Jio Payments Bank to launch ‘Savings Pro’, India’s first auto-investing savings account

Jio Financial Services Limited, at its Annual General Meeting for 2024-25, on Thursday (August 28), announced that its subsidiary, Jio Payments Bank Limited, is preparing to introduce an innovative product named Savings Pro.Addressing shareholders, Hitesh Sethia, Managing Director and Chief Executive Officer of Jio Financial Services, said that Savings Pro will be India’s first savings account that automatically invests idle cash into overnight mutual funds for better returns.

The Jio Payments Bank was serving over 25 lakh customers and had a deposit base of over ₹358 crore as of June this year. Payments banks are primarily aimed at offering payments and remittances to customers, and have restrictions including a Rs 2 lakh cap on the maximum permissible deposits.

Also Read: Jio Financial Services Q1 Results: Revenue up 47% YoY, profit rises to ₹325 croreThe rate cuts have seen the interest rate offered for Jio Payments Bank customers decline to 2.50% per annum from June 3, down from 3.50% that existed pre-February 2025.

Diversifying revenue streams is a focus for the payments bank, Sethia said, pointing out that services like Aadhaar-enabled payments, domestic money transfers, and B2B UPI will help in this aspect.JPB has been empanelled by the National Highways Authority of India as an acquirer bank for toll processing, with a mandate to manage five National Highway toll plazas, he said.

Also Read: Jio Financial AGM: Loan book soars to ₹11,665 cr in Q1 from ₹217 cr, MF assets cross ₹17,800 cr

Sethia said each of Jio Financial Services’ businesses is in a different stage of its lifecycle, and the parent entity is focusing on unit economics to bring products and services which are relevant to Indian customers.

Shares of Jio Financial Services Ltd ended at ₹310.10, down by ₹5.65, or 1.79%, on the BSE.

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