Find investment schemes ideal
to meet your needs, goals and dreams
Medium and long term equity
investments for capital growth
Mix of debt and equity investments
to offer income and growth
Includes Index Funds, ETFs and
Debt asset investments aimed at
regular and steady income
Schemes aimed at retirement planning and children benefit
Subscriptions open for our New
View SBI Mutual Fund's top trending funds here
Invests its corpus in debt instruments maturing in line with the scheme tenure
View our solution oriented facilities
LEARN MORE ABOUT MUTUAL FUNDS
Tools and calculators to let you assess
investment patterns and amounts
Plan for your life goals with a simple, efficient tool
that helps you invest better
Find out what the returns on your current
investments will be valued at, in future
Get a plan to invest a fixed amount every month and achieve your desired savings
Generate regular income from your investments
Reach your goals faster with top up SIP
Use this calculator to find out how much wealth you will accumulate and return on your investment using STP
Prepare for your child's treasured dream through investing in SIP
Plan early to keep up with your lifestyle even after retirement
Enjoy hassle-free investing on different
channels and devices
Invest online and complete mutual fund transactions in a few simple clicks.
Invest, earn returns and plan for your dreams, anytime, anywhere, with the SBI MF mobile app.
Reach out to our wide network of branches, distributors and agents, to invest in mutual funds
Use m-Easy to invest, redeem and switch schemes, through a simple SMS.
Use SBIMF WhatsApp to get your valuation, product information, and transact with a simple WhatsApp text.
Watch videos to learn the basic details and benefits of mutual funds
Understand financial and technical terms in the simplest of ways
Get clear and concise insights on the concept and working of mutual funds
Try some fun puzzles and games to test your knowledge of mutual funds
Read tips and articles to help you invest better and live happier
Get quick, easy answers to common, mutual fund related questions
Watch Fund Guru make mutual funds simple and interesting
Plan your financial investment journey with Mutual Funds
Complete transactions, service
requests and manage your investment
Redeem close ended schemes matured before 2004
Update details and check status
Get KYC complied and enjoy access
to a range of investment services
Check any dividend or redemption payout that you haven't received
Get your dividend & redemption payouts directly to your bank account electronically
Get the latest statement of your account and investment activities
Subscribe to stay updated on latest product information and news
Get an overview of complaints received by us, and their redressal status
Check if you have any dividend or redemption amount left to be claimed
Update FATCA details in order to be compliant with Indian and USA tax laws
Explore different mutual fund investment options that meet your varied needs
Know the procedure to get your queries / grievances resolved
Check documents and procedure to transmit investment units to surviving holders
View our solution oriented facilities
Driving strategic and innovative descisions with akneen market focus
Get the added advantage of
knowledge with market updates
and information, straight from the
CIO’s desk into your inbox.
Executive Director & Chief Investment Officer
Navneet Munot joined SBI Funds Management as Chief Investment Officer in December 2008. He has over 25 years of rich experience in Financial Markets.
Navneet Munot joined SBI Funds Management as Chief Investment Officer in December 2008. He has over 25 years of rich experience in Financial Markets. In his role, Navneet is responsible for overseeing investments worth over USD 100 billion across various asset classes in mutual fund and segregated accounts. In his previous assignment, he was the Executive Director & Head – multi –strategy boutique with Morgan Stanley Investment Management.
Prior to joining Morgan Stanley Investment Management, he has worked as Chief Investment Officer – Fixed Income and Hybrid Funds at Birla Sun Life Mutual Fund and worked in various areas such as fixed income, equities and foreign exchange.
Navneet is the Chairman of Indian Association of Investment Professional (India society of CFA charter holders with over 3000 members).
Navneet is Nominee Director on the board of SBI PENSION FUNDS (P) LTD
Navneet is a postgraduate in Accountancy and Business Statistics and a qualified Chartered Accountant. He is also a Charter Holder of the CFA Institute and CAIA Institute. He has also done FRM.
