Jio Payments Bank offers 6.5 per cent interest with new ‘Savings Pro’ account
Jio Payments Bank has launched 'Savings Pro', allowing account holders to earn up to 6.5 per cent interest on idle funds. Surplus balances above Rs 5,000 will be invested in overnight mutual funds, offering flexible redemption, transparency, and a fully digital process via the JioFinance app
New Delhi: Jio Payments Bank, a subsidiary of Jio Financial Services Ltd (JFSL), on Monday announced the launch of ‘Savings Pro’, which enables customers to earn up to 6.5 per cent on idle surplus funds in their bank accounts.
With just a few clicks, any Jio Payments Bank account holder can upgrade to a Savings Pro account, JFSL said in a statement. Customers need to set a threshold amount of their choice, starting at Rs 5,000 during the initial launch phase. Any surplus funds exceeding this threshold will be automatically invested into select overnight mutual funds, which carry low risk, it added.
Customers can invest up to Rs 1,50,000 per day through this facility, with redemptions processed as per the guidelines of the Securities and Exchange Board of India (SEBI).
They also 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 1–2 working days.
The entire process is seamless and fully digital via the JioFinance app, the company said. With no entry or exit loads, hidden charges or lock-in periods, customers can maximise returns and maintain full control over their money. Users can view eligible mutual funds, set or modify thresholds, and track returns on their investments with complete transparency, it added.
