Mutual fund investments are rapidly gaining credibility in India as all the major banks are giving the investors a chance to do it. The State Bank of India also has different mutual fund schemes which can be beneficial in different ways when it comes to getting excellent returns. However, market risks prevail in case of mutual funds but investors can reliably invest in SBI MF as an efficient fund manager will manage the fund.
Many people possess a desire to invest money in SBI mutual funds but are unaware of the right procedure of doing it. There are some steps in which one can invest in SBI mutual funds. Here are some details about them.
The procedure of investing in SBI Mutual Funds
The procedure of investing in SBI mutual fund is given below. It is the standard and offline method. The online investment method majorly remains the same, but it provides certain conveniences. Try completing all the following procedures to invest in a mutual fund headed by SBI successfully.
Step 1: Call a representative
In the primary step, you will need to call the representative of the SBIMF from the nearest branch. A representative can give you all the needful information about the MF.
Step 2: Complete KYC application form before investing
As an investor, it is mandatory to complete the KYC application before you move further towards investing in an MF. If the KYC is already done, skip this step.
Step 3: Submit documents along with cheque or DD
SBI bank will instruct you to produce some document proofs as they will be verified with all the information given by you in the KYC application. Along with the photocopies of the document, you can give a cheque or DD worth the amount that you can invest. Do not forget to self-attest the photocopies of the documents wherever required.
Step 4: Getting folio and account number
Once your invested amount is accepted by SBI, it will allocate you to a scheme of your choice and deliver you with the folio number. You will also get the account number.
Conveniences of using online portal and mobile application when investing in SBI MFs
The online portal and mobile application of SBI can help you to complete and manage the investment in the mutual fund. Thus, it will be a matter of some clicks while you invest your money. When applying for a mutual fund online, you can enjoy some conveniences. They are given below:
- Lucid and time-saving procedure: Online investment in SBI MF is an easy process where the steps majorly remain the same as the offline process. The investor himself can simply do it.
- Simple accessibility: Accessing the mutual fund investment can be an easy job as only some specific data are required. An investor only needs to complete the KYC procedure and enter his name, address and email id.
- Easy comparison of funds: Information related to the share market is vital for any investor who has put money in an MF. In such a scenario, comparing funds will help a person in tracking the MAV and make further decisions related to the investment. While opting for SBI mutual fund investment one can talk with the online executives too.
- Setting notification alerts: Notification alerts can be set with the SBI that can help an investor to keep track of everything happening in the market. Managing and regulating the NAV will also become easier with the online portal and mobile application.
- User-friendly dashboard: In case of both online portal and mobile application of SBIMF, you can get a user-friendly dashboard where you can upload the scanned versions of your documents as per the requirement of the bank.
With the SBI MF-Partner application, you can execute similar things mentioned above in your mobile with ease.
SBI MF Benefits
The State Bank of India is a prestigious nationalized bank. Thus, you can be sure about the fact that the fund/asset managers appointed to pilot the mutual funds will be proficient. As an investor, you can have some outstanding benefits while maintaining a mutual fund in SBI. Some are mentioned below:
- SBIMF investments can be started with INR 500.
- The bank allows flexibility in the tenure according to the comfort of the investor.
- All investments of SBI SIP are made under the discipline of rupee cost averaging. Thus, you can be sure about getting at least a reasonable bonus even if the condition of the market worsens.
Hence, the benefits of SBIMFs can be considered as outstanding. Whenever a person gets into a mutual fund, the thought of market risk becomes constant in his mind. However, while investing in SBI mutual fund, you can expect to get a reasonable amount of return against your investment even if the share market goes through a crisis.
