‘Savings Pro’: Jio Payments Bank’s new account offers 6.5% interest via overnight mutual fund investments

Jio Payments Bank on Monday, September 22, announced the launch of its special savings account, Savings Pro, enabling customers to earn up to 6.5% from idle funds in their bank accounts. 

“In an industry-first initiative, Jio Payments Bank Limited, a subsidiary of Jio Financial Services Limited, today announced the launch of ‘Savings Pro’, an innovative feature that enables customers to earn more from idle surplus funds in their Jio Payments Bank account, through automated investments in the ‘Growth’ plans of Overnight Mutual Funds,” Jio Financial Services said in a statement on Monday.

Jio Payments Bank account holders can upgrade to a Savings Pro account in just a few clicks, it added. 

“With just a few clicks, any Jio Payments Bank account holder can upgrade to a Savings Pro account. Customers need to set a threshold amount of their choice, starting at ₹5,000 during the initial launch phase, and any surplus funds in their account, exceeding this threshold, will be automatically invested into select overnight mutual funds, which carry low risk,” it said. 

Jio Payments Bank is a wholly-owned subsidiary of Jio Financial Services Ltd (JFSL).

As per the statement, customers can invest up to ₹1.5 lakh per day through this facility, and the redemptions will be processed in accordance with guidelines set by the Securities Exchange Board of India.

Users have the flexibility to redeem up to 90% of their investments instantly, with a maximum instant redemption limit of ₹50,000. Funds exceeding ₹50,000 can be redeemed within 1-2 working days. 

The entire journey is seamless and fully digital via the JioFinance app, it said.

Key features of Jio’s Savings Pro account:

• No entry or exit load
• No hidden charges
• No lock-in periods

“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 statement added.