Jio Payments Bank, a subsidiary of Jio Financial Services, launched ‘Savings Pro’ for account holders.
Customers can earn up to 6.5% by investing surplus funds above a chosen threshold.
Threshold starts at ₹5,000 in the initial phase; surplus is auto-invested into low-risk overnight mutual funds.
Investment limit is up to ₹1.5 lakh per day; redemptions follow SEBI guidelines.
Up to 90% of funds (max ₹50,000) can be instantly redeemed; higher amounts take 1–2 working days.
Jio Payments Bank, a subsidiary of Jio Financial Services Ltd (JFSL), on Monday announced the launch of 'Savings Pro', that enables customers to earn up to 6.5% from idle surplus funds in their bank account.
With just a few clicks, any Jio Payments Bank account holder can upgrade to a Savings Pro account, JFSL said in a statement.
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.
Customers can invest up to ₹1,50,000 per day through this facility, it said, adding that redemptions are processed in accordance with guidelines set by the Securities Exchange Board of India.
Customers have the flexibility to instantly redeem up to 90% of their investments, with a maximum instant redemption limit of ₹50,000 and funds exceeding this amount can be redeemed within 1-2 working days.
The entire journey is seamless and fully digital via the JioFinance app, it said.
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, it added.
