December 2017

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Jan
9

Dear Investors,

The markets ended November on a tepid note with S&P BSE Sensex down 0.2% and Nifty 50 declining 1.1%. The market sentiments were boosted, on the back of the India's sovereign credit rating upgrade by Moody's Ratings Agency. However, markets saw a correction post the rating upgrade on concerns over rising crude oil prices, rising global interest rates and increasing fiscal deficit levels in several countries. Mutual funds flow however maintained its streak with positive net flows of around ₹1.26 Lakh crore.

Moving away from markets and industry, I would like to bring your focus on linking of Aadhaar card. The government has made it mandatory for consumers to link many important services with Aadhaar. You too may be getting frequent reminders to link your banks accounts, mutual fund investments and mobile number with Aadhaar. You should be aware that 31st December is the last date for linking Aadhaar to your PAN card (existing Aadhaar holders), bank accounts and mutual fund investments.

Aadhaar – a Government of India initiative – is a 12-digit unique identity number issued by UIDAI (Unique Identification Authority of India) to provide a unique identification to every person in India using biometrics. Aadhaar issuance has helped promote the use of digital transactions and eased customer onboarding process for the mutual fund industry. e-KYC which is a Aadhaar based KYC has made the entire process paperless, quick and convenient for investors. SBI Mutual Fund facilitates Aadhaar based KYC both through its website and mobile application. Investors can create a zero-balance folio using Aadhaar and then proceed to make transactions through different payment options in the form of Debit card, Unified Payment Interface (UPI) and e-One Time Mandate (OTM). For existing investors, they will need to link their existing folios to Aadhaar on or before 31st December 2017. This can be done by vising the CAMS website and submitting the required details under Link (provide the link) your Aadhaar section. One can also visit the nearest Investor Service Centre of SBI Mutual Fund to complete this process.

We would like to assure you that, at SBI Mutual Fund, we would provide our investors with all the support needed so that you can trust us with your investments and future needs. You may get in touch with your financial advisor or visit our website for more information on SBI Mutual Fund products.

Warm Regards,

Anuradha Rao
Managing Director & CEO

 

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