SBI Mutual Fund has launched SBI Gold Fund, an open ended Fund of Fund to enable the common man to invest systematically in gold and take advantage of the current rally.
The New Fund Offer (NFO) open for subscription from August 22, 2011 and close on September 5, 2011. The New Fund Offer (NFO) price for the scheme is Rs 10 per unit.
The fund is designed in such a way, that an investor can invest through a single investment or through Systematic Investment Plan (SIP) as per their convenience. The minimum denomination of investment is kept as Rs 100, which is very affordable for a common man. (View - New Fund Offers open NOW)
The corpus collected through the NFO will be invested in SBI GETS, the Gold ETF offering from SBI Mutual. SBI GETS, the best performing gold ETF in the last 6 months has given returns of 28.6% as on 18th August 2011 which is 36.57% higher than the BSE Sensex returns of -12.5% as on August 18th 2011.
Speaking at the launch Mr. Deepak Chatterjee, Managing Director, SBI Mutual Fund said,