You can now invest in mutual funds through MyJio app
What's the story
JioBlackRock Mutual Fund has launched a new feature on the MyJio app, enabling users to invest in mutual funds directly from their smartphones. The company announced the development on social media platform X (formerly Twitter), calling it "a new era of investing." Users can access this feature by creating an account and selecting the "Invest" option under the finance section of the app.
Fund launch
JioBlackRock's debut in the market
The launch of mutual fund access on MyJio comes after JioBlackRock's debut in the market with three open-ended debt schemes. These include the JioBlackRock Liquid Fund, Money Market Fund, and Overnight Fund. The new fund offer (NFO) for these schemes was open for subscription from June 30 to July 2. Each scheme requires a minimum investment of ₹500.
Fund specifics
Liquid Fund targets short-term investors
The Liquid Fund targets short-term investors and invests in debt/money market instruments with a maturity of up to 91 days. It has a graded exit load starting at 0.0070% on Day 1, reducing to zero by Day 7. The Money Market Fund targets instruments with up to one-year maturity and comes with no exit load for those looking for slightly longer-term investments.
Investment options
Overnight Fund invests in instruments with daily maturity
The Overnight Fund invests in instruments with daily maturity, offering low interest rate risk and high liquidity. It also comes with no exit load. JioBlackRock Asset Management is a 50:50 joint venture between Jio Financial Services and global investment firm BlackRock. The fund house had earlier launched its website and early access registration, aiming to offer a digital-first investing experience.