30 Dec, 2019
In the midst of continuing geo political frictions with sharp moves in commodity prices, the USD strength has been a
dominant feature in financial markets in the recent past. With the US economy facing the prospects ofsharp interest rate
hikes over the year, as the FED attempts to bring policy levels to neutral and maybe restrictive zone, the moves have
been quite sharp especially against currencies like the JPY where policy stance is expected to stay loose. Most EM
currencies have weakened over the last month with the INR weakening by around 2.7%. With the expected tightening in
global policy rates and resultant volatility in capital flows, the buffer provided by India’s stronger external sector balance
sheet and foreign exchange reserves provide a degree of comfort, even as one needs to watch the incremental direction
in the trade and capital flow accounts.
Equity marketsstayed volatile in April with the benchmark indices witnessing intra month swings of over 7% to eventually
end lower by over 2% and 2.5% respectively on the Nifty and the Sensex. Broader markets fared better with nearly 0.5%
gain each on small cap and mid cap indices. One key headwind for the market in our view was the surge in 10- year bond
yields by 30bps, from 6.84 at the end of March to 7.14 at the end of April. This has made equity valuations expensive on
our preferred gauge that looks at the difference of earnings yield over bond yields. The rise in bond yields in turn was
driven partly by rising global yields and partly by the RBI becoming more concerned on the recent inflation trajectory.
Low bond yields around the world had been a key factor sustaining high valuations for equities. As that changes, equity
valuations are bound to face gravity. This is evinced in the nearly 17% gain for the index over the past 12 months which
is significantly behind the almost 35% earnings growth projected for Nifty in FY22 indicating compression in price to
earnings multiple. With the rate cycle having commenced, both locally and across major global economies, valuations
should continue to drift lower. Earnings growth against this backdrop will be vital to sustain markets.
While PE has moderated from recent highs, the sharp run up in bond yields has further reduced equity attractiveness
On earnings, the trajectory so far has been strong with six quarters of healthy growth. Corporate profits to GDP ratio has
reversed its declining trend of 2008-2020 and is reverting higher. The consensus expects mid-teens earnings growth
annualized over FY24-FY22. Aggregate economic activity on our in-house tracker is now 20% above pre-COVID levels
suggesting a sharp improvement in demand post the Omicron scare earlier this year. However, the near-term outlook
stays uncertain as commodity inflation is likely to weigh on corporate margins. Supply side disruption aggravated by
prolonged geopolitical issues is leading to continued challenges on inflation. More importantly, if inflation challenge
persists it may also cause a slowdown in demand. Last month we had highlighted how US Fed’s attempts to ward off
inflation had resulted in the US yield curve inverting briefly. This is likely foretelling a slowdown in the US as well.
Investors would therefore do well to navigate the near term with caution and patience as markets await signs of a peak
in inflation readings. In the interim, market upsides may be capped as earnings catch up and make valuations more
reasonable. We however stay of the view that beyond the near-term turbulence, we are likely at the beginning of a new
capex driven economic and earnings cycle and would therefore use any sell-off in pro-economy stocks to add from a midlonger perspective.
Providing explicit policy guidance has been a challenging proposition even in more sanguine times, notwithstanding the
debatable effectiveness of such a practice. However, this has been mainstreamed even in India ever since the Inflation
Targeting framework was established. With rapidly evolving macro developments accentuated by uncertain events such
as the pandemic and recently, geo political frictions, central banks would probably be better served by keeping a higher
degree of optionality or latitude on their policy actions to deal with uncertainties, lest market pricing drive policy actions
in potentially sub optimum outcomes over time. This is more relevant as markets, conditioned to inactions by central
banks, begin to quickly reprice as policy stance starts to diverge rapidly from consensus or prior guidance.
Over the last 3 months, the RBI policy guidance, statements and finally actions have undergone a rapid shift, with markets
in the process of adjusting to the changing realities. More so, these changes need to be seen in the context of a distinct
shift in most central bank policy actions, some of which have only accelerated in the recent past.
The February policy review saw the RBI turning out to be excessively dovish and downplaying all concerns on inflation
with a projection of 4.5% CPI for FY23. As geo political pressures erupted in end Feb with commodity prices moving up
further, the April Policy review was more nuanced and cautious with the CPI projection being marked up to 5.7% for FY23.
