The scheme, known as Bandhan SWP (Systematic Withdrawal Plan) by SBI Mutual Fund, aims to offer financial security to you or to your loved ones, since it can also be given as a gift, giving them a regular flow of money into their bank accounts, monthly, quarterly as the case may be, while unlocking the value of your share in the mutual fund scheme.
SBI Bandhan SWP is a scheme through which you can set a SWP with direct regular payout in your beneficiary’s registered bank account can be started by just issuing one-time instruction to the SBI Mutual Fund. A SWP is a scheduled investment withdrawal plan, used in retirement or otherwise. Investors can structure the SWPs in various ways. Mutual funds typically allow an investor to determine a systematic withdrawal plan that includes interval payouts monthly, quarterly, semi-annually or annually.
In order, to initiate the ‘Bandhan-SWP’ facility you either need to have an investment in growth option of an open-ended scheme of SBI Mutual Fund or start a fresh investment in the same.
One of the biggest priorities of every individual is to provide financial support to their loved ones, so while you juggle between your profession and family, let #BandhanSWP help you take care of your finances.— SBI Mutual Fund (@SBIMF) April 6, 2018
Read more: https://t.co/aOQZ5p3Qk4#Inspirepic.twitter.com/q6B3WG9dYM
Here are the steps you need to know if you plan to invest in the ‘Bandhan-SWP’scheme:
Fill up the form for Bandhan-SWP facility, specifying beneficiary details, withdrawal amount, duration etc.
Submit the form along with the beneficiary KYC-establishing the relationship status and bank account proof.
After this, the pay-outs will be directly credited to the beneficiary’s bank account at monthly frequency.
You make sure that your loved ones (parents or someone else) get to receive money at regular intervals, offering them financial security when they need it in the old age.
The instructions given to the bank to credit the bank account of beneficiary (say your father) will ensure that your father’s account gets credited regularly.
It gives a sense of financial liberty to the beneficiary as one does not need to worry about the flow of funds.
While you take care of the requirement, your remaining capital is positioned for possible capital appreciation.
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