DSP Mutual Fund has announced changes in the load structure of the Balanced and the Bond Fund. These changes would come into effect from September 3, 2001.
A CDSC has been introduced in DSPML Bond Fund. The fund will not charge an exit load for redemption amount above Rs five lakhs. For all redemption value of Rs 5 lakhs and below, it will levy an exit load ranging from 0.10 to 0.60 percent, for redemptions made within 180 days of an investment.
The following slabs of exit load will be applicable: for redemptions within 30 days, a load of 0.60%, between 31 and 60 days a load of 0.50%, between 61 and 90 days a load of 0.40%, between 91 and 120 days a load of 0.30%, between 121 and 150 days a load of 0.20% and between 151 and 180 days, a load of 0.10%. For DSPML Balanced Fund, an exit load of 1.25% would be charged for redemptions made within 12 months of investment.
Moreover, investors of the DSPML Bond Fund can now avail the dividend reinvestment option also. Investors have also been offered the Direct Deposit Application Facility for purchase and redemption of units provided the fund transfer is through the designated accounts. This facility would be currently available only in Mumbai and later on in other cities,
Cholamandalam Mutual Fund has launched an open-end equity fund on August 10, 2001. The initial offer closed on August 24, 2001. The minimum initial amount one can invest is Rs 5000 and subsequently Rs 1000.
The fund is available at a 1% entry load during the intial offer. While on an ongoing basis, the fund would charge no entry load however an exit load of 2% would be charged for redemptions made within 1 year of investment.
The fund offers a Cumulative and a Dividend Plan. The dividends under the Dividend Plan would be declared on a half yearly basis. The fund also offers facilitations like SIP and SWP.
Under the Systematic Investment Plan an investor can invest a minimum of Rs 1000 and subsequently 6 cheques of Rs 500 each. The fund also offers a quartely SIP option wherein an investor can invest atleast 4 cheques of Rs 1500 each. Under the Systematic Withdrawal Plan, a minimum of Rs 1000 can be redeemed. The minimum balance to be maintained is Rs 5000.
SBI Mutual Fund has declared dividends in its schemes. A dividend of 7.50% has been announced under Magnum Liquibond Income Fund.
The record date for the same would be September 20, 2001. A dividend of 0.75% would be paid under Magnum Monthly Income Plan - Monthly Dividend Option and a dividend of 1% under the dividend plan of Magnum Gilt Fund Short-term Plan. The record date for these dividends was August 31, 2001.
