New Delhi, April 30 India Post Payments Bank (IPPB), under the Department of Posts, on Thursday announced the launch of its Self Help Group (SHG) Savings Account, aimed at advancing financial inclusion and empowering women-led SHGs across rural India.
The IPPB SHG Savings Account is designed to be zero balance, zero charges account to ensure affordability; digitally enabled for simplified on-boarding; and delivered through the vast network of Post Offices and Postmen/Gramin Dak Sevaks.
Key Features include 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 and no QR card issuance charges.
“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,” said R Viswesvaran, MD and CEO, IPPB.
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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 and Gramin Dak Sevaks (GDS).
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