Jio Payments Bank Launches Savings Pro to Boost Customer Returns

Jio Payments Bank has launched Savings Pro, a digital facility that invests excess account balances into overnight mutual funds. The bank said the feature can offer potential returns of up to 6.5%, compared with conventional savings account rates, as per news reports. 

Operational Details 

Customers can set a minimum balance threshold starting at ₹5,000. Any amount above this level is automatically transferred for investment. The daily investment limit is ₹1.5 lakh per user. 

For liquidity, up to 90% of the invested amount can be redeemed instantly, capped at ₹50,000. The remaining portion is credited within one to two working days. 

Access and Fee Structure 

Savings Pro is available through the JioFinance app and is fully digital, with no paperwork required.  

The bank stated that there are no entry or exit charges, no lock-in periods and no additional fees associated with the feature. The product combines a transactional bank account with exposure to overnight mutual fund instruments. 

About the Company 

Jio Payments Bank is part of Jio Financial Services Limited (JFSL), which is registered as a Core Investment Company with the Reserve Bank of India. JFSL operates across payments, lending, insurance and investment segments through its digital platform. 

The company has entered a joint venture with BlackRock to offer asset and wealth management services in India. It has also formed a 50:50 joint venture with Allianz Group to provide reinsurance services, subject to regulatory approvals. 

Read More: Indoco Remedies Share Price Gains Over 2%; Gets USFDA Approval for Lacosamide Oral Solution USP! 

Conclusion 

Savings Pro adds an automated investment option to a payments bank account, allowing surplus balances to be deployed in overnight mutual funds while maintaining short redemption timelines for users. 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.   
 
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.