JioFinance App Integrates JioBlackRock Overnight Fund with Savings Pro Feature
JioBlackRock has integrated its Overnight Fund with the Savings Pro feature on the JioFinance App. This allows Jio Payments Bank users to automatically invest surplus savings into mutual funds daily, offering a seamless way to manage idle cash while ensuring liquidity.
Highlights
- •JioBlackRock Overnight Fund is now integrated with Savings Pro on the JioFinance App.
- •Users can automatically invest surplus balance amounts exceeding a pre-set threshold.
- •The platform supports instant redemptions for up to Rs 50,000 or 90% of the invested amount.
- •Onboarding for the service is fully digital, requiring only Aadhaar and video KYC.
The JioFinance App has introduced a new capability, enabling users to optimize their idle savings through the JioBlackRock Overnight Fund. This integration, facilitated through Jio Payments Bank Limited, links the specialized investment fund directly with the Savings Pro feature. This development allows customers to seamlessly manage their surplus capital while maintaining full liquidity and ease of access.
Enhancing Financial Management with Savings Pro
The Savings Pro initiative is designed to bridge the gap between traditional digital banking and investment growth. By utilizing this service, account holders can establish a specific threshold for their account balances. Any funds exceeding this pre-set amount are automatically funneled into overnight mutual funds via the platform's Auto-Invest mechanism on a daily basis. For those who prefer manual control, a One-Time investment option is also available for immediate deployment of extra cash.
Users have the flexibility to define their balance thresholds between Rs 5,000 and Rs 1,50,000. To ensure daily operations remain manageable, a maximum investment limit of Rs 1,50,000 has been set. This approach ensures that customers are not just keeping money idle, but actively putting it to work without requiring complex financial expertise or constant manual intervention.
Flexibility and Ease of Access
A key focus of this integration is ensuring that customers retain control over their finances. The platform allows for instant redemption of up to Rs 50,000 or 90 percent of the total invested value, whichever is lower. Any requests exceeding these instant limits are handled on a T+1 basis, maintaining alignment with regulatory standards. Furthermore, the offering is structured without entry or exit loads and carries no lock-in periods or hidden charges, providing a straightforward financial tool.
According to Sid Swaminathan, Managing Director and CEO of JioBlackRock Asset Management, this move successfully combines banking convenience with sophisticated investment solutions, making financial products more accessible to a broader user base. Vinod Easwaran, Managing Director and CEO of Jio Payments Bank, emphasized that Savings Pro was built to provide efficiency, liquidity, and flexibility for salary and savings account holders.
Onboarding is entirely digital, utilizing Aadhaar and video KYC procedures through the JioFinance App. Once active, users can conveniently track their investment performance, monitor transaction histories, and adjust their thresholds at any time. This integration represents a significant step in developing a cohesive digital financial ecosystem, merging everyday banking functions with strategic investment opportunities.
