Jio Payments Bank, a subsidiary of Jio Financial Services, 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.
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.
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% 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.