Mumbai: State Bank of India‘s (SBI) mutual fund unit on Wednesday lowered the minimum monthly investment limit in select funds to Rs100, joining the likes of UTI Mutual Fund and ICICI Prudential Asset Management.
The funds are Magnum Balance, MMPS-93, MSFU Contra fund and SBI Blue Chip fund.
SBI Mutual Fund hopes to attract about 250,000 investors in the first year with this initiative, SBI chairman O.P. Bhatt said.
Typically, the minimum investment into Indian mutual funds is Rs500, but an increasing number of money managers are lowering the investment threshold, in a bid to attract small investors from tier II and tier III cities.