SBIMF launches Micro SIP

MUMBAI: SBI Mutual Fund on Wednesday launched its equity���based micro systematic investment plan (Micro SIP). It is 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 is called as SBI Chota SIP.

As a part of this initiative, the first 100 investors from the low income group in Alibaug (near Mumbai) ��� essentially daily wage earners, enrolled with SBI Mutual Fund���s Micro SIP in the presence of Mr. O. P. Bhatt, Chairman, State Bank of India.

SBI Mutual Fund plans to reach out to low-income households through intermediaries like Self-Help Groups (SHGs), NGOs and Micro Credit/ Finance Institutions. The minimum investment to invest in Chota SIP is as low as Rs. 100 per month and the investment period of SBI Chota SIP would be minimum of 5 years.

Currently SBI Chota SIP investors 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. To invest in SBI Chota SIP, investors would require PAN card.