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SBI mutual funds, has launched equity-based Micro Systematic Investment Plan (Micro SIP) aimed at getting in low income households in rural and semi-urban areas to benefit from the long-term investment in ‘Equity’ as an asset class. This plan will be called SBI Chota SIP.
For monthly investment as low as Rs. 100, investors from low-income group as well as investors who intend to invest small portion of their savings would now be able to participate in capital markets and be a part of India growth story.
Micro SIP facility will be available in respect of four equity diversified schemes of SBI Mutual fund with effect from April 15, 2009. They are Magnum Balanced Fund, Magnum Multiplier Plus Scheme 93, Magnum Sector Funds Umbrella-Contra fund, and SBI Blue Chip fund.
The minimum investment amount will be Rs.100 and multiples of Rs.50/- thereof. The minimum redemption amount will be Rs.500/-. Minimum tenure of SIP will be 5 years.