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SBI Funds Management Pvt Ltd (a joint venture between State Bank of India and SGAM) has became the first fund house to introduce new payment option (for investment), offering online investment in SBI Mutual Fund schemes through State Bank of India’s ATM-cum-debit cards.

The all-new online payment facility is available through SBI MF website – www.sbimf.com. This facility is available for all SBI Mutual Fund’s equity and most of the debt schemes. Investors can invest amounts  subject to a maximum limit, as periodically decided by the SBI.

Currently, SBI Mutual Fund provides investors an online purchase facility, through its website.  The online purchase facility enables investors to make payments for their investments using the Internet banking facility. There are, at present, arrangements with 12 banks for making payments for investments through the SBI Mutual Fund online platform.  Once the investor fills in his investment details on SBI Mutual Fund online, the investor is given access to the Internet banking payment gateways of any of the 12 banks for effecting payment.

There are approximately 5 crore ATM cum debit cards issued by SBI as on February 28, 2010. Today, only internet banking investors can invest online in SBI Mutual Fund schemes. With the introduction of new facility more than 5 crores SBI ATM cum debit card holders, would  now be technically enabled to invest in SBI Mutual Fund schemes online.

The SBI Mutual Fund website allows a simple way to invest to existing as well as fresh investors. Interested users can register for a SBI MF user ID and password through www.sbimf.com, and make purchases through the online investment module. First time investors need to fill and send a one-time documentation, which consists of their attested PAN card copy, KYC acknowledgement (if applicable) and signed application form copy. Subsequent investments can be done in a paperless manner, with payment allowed through a wide range of bank’s net banking facilities. The latest feature to the benefit of investors having an SBI bank account is the ability to invest through SBI debit card.

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