State Bank of India (SBI) has launched a new scheme – Jan Nivesh SIP Scheme. This initiative is designed to expand financial inclusion across the country, making investment and savings accessible to underserved communities. State Bank of India (SBI) Chairman C.S. Setty announced that the bank will not charge any commission under its newly launched ‘Jan Nivesh’ scheme.
What is Jan Nivesh SIP Scheme?
Under the ‘Jan Nivesh SIP’ scheme, SBI is offering micro-systematic investment plans (SIPs) starting at just ₹250. Bank will not charge any commission on this. People can start SIP with only Rs.250. Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), hailed the scheme as a “historic step” in bringing financial services to every Indian household. She praised SBI’s vast network and deep trust among citizens, highlighting its potential to revolutionize the investment landscape.
One of the key challenges in launching micro-SIPs has been ensuring economic viability. Buch noted that while banks and financial institutions had previously introduced Rs 100 and Rs 500 SIP products, they were not widely promoted due to high operational costs.
Buch further stated that small investors play a crucial role in economic growth, and initiatives like Jan Nivesh promote wealth creation at the grassroots level. She expressed confidence that SBI’s efforts will reshape the financial sector:
“In the coming years, SBI will not only be known as the banker to every Indian but also as the investment manager to every Indian.”
How to apply for SBI Jan Nivesh SIP?
Currently, this will be offered only for the SBI Balanced Advantage Fund. The facility will be available on SBI YONO as well as other digital platforms like Paytm, Groww and Zerodha. Paytm’s Vijay Shekhar Sharma said that they were excited about the launch and noted that since the beginning of the event they had already seen 550 registrations on their platform. Click here to download SBI YONO App.
