Idle Savings Earning 2%? Sweep Funds Offer 6.5%

JioFinance now lets users automatically move extra savings into an overnight mutual fund that earns higher returns than a regular savings account, while keeping money instantly accessible whenever needed.

Here's what happened: JioBlackRock's Overnight Fund is now linked to Jio Payments Bank's Savings Pro feature on the JioFinance app, letting idle balances earn mutual fund returns.. Users can choose auto-sweep mode — surplus funds above a set limit move into the overnight fund automatically — or invest manually anytime.. Overnight funds invest in securities maturing in one day, making them extremely low-risk with near-instant liquidity, unlike FDs that lock money for months..

What you should do: Compare: check your current savings account interest rate — most pay 2.5–3.5%; if your idle balance exceeds ₹10,000, a sweep option could meaningfully improve returns.. Explore sweep-in features: several banks (SBI, HDFC, ICICI) and fintech apps already offer auto-sweep to liquid or overnight funds — check if your bank has this enabled.. Understand the tax angle: overnight fund gains held under 3 years are taxed as per your income slab — factor this in before shifting large idle amounts..

Overnight funds have delivered 6–6.8% annualised returns over the past year with virtually zero credit risk — they beat savings accounts without locking your money like an FD.