boarding.
• Delivered through the vast network of Post Offices and Postmen/ Gramin Dak Sevaks.

IPPB SHG Savings Account: Key Features:

• No minimum initial deposit requirement.
• No Monthly Average Balance (MAB) requirement.
• Maximum balance limit of Rs 2,00,000.
• Quarterly interest pay-outs as per applicable savings rates.
• Nil charges for cash deposits and withdrawals.
• One free physical account statement per month.
• No account closure charges.
• No QR card issuance charges.

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.

IPPB SHG Savings Account: How to open the account?

To open the IPPB SHG Savings Account, one needs to visit the nearest Post Office or India Post Payments Bank branch/outlet. S/he is requierd to carry documents/proof of his/her Self Help Group, Aadhaar, PAN, and passport size photograph. They will have to fill the forms digitally or a physical copy and submit the documents with the form.