Jio Payments Bank launches 'Savings Pro' offering up to 6.5 pc interest rate

New Delhi, Sep 22 (PTI) Jio Payments Bank, a subsidiary of Jio Financial Services Ltd (JFSL), on Monday announced the launch of 'Savings Pro', that enables customers to earn up to 6.5 per cent from idle surplus funds in their bank account.

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, and any surplus funds in their account, exceeding this threshold, will be automatically invested into select overnight mutual funds, which carry low risk, it said.

Customers can invest up to Rs 1,50,000 per day through this facility, it said, adding that redemptions are processed in accordance with 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 and funds exceeding this amount can be redeemed within 1-2 working days.

The entire journey is seamless and fully digital via the JioFinance app, it said.

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, it added. PTI DP TRB