IL&FS Mutual Fund has declared the schedule of the plans to be launched under the Quarterly, Half-yearly and Yearly series of FMP (Fixed Maturity Plan) - a closed-end umbrella income scheme.
The Quarterly Series (QFMP) will have duration of 94 days and will have two plans. Plan-I will open for subscription from 1st to 15th of every month and will re-open for repurchase from 21st of the month. The initial offer period for Plan II will be from 16th of the month to the last business day of the month. It will again re-open for repurchase from 7th of the following month. Both plans will mature on 95th day from the date of closure of the offer period.
The Half-yearly Series (HFMP) will be open for subscription from 1st to 25th of every month. The date of re-opening for repurchase will be from 7th of the following month. The fund will mature on 187th day from the closure on the offer period.
The Yearly Series (YFMP) will have duration of 396 days. It will be open for subscription from 16th of every month to the last business day of that month. The fund will re-open for repurchase from 7th of the following month.
Each FMP offers Growth and Dividend option. Minimum application amount is Rs 10 lakh and in multiples of Rs 1 lakh. The fund will not charge any exit load if redeemed at maturity. But, if redeemed before maturity, the QFMP will charge an exit load of 0.50 per cent whereas the HFMP and YFMP will charge an exit load of 1 per cent.