Jio Payments Bank Launches ‘Savings Pro’ for Higher Returns on Idle Deposits.
Banking & Finance
In August 2025, Jio Payments Bank Limited (JPBL), a wholly owned subsidiary of Jio Financial Services Limited (JFSL), introduced ‘Savings Pro’, India’s first savings account that automatically invests idle balances in overnight Mutual Funds (MFs), helping depositors earn higher returns without extra effort.
- The launch was officially announced by Hitesh Sethia, Managing Director (MD) & Chief Executive Officer (CEO) of JFSL, during the company’s Annual General Meeting (AGM) for 2024–25. This marks a milestone in India’s banking innovation by linking traditional deposits to overnight MFs.
- ‘Savings Pro’ was introduced to address the decline in savings account interest rates to nearly 2.5%, enabling customers to shift idle balances into overnight MFs that typically deliver returns between 4% and 6% per annum, significantly higher than conventional savings accounts.
Main Point :- (i) The product has been designed with a deposit cap of ₹2 lakh per customer, as per the payments bank regulations, making it most suitable for individuals seeking short-term surplus cash management and emergency fund parking, rather than long-term investments.
(ii) Under this mechanism, idle balances in customer accounts are automatically and seamlessly invested into overnight debt mutual funds, which invest in money market instruments maturing the next day. These funds are open-ended, low-risk, and require minimal intervention, ensuring safety with liquidity.
(iii) By offering this innovation, Jio Payments Bank aims to combine the liquidity of a savings account with the enhanced returns of mutual funds, giving customers a simple, automated way to optimize idle money without active financial management.
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