At its 2024-25 Annual General Meeting held on August 28, Jio Financial Services Limited announced that its subsidiary, Jio Payments Bank (JPB), is set to launch a new offering called Savings Pro. According to Hitesh Sethia, Managing Director and CEO of Jio Financial Services, Savings Pro will be India’s first savings account that automatically channels idle funds into overnight mutual funds, aiming to offer customers higher returns.
As of June 2025, JPB served over 25 lakh customers with a deposit base of ₹358 crore. Payments banks, by design, facilitate transactions and remittances, with a ₹2 lakh cap on deposits. Recent rate cuts have reduced JPB’s interest rate to 2.50% per annum from 3.50% earlier this year. Sethia noted that the bank is working to diversify revenue through services like Aadhaar-enabled payments, domestic transfers, and B2B UPI.
JPB has also been selected by the National Highways Authority of India as an acquirer bank to manage toll collections at five national highway plazas. Sethia emphasized the company’s focus on strong unit economics and tailoring products to suit Indian consumers. Jio Financial shares closed 1.79% lower at ₹310.10 on the BSE.
