If you are concerned about saving money for your daughter’s wedding, there’s good news for you.
The State Bank of India (SBI), the country’s largest government bank, offers a mutual fund that can help you build a substantial amount over time.
By investing regularly in this fund for at least 10 years, you can accumulate a lump sum of approximately ₹13 lakh.
The name of this fund is SBI Magnum Children’s Benefit Fund. Let’s understand how it works and why it’s a great option.
What is SBI Magnum Children’s Benefit Fund?
SBI Magnum Children’s Benefit Fund is a specially designed mutual fund scheme aimed at securing the future of children.
This fund provides financial security and helps meet expenses related to education, marriage, and other future needs.
It is a long-term investment plan that offers potentially high returns by investing primarily in equity and debt instruments.
This balanced approach increases the chances of good returns while managing risks.
Why is This Fund Ideal for Your Daughter’s Wedding?
This mutual fund is a great option for long-term savings, especially for marriage expenses. Here’s why:
Higher Returns: The fund invests in both equities and debt, offering the possibility of better returns over time.
Flexible Investment: Investors can invest as per their convenience through SIPs (Systematic Investment Plans) or a lump sum.
Systematic Growth: If you invest for a fixed time period, you can accumulate the required amount without financial stress.
How to Invest in SBI Magnum Children’s Benefit Fund?
Investing in this fund is simple. Follow these steps:
Apply Online: Visit the SBI Mutual Fund website or use the SBI Mutual Fund mobile app to start investing.
Complete KYC: Submit your personal details, address proof, and documents for verification.
Choose Your Investment Plan: Decide the investment amount and mode—either SIP or lump sum.
Start Investing: Once the process is complete, begin your investment journey.
Who Can Invest?
Indian citizens and institutions are eligible to invest.
NRIs (Non-Resident Indians) can also participate.
Investment limit: Minimum investment starts at ₹500 per month (SIP) or ₹5,000 lump sum. There is no maximum limit.
Expected Returns and Investment Strategy
The return on investment depends on market conditions as this fund invests in equity and debt. Historically, it has delivered an average return of 12-15%. However, since equity-based investments involve risk, returns may vary over time.
How Much Should You Invest?
If you aim to accumulate ₹10 lakh for your daughter’s wedding in 10 years, you can invest ₹6,000 to ₹7,000 per month through SIP.
Assuming an average annual return of 12%, your investment can grow to more than ₹13 lakh in 10 years.
You can use an SIP calculator to estimate returns based on time, investment amount, and expected growth.
How Will You Get ₹13 Lakh?
Monthly SIP of ₹6,000 for 10 years = ₹7.20 lakh investment
With 12% annual returns, the interest earned = ₹6.24 lakh
Total accumulated amount = ₹13.44 lakh
With this fund, you can secure your daughter’s future without financial stress. Start investing today for a worry-free tomorrow!
