IDFC Mutual Fund has announced the change in the fundamental attributes of IDFC Monthly Income Plan which was earlier known as a Fund of Fund Scheme, will now be categorized as an Monthly Income Plan with immediate effect.
The Primary objective of scheme is to generate regular returns through investment primarily in debt securities. The secondary objective is to generate long term capital appreciation by investing a portion of the scheme’s assets in equity securities. Monthly income is not assumed and the same is subject to availability of distributable surplus. Proposed Asset Allocation Pattern:
The scheme will invest between 65 to 100% in debt securities (including securities debt). It may also invest up to 25% and 15% in equity & equity related instruments and money market instruments. Exit Load:
The new exit load is 1% of the NAV if redeemed/ switch out of such investments with in one year (365 days) from the date of subscription applying first in first out basis, including investments through SIP/STP. Minimum Application Amount:
The minimum application amount for purchase (non SIP) will be Rs. 5000/- and in multiples of Re. 1/- for purchases and in multiples of Re. 0.01 for switch-ins.