SBI Mutual Fund introduces SBI PSU Fund

SBI Funds, the joint venture between State Bank of India, the country's largest bank and SociÃƒ©tÃƒ© GÃƒ©nÃƒ©rale Asset Management (France) has launched its PSU Fund, an open-ended equity scheme, which will invest in stocks of the PSU companies.

The new fund offer opens on May 17, 2010 and would close on June 14, 2010. The net asset value (NAV) would be disclosed on every business day.

Speaking at the launch, Achal Kumar Gupta, MD & CEO, SBI Mutual Fund, said: "Public sector undertakings play a very important role in the economic development of our country. They have helped in creating a diversified industrial base for the country, with their strong fundamentals and sound financials, they offer good investment avenue. Added to this is the divestment opportunity to unlock the value of the PSUs. We believe that SBI MF's PSU fund will help our investors in creating wealth for

The minimum initial investment is Rs. 5,000/- and in multiples of Re. 1/- thereafter with no upper limit during the NFO period. The fund will offer Growth and Dividend options with special facilities of SIP, SWP & STP. The fund's benchmark index is the BSE PSU Index.