The guidance shifted to prioritising inflation and the RBI effectively raised the floor for money market rates by introducing
the Standing Deposit Facility as the floor at 3.75%. At the same time, the policy guidance had subtly shifted to removal
of accommodation, though over a multi-year gradual process. In a surprise inter meeting move, the RBI yesterday hiked
the policy Repo Rate by 40 bps to 4.40% with immediate effect. More surprisingly the central bank has announced a 50
bps hike in the CRR that would absorb durable liquidity of around Rs 870 Bn. While the policy stance remains
accommodative, the focus stays on withdrawal of accommodation. While the last policy specifically mentioned a multi -
year gradual process, the sequencing of the same may need to be dictated by macro realities. While no explicit reference
to the time line was provided in the statement yesterday, one hopes that the central bank isn’t hamstrung by policy
guidance in appropriately modulating excess liquidity consistent with the central mandate of maintaining price stability.
The actions by the RBI marks the first decisive action to unwind the crisis era policy of excessive liquidity accompanied
with policy rate cuts. Given that the effective policy rate was anchored around the Reverse Repo rate for a long period,
policy settings have remained far easier than that implied by the headline Repo Rate. The CRR hike, which remains the
most blunt, though effective tool in the absence of MSS, probably reinforces the RBI’s changed stance of addressing the
issue of excess liquidity in a more decisive manner. As we have stressed in the past, VRRR auctions are ineffective tools
to address durable liquidity and the signalling effect of high VRRR cut offs also get diluted by excess system liquidity and
its uneven distribution across the financial system. A transition to more neutral levels of liquidity would be in order and
is likely to happen over the coming months as the RBI policy focus has decisively shifted to inflation control and to anchor
The surprise inter meeting hike could be a result of the very likely possibility of the CPI breaching the 6% upper band for
3 consecutive quarters. With the March CPI printing closer to 7% and the reading for April likely to be even higher, decisive
policy actions were probably warranted. Recent uptick in food prices and continued impact of higher input price and
passthrough also warrant attention. This leads us to be cautious on the evolution of CPI in the coming months with
material upside risks to the RBI projection of 5.70% CPI for FY23. We expect this number to undergo further upward
revision, which would warrant more policy actions and durable liquidity absorptions. Given the evolving uncertainties,
we would not hazard a guess on the terminal rate in this cycle, though we remain hopeful that adequate adjustments to
liquidity in a timely manner may keep the policy hiking cycle to be relatively moderate, given the challenges on durable
To some extent, the RBI has broadly followed the pattern set by the US FED, which espoused the narrative of transitory
inflation until Q3 of CY21, subsequently accelerated the pace of taper (though shockingly continued to buy bonds in
reduced quantities even as late as March 22), moved ahead with a modest hike in March and subsequently has
conditioned marketsfor larger actions which has been followed up with a 50bps hike in the May 22 FOMC meet. However,
it must be admitted that the RBI stopped injecting primary liquidity by H2FY22 and looks likely to remain so for a while.
The impact of eventual QT that has been announced by the US FED starting June with a natural run- off process and how
that plays out remains uncertain.
Given the challenging external backdrop and more importantly, the shift in RBI stance and actions, the preference for a
lower duration stance with focus on adequate liquidity has been broadly appropriate. We would continue to prefer the
same stance as the process of adjustment plays out. We would expect opportunities to take strategic long term
investments to open up over the coming months as the market repricing continues.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Managing Director & Chief Executive Officer
Mr. Vinay M. Tonse, Deputy Managing Director of State Bank of India (SBI), is on deputation to SBI Funds Management Limited since June 22, 2020.
Mr. Tonse started his career with SBI in 1988 as Probationary Officer.
He has worked in different geographical locations in India and abroad heading various business functions. He has good experience of handling and managing various areas of Banking such as Operations, Retail Banking including Agriculture credit and MSME sectors, Corporate Credit, International Banking Operations, Treasury Operations, Equity Portfolio Management, Private Equity, Venture Capital and Training.
Before his deputation to SBI Funds Management Limited, he was heading the Chennai Circle of SBI as Chief General Manager (June 2018 to June 2020). He had an overall responsibility of managing all the branches and offices of SBI situated in Tamil Nadu and Puducherry.
Other key assignments held by Mr. Tonse during the last 10 years in SBI are as under:
• General Manager, Corporate Accounts Group – II, Mumbai (November 2016 to June 2018)
• Deputy General Manager, Equity & Commodities (Global Markets), Mumbai (June 2013 to November 2016)
• CEO, Osaka Branch, Japan (August 2009 to June 2013)