SBI Mutual Fund launched the SBI Nifty 500 Index Fund today, September 16. It is an open-ended scheme tracking the Nifty 500 Index.
The NFO is available from September 17 to September 24, 2024.
The investment objective of the scheme is to provide returns that correspond to the total returns of the securities as represented by the underlying index, subject to tracking error.
The scheme would primarily invest a minimum of 95 per cent and a maximum of 100 per cent of its assets in stocks comprising the Nifty 500 Index and up to 5 per cent in government securities including triparty repo and units of liquid mutual fund.
The minimum application amount required is Rs 5,000 and in multiples of Re 1 thereafter.
Investments can also be done through daily, weekly, monthly, quarterly, semi-annual, and annual SIP (systematic investment plan).
It is the leading mutual fund house in the country, managing an AUM of over Rs 10 lakh crore.