By
eHow Personal Finance Editor
Difficulty: Moderately Challenging
Things You’ll Need:
Step1
Decide how much you'd be willing to invest in a mutual fund, both initially and on a monthly basis. Don't plan on investing more than 10 percent of your overall investment portfolio.
Step2
Look over the online information on the SBI Mutual Funds website on each of the funds. From the "Products" tab, choose between Equity Schemes, Debt Schemes and Balanced Schemes.
Step3
Take the SBI Mutual Funds' Invest Test online to see which fund they suggest for you. From the "Learning Center" tab, select "Invest Test" and answer each question as honestly as you can.
Step4
Choose the SBI mutual fund scheme(s) that sounds the best to you. This may or may not be the scheme the Invest Test recommends for you.
Step5
Order the prospectuses for the funds you're interested in and read them thoroughly. Note any service fees charged.
Step6
Compare fees, projected profits and performance charts for each prospectus you have.
Step7
Look up the SBI mutual fund's risk level as calculated by Morningstar.
Step8
Select the SBI mutual fund you are most interested in, and download the appropriate application form. All forms are available by clicking on the "Downloads" tab on the home page.
Step9
Submit your completed application to the SBI investment office listed on the application.