NEWS & ADVICE : HOME LOANS
SBI Chota SIP launched by SBI Mutual Fund
By Joseph Samson
Apr 20, 2009
Print    Email    RSS   

SBI Mutual Fund on Wednesday, April 15th started its equity based micro systematic investment plan (Micro SIP) at Alibaug, near Mumbai.

Micro SIP has been launched to offer long-term investment benefits in equity to low income households residing in the rural and semi-urban areas. "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," said Achal Gupta, Managing Director, SBI Mutual Fund.

The first 100 investors from the low income group in Alibaug were basically the daily wage earners who enrolled with the SIP in the presence of Mr. O. P. Bhatt, Chairman, State Bank of India. This was a part of the initiative taken by the bank.

The bank plans to market the product through intermediaries like Self-Help Groups (SHGs), NGOs and Micro Credit/ Finance Institutions. "We plan to take this product to the masses partly through marketing by SBI Mutual Fund, and partly by setting targets for SBI branches for the sale of this product," said Bhatt.

The plan is called as SBI Chota SIP and requires a minimum investment of only Rs 100 per month with minimum tenure of 5 years.

The bank has also requested the government to remove the permanent account number (PAN) requirement, which is a must for all mutual fund investments, for this plan.

Presently the investors who want to opt for this plan have the option of investing in SBI Mutual Fund's Magnum Balanced Fund, MMPS 93, MSFU Contra Fund, and SBI Blue Chip Fund and later on this plan would be extended to other schemes as well.

 


(Comments Posted : 4) Post Your Comments
1. I have a/c in SBI Am i eligible, to get this scheme.
Biswajit (Posted: Jan 24, 2015)
2. I hold saving account in SBI, and wanted to this scheme is applicable to only Alibaug or also to other cities like Kota(Rajasthan). My montly income in 15000 pm so may i eligible for this?

Sunita Songara
Shailendra Singh (Posted: Aug 10, 2013)
3. I hold saving account in SBI, and wanted to this scheme is applicable to only Alibaug or also to other cities like Vadodara(Gujarat). My montly income in 15000 pm so may i eligible for this?
savita (Posted: Nov 2, 2011)
Show All Comments
COMPARE QUICKLY
 Select a product:
 

CALCULATE QUICKLY
 Select a product:
 

EDITORS' PICKS
Choose right repayment plan for home loans
Bank of Maharashtra reduces home loan rates
What if you default on your loan?
Loan against Property: A shoulder to rest...
Credit score from CIBIL: will it really...


Astrologer 9887132052 تمام زندگی...
Business releated problem solution 9887132052
Black magic speaclist 9887132052
Fair हाई प्रोफाइल 08505800248...
हाई प्रोफाइल 08505800248 Call...
MBD MALL @~O8558O2O6O8~@ Call GiRl ludhiana Phillaur...

NEWS THIS WEEK
Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive