SBI Mutual funds are supported by the State Bank of India, and they are handled by SBI Funds Management System. To invest in market linked funds, the SBI SIP Plan or Systematic Investment Plan is a good and simple one.  Let us now see why you should invest in SBI mutual fund SIP investment. Then, let's read about the top 10 SBI mutual fund SIP Plans for 2024.  

Why Should You Invest in SBI Mutual Fund SIP Investments? 

SBI mutual funds offer varied options for investment, according to the amount of risk. SBI SIP offerings provide a great deal of convenience and flexibility. Thus, investors feel self-assured to deposit in these mutual funds due to their ease and simplicity. SBI mutual funds are also supported by a strong track record and professional fund management. Investing in them offers a steady way for wealth creation.  

Best 10 SBI Mutual Fund SIP Plans for 2024 

Here is a list of some of the best 10 SBI Mutual Fund SIP Plans for 2024.  

1. SBI Magnum Children’s Benefit Fund 

  • This is a Children Solutions mutual fund scheme 

  • The fund has an AUM of Rs. 2023.42 crores as of 14th June 2024.  

  • The expense ratio: 0.85%.  

  • Since the introduction, the fund has delivered average annual returns of 43.51% 

  • The fund has an allocation of 86.73% to equity and 5.32% to debt with respect to composition. Further, the least SIP amount is Rs. 5,000. 

2. SBI Contra Fund Direct Plan Growth  

  • This is an equity mutual fund scheme.  

  • This has been in place for 11 years and 5 months since its introduction on 1st January 2013.  

  • It has an AUM of Rs. 30,520 crores.  

  • Since the beginning, the plan has delivered an average annual return of 18.12% and an expense ratio of 0.63%.  

  • The minimum SIP amount is Rs. 500. 

3. SBI Long Term Equity Fund Direct Plan Growth 

  • This is an ELSS mutual fund scheme 

  • This fund has been in place for 11 years and 5 months since its introduction on 1st January 2013.  

  • As of 14th June 2024, the plan has Rs. 23,887 crores.  

  • Over the last five years,  

  • Over the last five years, the trailing return of this fund is 29.53%.  

  • The expense ratio: 0.94%  

  • The fund has provided average annual returns of 17.95% since its introduction. Also, the least SIP amount to be invested in the fund is Rs. 500. 

4. SBI Small Cap Fund  

  • The SBI Small Cap Fund was launched in January 2013.  

  • As of 14th June 2024, the AUM of SBI Small Cap fund is Rs. 27,759.65 crores. 

  • SBI Mutual Fund AMC is managed by the SBI Small Cap Fund. It is included amid the top equity schemes with over 29.52% of trailing returns in the last 5 years.  

  • The expense ratio: 0.66%.  

  • The range of this SIP plan is for 10 years, and it consistently exceeds the expectations, benchmarks, and category returns in 1-year, 3-year, and 5-year periods.  

  • Adopting a long-term SIP approach can help in reducing market risks.  

5. SBI Healthcare Opportunity Fund 

  • The SBI Healthcare Opportunities Fund Direct Plan Growth was launched in January 2013.  

  • It is a sectoral pharma fund scheme  

  • As of 14th June 2024, the fund’s AUM is Rs. 2,667.21 crores.  

  • The expense ratio of the fund is 0.95%, Its value is close to the charges that many other sectoral pharma funds levy.   

  • Since its introduction, the fund has provided average annual returns of 18.16%.  

  • The minimum investment in this plan is as low as Rs. 5,000. 

6. SBI Nifty Index Fund  

  • This fund was launched in January 2013. 

  • The SBI Nifty Index Fund is a large cap index mutual fund scheme from SBI Mutual Fund.   

  • The fund’s AUM was Rs. 7,431.36 crores as of 14th June 2024.  

  • The expense ratio: 0.2%  

  • The fund has delivered an average annual return of 13.32% since its introduction.     

  • The minimum amount you can invest to start the SIP plan is Rs. 500 

7. SBI Equity Hybrid Fund  

  • This equity fund strikes a balance between debt and equity securities.  

  • This SBI Equity Hybrid fund comes with a lower risk and a 1% exit load. Thus, the fund has exceeded the benchmark index over the past 3 to 5 years.  

  • As of 14th June 2024, the fund has an AUM of Rs, 68,372.47 crores. 

  • The expense ratio: 0.74% 

  • You can open the SBI hybrid equity fund with a minimum investment of Rs. 5,000.  

8. SBI Dynamic Bond Fund  

  • The SBI Dynamic Bond Direct Plan Growth is a dynamic mutual fund scheme given by SBI Mutual fund.   

  • As of 14th June 2024, the fund’s AUM is Rs. 3,093.78 crores.  

  • The fund has an expense ratio of 0.61%.  

  • Since its commencement, the fund has given an average annual return of 8.27%.  

  • Further, the least SIP amount is Rs. 3,000. 

9. SBI Liquid Funds 

  • The SBI Liquid Fund Direct Plan Growth is a liquid mutual fund scheme  

  • This fund has been present for 11 years and 5 months.  

  • It was launched on 1st January 2013. 

  • As of 14th June 2024, the fund has an AUM of Rs. 70,911.57 crores.  

  • The expense ratio is 0.19% 

  • Since its launch, it has delivered an average annual return of 6.80%.  

  • The least amount essential for starting this fund is Rs. 12,000 

Steps to Invest in SBI Mutual Fund SIP Investment 

Here are the simple steps to invest in SBI Mutual Fund SIP.  

Step 1: Navigate to the official website of SBI Mutual Fund. Go to the ‘Invest Now’ section.   

Step 2: Log in to your account if you are an existing user. Otherwise, for new users, they should sign up first or you can continue as a guest user using your PAN.  

Step 3: Download the KYC form from the portal. Then complete the form by filling up all the essential details.  

Step 4: Once the form is filled up completely, submit it to the closest SBI Funds branch. 

Step 5: The nearest branch can be located by getting in touch with their customer care through phone or email. 

Factors Impacting investments in SBI Mutual Fund SIP Investments 

Here are some factors 

  • Market conditions: Market conditions have a great impact on the performance of SBI SIP investment plans. So, you should always evaluate the current market conditions and economic trends.  

  • Fund selection: You should choose SBI mutual funds that are in accordance with your financial objectives. Factors such as expense ratios, fund performance, and historical trends will influence your selection process.     

  • Asset Allocation: Have a diverse portfolio by choosing various asset classes. SBI SIP gives a pool of options for debt, equity, and hybrid funds, thus enabling strategic selection and allocation.  

  • Cost Considerations: Evaluate the cost of investing in an SBI mutual fund SIP. Select funds that have cost structures that are according to your investment strategy.  

  • Performance Track Record: A fund is considered credible if it has a good track record of delivering returns in various market conditions. Although the track record is not a guarantee that the investments will yield good returns, you should evaluate it and invest based on that.  

Conclusion 

The list of top 10 SBI mutual fund SIP investments provide investors with a wide range of options to choose according to their financial goals and risk tolerance. Individuals must research thoroughly and understand the benefits and risks involved in investing in each of the mutual fund options. This will help them reap maximum benefits out of the investments.  

FAQs on Best SBI Mutual Fund

1. When must I deposit in SBI mutual fund SIP investment? 

SBI SIP does not have any maximum duration, and you can invest as long as you want. But, the SBI Long term equity fund has a minimum lock-in-period of 3 years. Thus, it enables you to stay invested.  

2. Is it possible to change the investment amount in my SBI SIP Plan? 

Yes, you can change the investment amount or frequency after the initial period of investment.