India Post Payments Bank launches zero-balance savings account for Self Help Groups
India Post Payments Bank on 30 April 2026 launched a zero-balance, zero-charge Self Help Group (SHG) Savings Account with no minimum deposit and a maximum balance limit of ₹2 lakh, delivered through post offices and Gramin Dak Sevaks.
Summary
India Post Payments Bank (IPPB), a 100% Government of India-owned entity under the Department of Posts, launched its Self Help Group (SHG) Savings Account on 30 April 2026 to advance financial inclusion of women-led SHGs in rural India. The account is zero balance and zero charges, needs no minimum initial deposit or monthly average balance, has a maximum balance limit of ₹2,00,000 and pays interest quarterly. IPPB will deliver the account through post offices, postmen and Gramin Dak Sevaks with digital on-boarding; R. Viswesvaran is IPPB's MD & CEO.
Key facts
- Launched
- 30 April 2026 by IPPB
- IPPB ownership
- 100% Government of India, under Department of Posts
- Account features
- Zero balance, zero charges; no minimum deposit or MAB
- Maximum balance
- ₹2,00,000
- Interest
- Paid quarterly
- MD & CEO
- R. Viswesvaran
Practice MCQs 2 questions
What is the maximum balance limit of the India Post Payments Bank's SHG Savings Account launched on 30 April 2026?
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Correct answer: D — ₹2,00,000
The IPPB SHG Savings Account has a maximum balance limit of ₹2,00,000, with no minimum deposit or monthly average balance.
Consider the following statements about the IPPB SHG Savings Account: 1. Interest on the account is paid quarterly. 2. The account requires a minimum initial deposit of ₹500. Which of the statements given above is/are correct?
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Correct answer: A — 1 only
Statement 1 is correct. Statement 2 is wrong: there is no minimum initial deposit requirement.