SBI Mutual Fund has come out with a 'micro systematic investment plan' that would entail a minimum monthly SIP payment of only Rs 100 a month. This plan is aimed at getting in low income households in rural and semi-urban areas to benefit from long-term investment in equity as an asset class, the source said.
It targets to get 2.5 lakh investors within a year through this plan. If the PAN requirement is waived off for this product, the fund house could target about 10 lakh investors within a year, said the source.
The investment plan, named SBI Chota SIP, also includes a minimum lock-in period of five years, and is available on four select mutual fund schemes of the company. These are SBI Magnum Balanced Fund, MMPS 93, MSFU Contra Fund, and SBI Blue Chip Fund.
This plan would be extended to other schemes as well. The minimum redemption amount under this plan is Rs 500.The fund house, a joint venture between SBI Bank and Societe-Generale AMC of France manages assets worth Rs 26,382 crore as on March end.
It targets to get 2.5 lakh investors within a year through this plan. If the PAN requirement is waived off for this product, the fund house could target about 10 lakh investors within a year, said the source.
The investment plan, named SBI Chota SIP, also includes a minimum lock-in period of five years, and is available on four select mutual fund schemes of the company. These are SBI Magnum Balanced Fund, MMPS 93, MSFU Contra Fund, and SBI Blue Chip Fund.
This plan would be extended to other schemes as well. The minimum redemption amount under this plan is Rs 500.The fund house, a joint venture between SBI Bank and Societe-Generale AMC of France manages assets worth Rs 26,382 crore as on March end.
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