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Jio Bank Plans to Auto-Invest Idle Balance in Mutual Funds
Mint Mumbai
|August 29, 2025
Jio Financial Services Ltd's payments bank arm will soon launch a product that automatically invests idle balances from savings accounts into overnight mutual funds (MFs), according to a top executive.
Deposits at Jio Payments Bank (JPB) and transaction processing volumes in its payments solutions business have seen significant growth, underlining the scale-up of these operations, MD and CEO Hitesh Sethia said at the company's annual general meeting on Thursday.
Overnight MFs are considered the safest scheme as they invest in short-term instruments like overnight repo and government securities with a one-day maturity. As per the JPB website, savings deposits currently earn 2.5% interest, while overnight MFs usually yield around the Reserve Bank of India's repo rate. The repo rate now stands at 5.5%.
This story is from the August 29, 2025 edition of Mint Mumbai.
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