New Delhi, May 01: India Post Payments Bank has launched a zero-balance savings account for Self Help Groups (SHGs), with a maximum balance limit of ₹2 lakh, as part of its push to deepen financial inclusion in rural India.
Operating under the Department of Posts, IPPB said the initiative is designed to provide a simple, accessible, and cost-effective banking solution for SHGs, which play a critical role in rural economic activity and are closely aligned with programmes such as the National Rural Livelihoods Mission.
IPPB Managing Director and CEO R Viswesvaran said the offering aims to make banking more inclusive at the grassroots level, particularly for women-led groups. The bank plans to leverage its doorstep banking model and digital infrastructure to enable SHGs to integrate more effectively into the formal financial ecosystem.
The account features zero minimum balance requirements, no charges on cash deposits and withdrawals, and quarterly interest payouts. Additional benefits include no account closure fees and free monthly statements, making it a low-cost solution for group-based financial management.
The digitally enabled account simplifies onboarding and is delivered through India Post’s extensive network of post offices, postmen, and Gramin Dak Sevaks, ensuring last-mile connectivity.
With a maximum balance cap of ₹2 lakh, the product is tailored for SHG-level financial operations while maintaining regulatory compliance.
IPPB, which leverages a network of approximately 1.65 lakh post offices and over 3 lakh postal employees, currently serves customers across more than 5.5 lakh villages and towns. The new offering aligns with its broader mandate of extending paperless, cashless, and presence-less banking services to underserved and unbanked populations across India.
