India Post Payments Bank (IPPB), a 100% government-owned entity under the Department of Post, announced the launch of its Self Help Group (SHG) Savings Account on Thursday.

This account is specifically aimed at improving financial inclusion and further aid and empower women-led SHGs across rural India.

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Self Help Groups have contributed significantly in rural economic transformation in the country. Also they are closely linked to flagship schemes 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).

Through the initiative, IPPB is aiming to deepen financial access for SHGs by integrating facilities like doorstep banking and digital on-boarding.

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."

Key features of IPPB SHG savings account

1. No minimum initial deposit requirement.
2. No Monthly Average Balance (MAB) requirement.
3. Maximum balance limit of ₹2,00,000.
4. Quarterly interest pay-outs as per applicable savings rates.
5. No charges for cash deposits and withdrawals.
6. One free physical account statement per month.
7. No account closure charges.
8. No QR card issuance charges.
9. The account will be provided via the vast network of Post Offices and Postmen/ Gramin Dak Sevaks