India Post Payments Bank (IPPB) on Thursday launched a dedicated Self Help Group (SHG) savings account, aimed at strengthening financial inclusion and empowering women-led groups across rural India.
The new offering, introduced by the government-owned payments bank under the Department of Posts, is designed to provide SHGs with a simple, zero-cost banking solution, enabling them to integrate more effectively into the formal financial system.
Announcing the launch, IPPB Managing Director and CEO R Viswesvaran said the initiative aligns with the bank’s mission to make banking accessible and inclusive. He emphasised that the account would help women-led SHGs participate more actively in economic activities by leveraging doorstep banking services and digital infrastructure.
According to the Ministry of Communications, Self Help Groups play a crucial role in rural livelihoods and are closely linked to initiatives such as the National Rural Livelihoods Mission and programmes supported by the National Bank for Agriculture and Rural Development. The new account is expected to further strengthen this ecosystem by improving access to formal banking services.
The IPPB said that the SHG Savings Account comes with several customer-friendly features, including zero balance and zero charges, no minimum deposit requirement, and no monthly average balance condition. The account allows a maximum balance of ₹2 lakh, offers quarterly interest payouts, and provides free cash deposits and withdrawals along with one free monthly statement.
The bank plans to leverage its vast postal network—comprising around 1.65 lakh post offices, the majority in rural areas—and the reach of postmen and Gramin Dak Sevaks to deliver these services at the doorstep. Digital onboarding and biometric-enabled banking are also part of the offering to ensure ease of access.
Launched in 2018, IPPB has been working to expand banking access for underserved populations, reaching over 13 crore customers across more than 5.5 lakh villages and towns. The latest initiative is expected to further accelerate financial inclusion and support sustainable livelihoods, particularly for women in rural India.
