Source: BL
Context:
At the second Annual General Meeting (AGM) of Jio Financial Services (JFS), MD & CEO Hitesh Sethia announced an upcoming innovative product, Savings Pro, under Jio Payments Bank. This marks a new step in integrating banking with investment products for retail customers.
Key Highlights:
Savings Pro – Innovative Deposit Account
- India’s first savings account that auto-invests idle cash into overnight mutual funds for better returns.
- Aims to combine the liquidity of savings deposits with the yield of short-term mutual funds.
- Product designed to enhance customer returns without compromising daily liquidity.
About Jio Payments Bank
- Launched: April 2018
- Promoters: Reliance Industries Limited (RIL) and State Bank of India (SBI)
- Nature: A Payments Bank licensed by the Reserve Bank of India (RBI)
- Objective: Promote digital banking & financial inclusion, especially for unbanked and underbanked Indians.
