New Delhi, April 30 (IANS). India Post Payments Bank (IPPB), under the Department of Posts, on Thursday announced the launch of Self Help Group (SHG) Savings Account, which aims to promote financial inclusion across rural India and empower self-help groups run by women.
This SHG Savings Account will be available with zero balance and without any charges, so that everyone can easily use it. It can be easily opened digitally and will be delivered to every village through post offices, postmen and Gramin Dak Sevaks.
Features of this account include – no minimum deposit required, no monthly average balance requirement, maximum balance up to Rs 2 lakh, interest earned every three months, no charges on cash deposits and withdrawals, one free statement every month, no account closure charges and no charges for QR card.
R Visvesvaran, MD & CEO, IPPB, said, “Our aim is to make banking easy and accessible for every Indian. This new SHG account is an important step towards strengthening women’s groups.”
He said that doorstep banking and digital facilities will help in connecting SHGs to the formal banking system and promote sustainable economic growth.
Self-help groups have played an important role in strengthening the rural economy in India and are closely linked to key initiatives such as the National Rural Livelihood Mission under the Ministry of Rural Development (MoRD) and programs supported by the National Bank for Agriculture and Rural Development (NABARD).
With the help of Department of Posts (DOP)’s unique network and digital technology, IPPB aims to provide easy access to banking services to SHGs with the help of a wide network of postmen and Gramin Dak Sevaks (GDS).
–IANS
DBP
