Jio Payments Bank now turns your idle money into returns
What's the story
Jio Payments Bank has launched a new feature called 'Savings Pro,' an innovative service that automatically invests customers' excess funds into overnight mutual funds. The move is aimed at helping account holders earn up to 6.5% returns on their idle bank balances. The service can be accessed via the JioFinance app and is available to both existing and new customers of Jio Payments Bank. Jio Payments Bank is marketing this as an industry-first initiative.
Working mechanism
How 'Savings Pro' works
The 'Savings Pro' feature allows customers to set a minimum balance threshold, starting at ₹5,000. Any amount above this limit is automatically invested in the growth plans of overnight mutual funds. Customers can invest up to ₹1.5 lakh per day through this facility, with instant redemption of up to 90% of their investments (up to ₹50,000). Larger amounts can be withdrawn within 1-2 working days without any entry or exit charges or lock-in periods.
Market response
Investment returns based on annualized 2-year performance data
Vinod Easwaran, MD & CEO of Jio Payments Bank Limited, said the 'Savings Pro' feature is a response to the growing demand for smarter savings options. He said, "In an environment of softening interest rates, today's financially aware customers are actively seeking smarter alternatives to grow their savings." The returns on investments through this feature are based on the annualized 2-year performance data of overnight mutual fund growth plans and are subject to market risks.