SBI MF launches SBI Banking & Financial Services Fund

SBI Mutual Fund has launched a new fund as SBI Banking & Financial Services Fund, an open ended sector fund. The investment objective of the scheme is to generate long-term capital appreciation to unit holders from a portfolio that is invested predominantly in equity and equity related securities of companies engaged in banking and financial services.

The new fund offer (NFO) will be open for subscription from February 11 to February 24, 2015. The new fund offer price for the scheme is Rs 10 per unit.

The scheme offers regular plan and direct plan.

The minimum application amount is Rs 5000 and in multiples of Rs 1 thereafter.

Load Structure:

Entry load: Not applicable.

Exit load: For exit within 12 months from the date of allotment – 2.00%

For exit after 12 months but within 18 months from the date of allotment – 1.00%

For exit after 18 months from the date of allotment – Nil

The scheme shall invest 80%-100% in equity and equity related securities of companies engaged in banking & financial services with high risk profile and up to 20% in debt and money market instruments with low to medium risk profile.

The benchmark Index for the scheme is CNX Finance Index.

The fund manager of the scheme will be Sohini Andani.