SBI Mutual Fund, one of the oldest and trusted mutual fund-house in the country, became the first Mutual Fund to introduce an innovative facility ‘Gold Accumulation Facility’ on SBI Gold Fund. The Gold Accumulation Facility would allow investors to invest in the scheme based on a specific quantity of SBI Gold Exchange Traded Schemes (SBI GETS) unit, wherein unit of SBI GETS represent approximately one gram of Gold.
Earlier, SBI Gold Fund investors could invest only by value of SIP amount alone and not by quantity. With the introduction of Gold accumulation facility, it would now be additionally possible for investors to invest basis the quantity of gold (grammage) via the same SIP / STP route.
The Gold accumulation facility can be used by investors through Systematic Investment Plan (SIP) and Systematic Transfer Plan (STP) route. The amount will be calculated for each SIP/STP instalment into SBI Gold Fund, based on the NAV of SBI GETS and the number of units as specified by investor. The amount will be debited from investors’ bank account (for SIP) or will be transferred for source scheme (for STP) and will be invested into SBI Gold Fund at the applicable NAV of SBI Gold Fund on the transaction day. Hence the amount debited will be dynamic every month/quarter. The facility on SIPs will be available through direct debit banks.
Speaking on the launch, Deepak Chatterjee, Managing Director & CEO, SBI Funds Management Private Limited said “We at SBI Mutual Fund have always believed in offering the best of products and services at the right time considering customer needs. A customer research says that investors generally prefer investing in gold on basis of quantity more than its value. With the Gold Accumulation Facility, SBI Gold Fund now offers one of the best investment opportunities to the investors. This is the best option for the investor who aspires for a specified quantity of gold to be accumulated over a fixed period.”
SBI Gold Fund is an open ended Fund of Fund which enables the common man to invest systematically in gold without the need of buying and storing physical gold that too without a Demat account. The fund is designed in such a way, that an investor can invest through a single investment or through SIP/STP, as per their convenience.
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