First India Mutual Fund has removed the exit load on its newly launched Income and Gilt Fund for all investments made from March 11 to March 31, 2002.
These two schemes were launched last month with an exit load. Gilt fund charged an exit load of 0.50 per cent for redemption amount less than Rs 10 lakh (inclusive) if redeemed within 1 month. There was no exit load for redemption amount above Rs 10 lakh.
In Income fund, a 0.50 per cent exit load was applicable for redemption amount less than Rs 10 lakh if redeemed within 90 days, and for above this limit an exit load of 0.25 per cent was charged if redeemed within 3 months.
However, there is no load in its other new fund - First India Liquid fund.