Fortis Mutual Fund has notified introduction of 'Institutional Plan' under Fortis Flexible Short Term Plan - Series B.
Details of the plan introduced are as follows:
Minimum application amount: Rs. 1 Crore.
Face Value: Rs. 10 per unit.
Options under the plan: Growth Option and Dividend Option (Monthly, Calendar Quarterly, Quarterly). Both options will have 2 facilities viz. Automatic Renewal and Automatic Redemption facility.
Entry load: Nil.
Exit load: 4% if units are redeemed at any time other than during the interval period.
Benchmark: Crisil Liquid Fund Index.
Total recurring expenses (estimated): 2% of net assets (including Management Fee of 1.25%).
The 'Institutional Plan' shall be introduced with effect from November 24, 2008 and the existing plan shall be renamed as 'Regular Plan'. Both the plans will share common portfolio.