NEW DELHI. India Post Payments Bank has introduced a specialized savings account for Self-Help Groups to promote financial inclusion among rural women. Announced by CEO R Viswesvaran, this initiative aims to bring women-led groups into the formal banking system by removing financial barriers. The launch supports national livelihood missions by making it easier for these groups to manage their funds and participate in the economy.
The new SHG account is designed to be completely cost-free, requiring no minimum deposit or monthly average balance. It allows groups to hold up to 2 lakh, provides quarterly interest, and offers free cash transactions. By eliminating hidden charges, the bank ensures that even the smallest rural groups can maintain an account without worrying about maintaining a specific balance.
To ensure easy access, the bank will use its network of 1.65 lakh post offices to deliver services directly to the doorsteps of rural residents. Postmen and Gramin Dak Sevaks will facilitate digital onboarding and biometric banking, reaching over 5.5 lakh villages. This move is expected to empower millions of women by providing secure, tech-enabled banking right at their homes.
