Jio Payments Bank Introduces 'Savings Pro': Auto-Invest in Overnight Mutual Funds

Mumbai (The Uttam Hindu): Jio Payments Bank Limited, a subsidiary of Jio Financial Services Limited, announced the launch of "Savings Pro." This service will automatically invest Jio Payments Bank customers' savings or surplus funds into overnight mutual fund "Growth Plans." Customers using the service will have the opportunity to earn more on their idle money. This investment process will be conducted entirely digitally through the "JioFinance App."

With just a few clicks, any Jio Payments Bank account holder can upgrade to a Savings Pro account. Upgrading allows customers to set a limit on their account balance, starting at ₹5,000. Any deposits exceeding this limit will be automatically invested in select low-risk overnight mutual funds.

Customers can invest up to ₹1,50,000 per day through this facility. Redemption will be processed in accordance with the guidelines set by the Securities and Exchange Board of India (SEBI). Customers will have the option to instantly redeem up to 90% of their investment, with a maximum instant redemption limit of ₹50,000. Any amount exceeding this limit can be redeemed within 1 to 2 business days.

The key is that customers have complete control over their funds. There are no entry or exit loads, no hidden fees, or lock-in periods. Customers can search for promising mutual funds, set or modify limits, and track investment returns with complete transparency.

Speaking at the launch, Vinod Iswaran, Managing Director and Chief Executive Officer, Jio Payments Bank Ltd., said, "In an environment of low interest rates, today's financially conscious customers are looking for better options to grow their savings. Savings Pro will give them the opportunity to turn idle bank balances into earning opportunities. With no paperwork, no cost, and easy access, we are offering a futuristic product that aligns with the wealth management needs of Indians today."

Jio Payments Bank's Savings Pro is committed to simplifying financial decision-making and making investment-linked savings accessible to every Indian, the company said in a statement. It is designed to serve both experienced and first-time investors.