Children Education Planning with SBI Children's Benefit Calculator
Prepare for your child's treasured dream through investing in SIP
Cost listed is indicative only for the goal selected and is for illustrative purpose only.
Note :
- This calculator is designed to help investors in ...determining the appropriate amount accumulated through SIP investment or lump sum based on assumed rate of returns and does not guarantee any returns. The calculations are not based on any judgments of the future return of the debt and equity markets / sectors or of any individual security / Schemes and should not be construed as promise on minimum returns and/or safeguard of capital. These Calculators alone are not sufficient and shouldn't be used for the development or implementation of an investment strategy. There is no warranty about the accuracy of the calculators/ reckoners. The recipient is advised to consult his or her financial advisor/ tax consultant prior to arriving at any investment decision. The calculation is based on Monthly SIP with selected top-up frequency viz, half yearly or yearly basis on the basis of assumed rate as selected by you. The returns are shown point to point in absolute terms.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.
The current cost of goals listed is taken from https://collegedunia.com/. Overseas cost is converted into rupees at current rates as on 28th August,2020 (1$=73.41 INR). Kindly note these costs are for illustrative purposes only and are subject to change in the future. Investors are advised to check the current cost of the educational courses selected and consult their financial advisor before arriving at any investment decision.
Read More
Video
BePrepared with SBI Magnum Children's Benefit Fund
As parents, do not strive for perfection but #BePrepared to support them financially in the future.
Frequently asked questions
1. Can I, as a parent invest in name of my child from my bank account?
Investments can be made only in the name of a Minor represented by a Guardian (Adult Resident / Non-Resident Individuals). Payment for the investment can be made by means of Cheque / Online Transfer or any other mode from the bank account of the minor/guardian or from a joint account of the minor with the guardian. However, do note that the redemption proceeds will only be made in the account in which the minor is the single/joint holder.
2. Can a grandparent or a relative invest in the name of the child ?
Grandparents can transfer funds to the child's bank account / joint bank account of child with guardian as a gift which could subsequently be used to invest in the fund. A grandparent or a relative can only invest in the name of the child directly, only if he/she is the legal guardian appointed by a court.
3. Once the minor turns into major, will joint account be allowed for redemption proceeds?
Once the minor turns into major, it is expected that he/she should get the status updated in their bank account as well. Subsequently the bank account with joint names, 1st being the Major Holder & 2nd being the parent can be registered in the folio. Yes, redemption proceeds can be credited to such account.
Loading...
