SBI Mutual Fund has approved introduction of a Micro Systematic Investment Plan (MicroSIP) facility under the current Systematic Investment Plan facility available under growth options of following schemes: Magnum Balanced Fund, Magnum Multiplier Plus Scheme 93, Magnum Sector Funds-Umbrella-Contra Fund, SBI Blue Chip Fund. The proposed changes are to be effective from 15 April 2009.
Detail of MicroSIP:
The minimum application amount will be Rs 100 and in multiples of Rs 50 thereof. The minimum redemption amount will be Rs 500. Minimum tenure of SIP will be 5 years.
Entry load: For MicroSIP, no entry load will be charge for direct applications while it will charge entry load at 2.25% of the applicable NAV for applications other than direct applications.
Exit Load: For exit before 2 years from the date of investment of each installment, 3% of the applicable NAV will be the exit load. For exit after 2 years but before 5 years from the date of investment of each installment, the scheme will charge exit load at 2% of applicable NAV. However, the schemes would not levy exit load for exit after 5 years from the date of investment of each installments.
MicroSIP facility would be offered to investors having Auto debit facility/direct debit facility with certain banks where SBI Funds Management have specific arrangements. All other terms and conditions as applicable to SIP facility will also apply to MicroSIP facility.
Detail of MicroSIP:
The minimum application amount will be Rs 100 and in multiples of Rs 50 thereof. The minimum redemption amount will be Rs 500. Minimum tenure of SIP will be 5 years.
Entry load: For MicroSIP, no entry load will be charge for direct applications while it will charge entry load at 2.25% of the applicable NAV for applications other than direct applications.
Exit Load: For exit before 2 years from the date of investment of each installment, 3% of the applicable NAV will be the exit load. For exit after 2 years but before 5 years from the date of investment of each installment, the scheme will charge exit load at 2% of applicable NAV. However, the schemes would not levy exit load for exit after 5 years from the date of investment of each installments.
MicroSIP facility would be offered to investors having Auto debit facility/direct debit facility with certain banks where SBI Funds Management have specific arrangements. All other terms and conditions as applicable to SIP facility will also apply to MicroSIP facility.
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