SBI MF's dividend yield fund collects over Rs 3,600 crore during NFO

NFO receives around 123,000 applications from over 70% of pincodes in India, the fund house says

SBI Mutual Fund's dividend yield fund collected around Rs 3,600 crore during the new fund offering (NFO) period, making it the largest scheme in the category by assets under management (AUM).

The fund house recorded strong growth on the back of a strong promotion in regional languages, with about 123,000 applications from 70 per cent of pin codes in the country and 40,000 new investors, SBI MF said in a press release.

The NFO of SBI Dividend Yield Fund was opened between February 20 and March 6, and will reopen for subscriptions on March 17, the company said in a statement.

SBI MF, which has a strong distribution network due to its associate distributor SBI's presence across India, holds the record for the highest NFO collection. The fund house's Balanced Advantage Fund NFO in 2021 has collected over Rs 12,000 crore, the highest ever in the industry.