India Post Payments Bank (IPPB) Launches SHG Savings Account
India Post Payments Bank (IPPB), a 100% Government of India-owned entity 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, Shri 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).
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.
Key Features:
- No minimum initial deposit requirement.
- No Monthly Average Balance (MAB) requirement.
- Maximum balance limit of ₹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.
About India Post Payments Bank
India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communications with 100% equity owned by the Government of India. IPPB was launched on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile, leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.
IPPB’s reach and its operating model is built on the key pillars of India Stack - enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers' doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages to more than 13 Crore customers across 5.57 lakh villages & towns in India.
IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true - Every customer is important, every transaction is significant and every deposit is valuable.
Reach us at:
Email: marketing@ippbonline.in
Website: www.ippbonline.bank.in
Social Media Handles:
Twitter - https://twitter.com/IPPBOnline
Instagram - https://www.instagram.com/ippbonline
LinkedIn - https://www.linkedin.com/company/india-post-paymentsbank
Facebook - https://www.facebook.com/ippbonline
YouTube- https://www.youtube.com/@IndiaPostPaymentsBank
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