Fortis Mutual Fund has notified introduction of 'Institutional Plan' under Fortis Flexible Short Term Plan - Series A.
Details of the plan introduced are as follows:
Minimum application amount: Rs. 1 Crore.
Options: Growth and Dividend (Monthly, Calendar Quarterly and Quarterly). Both the options will have Automatic Renewal and Automatic Redemption facilities.
Face Value: Rs. 10 per unit.
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 February 09, 2009 and the existing plan shall be renamed as 'Regular Plan'. Both the plans will share common portfolio.