Mumbai (Maharashtra) [India], September 22 : In an industry-first initiative, Jio Payments Bank Limited, a subsidiary of Jio Financial Services announced on Monday 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.
The company in a statement on stated that 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 Rs 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 also shared that customers can invest up to Rs 1,50,000 per day through this facility. Redemptions are processed in accordance with the guidelines set by the Securities Exchange Board of India.
Customers have the flexibility to instantly redeem up to 90 per cent of their investments, with a maximum instant redemption limit of Rs 50,000. Funds exceeding this amount can be redeemed within 1 to 2 working days.
The entire journey is seamless and fully digital via the JioFinance app.
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.
Speaking on the launch, Vinod Easwaran, Managing Director and Chief Executive Officer, Jio Payments Bank Limited, said, "In an environment of softening interest rates, today's financially aware customers are actively seeking smarter alternatives to grow their savings. Savings Pro empowers them to do just that by turning a passive bank balance into an earning opportunity. With no paperwork, no cost, and easy access, we are offering a future-ready product that aligns with how Indians want to manage money today, effortlessly, intelligently and digitally."
Savings Pro is a major step in Jio Payments Bank's commitment to simplify financial decision-making and bring investment-linked savings within the reach of every Indian. Designed to serve both experienced and first-time investors, as per the company, the product supports long-term financial inclusion by offering a safe, liquid and rewarding way to grow wealth.
Jio Financial Services Limited (JFSL) is a Core Investment Company (CIC), registered with the Reserve Bank of India.
JFSL is a new-age institution, which operates a full-stack financial services business through customer-facing entities, including Jio Credit Limited, Jio Insurance Broking Limited, Jio Payment Solutions Limited, Jio Leasing Services Limited, Jio Finance Platform and Service Limited, and Jio Payments Bank Limited.
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