Jio Payments Bank Launches 'Savings Pro', India's First Auto-Investing Saving Account; Here's How It Works

Jio Payments Bank Launches 'Savings Pro: 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, said any Jio Payments Bank account holder can upgrade to a Savings Pro account with just a few clicks.

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Savings Pro Launched: How The Auto-Invest Feature Works

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.

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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.