IPPB announces zero balance, zero charges account for women SHGs

India Post Payments Bank announced the launch of a dedicated Self Help Group (SHG) Savings Account, aimed at strengthening financial inclusion and empowering women-led SHGs across rural India with the facility of zero balance, zero charges account to ensure affordability.

The IPPB SHG Savings Account is designed to be a 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.

Advertisement

The SHG Savings Account has been structured as a zero-balance, zero-charges offering, eliminating the need for any minimum initial deposit or Monthly Average Balance requirement. This ensures that even the smallest Self Help Groups can access formal banking without financial constraints.

The account allows a maximum balance of Rs 2 lakh and offers quarterly interest payouts in line with applicable savings account rates. It also removes transaction-related barriers by providing free cash deposits and withdrawals, making day-to-day operations seamless for SHGs.

In addition, customers are entitled to one free physical account statement every month. The bank has also waived account closure charges and QR card issuance fees, further reinforcing its focus on affordability and ease of use for rural and women-led groups.

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.