Jio Payments Bank introduces ‘Savings Pro’, a new feature that auto-invests idle balances above ₹5,000 into low-risk overnight mutual funds with instant redemption options.
Mumbai: Jio Payments Bank Limited, a subsidiary of Jio Financial Services, has rolled out ‘Savings Pro’, an industry-first feature that enables customers to earn higher returns on idle account balances by automatically investing surplus funds in overnight mutual funds.
The digital-first initiative allows users to upgrade their accounts via the JioFinance app in just a few clicks. Customers can set a threshold amount, starting at ₹5,000 during the launch phase, and any balance above this limit will be automatically invested in select low-risk overnight mutual fund ‘Growth’ plans.
Investments are capped at ₹1,50,000 per customer per day. Redemptions comply with SEBI norms: customers can instantly withdraw up to 90% of their investment (subject to a ₹50,000 cap), with the remaining balance redeemable within one to two working days.
“With no entry or exit loads, hidden charges or lock-in periods, customers can maximise their returns and have full control over their money. Customers can view eligible mutual funds, set or modify thresholds, and track returns on their investment with complete transparency,” the company said in a statement.
Jio Payments Bank added that ‘Savings Pro’ leverages annualised two-year returns data from overnight mutual funds to help users optimise surplus balances while retaining liquidity.
How it works
- Customers set a threshold amount in their Jio Payments Bank account, starting at ₹5,000.
- Any balance above this threshold is automatically invested in select low-risk overnight mutual funds.
- Daily investment cap: ₹1,50,000 per customer.
- Instant redemption available for up to 90% of the investment (maximum ₹50,000); the rest can be withdrawn within one to two working days.
- Entirely digital process via the JioFinance app, with no entry or exit loads, hidden charges, or lock-in periods.
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