New SHG Savings Account by IPPB Aims to Support Women-Led Groups

New Delhi, Apr 30 (BNP): India Post Payments Bank (IPPB) has introduced a new Self Help Group (SHG) Savings Account aimed at strengthening financial inclusion and supporting women-led SHGs across rural India.

The initiative is designed to offer a simple, affordable, and zero-cost banking solution, in line with national goals of inclusive growth and sustainable livelihoods, according to the Ministry of Communications.

The account comes with several customer-friendly features, including no minimum initial deposit, no requirement to maintain a monthly average balance, and no charges for account closure or QR card issuance. The maximum account balance limit has been set at ₹2 lakh.

IPPB Managing Director and CEO R. Viswesvaran said the new offering is a step toward empowering women-led SHGs by integrating them more deeply into the formal financial system. He added that it will help SHGs access reliable banking services and support sustainable economic growth at the grassroots level.

Officials said the initiative is expected to enhance financial participation among rural women and strengthen livelihood opportunities through easier access to banking services.