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Investing in mutual funds has become very popular nowadays. Apart from FDs, individuals have started considering mutual funds as an important investment option for building wealth over time. SIPs (Systematic Investment Plans) provide people with an option to put a sum of money in a mutual fund at pre-defined intervals.
Just like all major banks, SBI also offers its customers the facility of opening an investment account that allows them to invest in mutual funds through SIPs.
Below, we’ll see how you can open a SIP account in SBI - using both online and offline processes and the benefits of doing so.
What is an SIP?
A Systematic Investment Plan - known as SIP - is an investment option provided to investors by mutual funds using which they can invest in a disciplined manner at regular intervals of time. A fixed amount of money can be invested in a mutual fund regularly through SIP - which can be done weekly, biweekly, monthly, quarterly, or annually.
How to Open a SIP Account in SBI Online
To invest in Mutual Funds through SIP, you'll need to follow these steps:
1. Choose an SBI Mutual Fund Scheme:
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Visit the SBI Mutual Fund website or use the YONO SBI app to explore different schemes.
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Consider your investment goals, risk-taking ability, and investment horizon to select a suitable scheme.
2. Complete KYC (Know Your Customer) Verification:
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If you're a new investor, you'll need to complete the KYC process.
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You can download the KYC form from the SBI Mutual Fund website and submit it to the nearest SBI Mutual Fund branch.
3. Open a Mutual Fund Account:
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Once your KYC is verified, you can open a Mutual Fund account with SBI Mutual Fund.
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This can usually be done online through the SBI Mutual Fund website or the YONO SBI app.
4. Start Your SIP:
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After opening the Mutual Fund account, you can initiate a Systematic Investment Plan (SIP).
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You can choose the SIP amount, investment frequency, and start date.
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You can set up an auto-debit mandate from your bank account for smooth SIP investments.
How to Open a SIP Account in SBI Offline
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Visit your nearest SBI branch.
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Tell the bank staff you want to start an SIP.
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Give them the needed papers: SIP form, ID proof (like PAN card), address proof (like a bill), and bank account details.
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Choose an SIP plan that suits your goals and risk. SBI has many options.
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Decide how much to invest and how often (monthly, quarterly, etc.).
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Schedule automatic debits from your bank account.
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Finish the KYC process if you haven't already.
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Pay the first SIP amount in cash, check, or online.
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SBI will give you papers confirming your SIP and details about payments.
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Keep track of your investments and check them often. Make changes if needed.
Investment Options:
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Popular Funds: Invest in well-known funds.
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New Fund Offers (NFOs): Invest in newly launched funds.
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Equity Funds: Invest primarily in stocks.
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Hybrid Funds: Blend stocks and bonds for balanced growth and income.
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Debt Funds: Invest primarily in bonds.
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Other Funds: Invest in specific sectors or themes.
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Solution-Oriented Funds: Invest to meet specific financial goals.
Features of Investing Through SBI YONO app Online
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Invest instantly in lump sums or SIPs.
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Choose from over 40 SBI Mutual Fund schemes.
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No paperwork needed for investment.
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Instantly check your KYC status.
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Create a zero folio account to start investing immediately
How to Invest Through YONO SBI App
1. Log in to Your YONO SBI App:
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Open the YONO SBI app.
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Enter your login credentials.
2. Navigate to the Investment Section:
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Once logged in, look for the "Investment" section within the app's main menu. This section typically has various investment options.
3. Select "Invest in MF":
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Within the Investment section, you'll find an option labelled “Invest in Mutual Funds.”
4. Choose Your Investment Scheme:
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You'll be presented with a list of available SBI Mutual Fund schemes.
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Choose from various options based on your financial objectives and begin your investment journey.
Frequently Asked Questions
1. Can I start SIP in SBI online?
No, you can't start a SIP directly through SBI online banking. For a seamless investment experience, choose SBI Mutual Fund or YONO.
2. Which SIP is best for SBI?
Some of the best SIPs for SBI include the SBI Magnum Children's Benefit Plan, SBI Contra Fund, SBI Long Term Equity Fund, SBI Small Cap Fund, SBI Healthcare Opportunities Fund, SBI BlueChip Fund, SBI Nifty Index Fund, etc.
3. How can I invest in SBI SIP online?
You can invest in SBI SIP online through the SBI Mutual Fund website, YONO SBI app, or other investment platforms like Zerodha or Paytm Money.
4. Can I invest 1000 ₹ per month in SIP SBI?
Yes, you can begin your investment journey with an SIP of just Rs. 500 per month in most SBI Mutual Fund options.
5. How to automatically renew SBI SIP?
Most SIPs automatically renew unless you specifically choose to stop them. However, it's advisable to review your investments periodically.
Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.