Widely read:
Kotak Mahindra Mutual Fund has notified changes in its schemes with effect from January 01, 2002. K-Gilt Savings Plan (Dividend Option) has reduced its minimum initial investment amount from Rs 1,00,000 to Rs 5,000. Whereas, K-Gilt Serial Plan has waived off the exit load. Earlier, the fund charged an exit load of 0.15 per cent if redeemed within 30 days.
K-Mutual has also declared that if the dividend payable to unit-holders is not more than Rs 500 under any of the its schemes, except for K-Liquid, the dividend will be compulsorily reinvested in the said scheme. However, if the dividend amount is greater than Rs 500, the unit-holders will have the option of either receiving the dividend or having the same reinvested.
The mutual fund has fixed the tentative record date for payment of dividend in the following funds:
K-Gilt Savings Plan - 25th of each calendar month.
K-Gilt Investment & Serial Plans - 25th of March, June, September or December, as the case may be.
K-Bond Wholesale, Deposit & Serial Plans - 25th of March, June, September and December, as the case may be; 12th March in Wholesale Plan (Annual Dividend Option).
K Balance - 25th of March or September, as the case may be.
However, if the 25th/12th of the month is not a working day, the record date will be the immediately succeeding working day.
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