- Zero-balance, zero-charge savings account launched to boost financial inclusion for women-led SHGs
- Digital banking with doorstep services via postmen and Gramin Dak Sevaks for easy access
- Free transactions, quarterly interest, and no fees on account closure or QR card issuance
The India Post Payments Bank has introduced a special savings account specifically for Self Help Groups. In order to advance financial inclusion as well as support women-led SHGs throughout rural India. This new account offers a zero balance and zero cost for these SHGs to make it easy for them to open an account.
This Self Help Group Savings Account is a "zero-balance, zero-charges" account which ensures low-cost access to banking services through a digital process while using the existing Post Office infrastructure for delivery by Postmen and Gramin Dak Sevaks.
This SHG Savings Account is also designed with a maximum balance of Rs 2,00,000/- per account but provides quarterly interest to the group at the current savings account rate. By providing free positioning of cash and free withdrawals, this account increases operability of SHGs.
Each month, the customer will receive one free physical account statement. India Post Payments Bank has also eliminated charges for closing an account and has waived fees for issuing QR Code cards to emphasize accessibility and ease of use.
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.”
Designed specifically for 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.
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