India Post Payments Bank (IPPB) launches zero-balance Self Help Group (SHG) savings account

Key facts

• India Post Payments Bank (IPPB), under the Department of Posts, launched a dedicated Self Help Group (SHG) savings account to strengthen financial inclusion for rural women.
• The SHG savings account features zero balance, zero charges, no minimum deposit requirement, and no monthly average balance condition.
• The account allows a maximum balance of ₹2 lakh and provides quarterly interest payouts.
• The account offering includes free cash deposits, withdrawals, and one free monthly statement.
• IPPB will leverage its network of approximately 1.65 lakh post offices, postmen, and Gramin Dak Sevaks to deliver doorstep banking services.
• The bank will utilize digital onboarding and biometric-enabled banking to ensure ease of access.
• The initiative is linked to the National Rural Livelihoods Mission and programmes supported by the National Bank for Agriculture and Rural Development (NABARD).
• Launched in 2018, IPPB has reached over 13 crore customers across more than 5.5 lakh villages and towns.