SBI Mutual Fund registers 39% rise in fresh SIPs in FY22
Premium- On an average, the monthly SIP inflow was over ₹1,800 crores in the ongoing financial year and the average SIP size was around ₹2,500.
SBI Mutual Fund, which is the largest AMC in India, reported over 30 lakh new systematic investment plans (SIPs) in the first nine months of FY 22. This amounts to 39% growth in the fund house’s new SIPs compared to FY21.
On an average, the monthly SIP inflow was over ₹1,800 crores in the ongoing financial year and the average SIP size was around ₹2,500.
According to the press release, this was driven by a strong distribution network of independent financial advisors, national distributors and SBI bank branches. In addition, opening of SBI MF’s new branches in several Tier 2 locations, too helped. The press release also provides data on the geographical distribution of these SIPs. The North, East, West and South accounted for 25%, 22%, 25% and 28%, respectively, of the SIPs in the current financial year.
Aided by the record Rs. 14,691 crore collection under its Balanced Advantage Fund and Rs. 8,095 crore under its Multicap Fund, SBI MF became the first fund house to cross the Rs. 6 lakh crore mark for average assets under management in FY22.
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