SBI Mutual Fund has announced a revision in the exit load structure of the following funds: Magnum Balanced, Magnum Equity, Magnum Multiplier Plus 1993, Magnum Global, Magnum Midcap, Magnum COMMA, Magnum FMCG, Magnum IT, Magnum Pharma, Magnum Contra, Magnum Emerging Business, Magnum Multicap, SBI Blue Chip and Magnum NRI Investment Fund (Flexi Asset Plan).
Currently, these schemes charge an exit load of 1% for investments below Rs. 5 crore if redeemed within six months.
With effect from April 28, 2008, for investments less than Rs 5 crore, an exit load of 1% will be charged if redeemed within 6 months and an exit load 0.5% will be charged if redeemed after 6 months but before 12 months from the date of allotment.
For Magnum Index Fund, an exit load of 0.5 % instead of 1.25 % will be charged for an investments less than Rs. 50 lakh.